This decision involved the issue of whether the plaintiff lender could exercise a statutory right to redemption of a lease. The subject lease was a ground lease. The lender had provided a $30 million loan secured by a mortgage on the borrower’s interest, as tenant, under the lease.

The lender sought a declaration “affirming its rights upon termination of the lease, including Landlord’s obligation to provide a notice of termination under the lease and, upon lender’s request within 60 days of such notice, a new lease on the same terms.” The lender also sought a declaration as to its “separate statutory rights under Article 7 of the Real Property Actions and Proceedings Law to redeem the lease.”

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]