Scott Mollen, Partner at Herrick, Feinstein LLP Realty Law Digest
Scott Mollen discusses "Wells Fargo Bank, Nat'l Assoc. v. Joseph E. Marx Co.," and "Davis v. Graham Court Owners Corp."
February 08, 2022 at 01:43 PM
17 minute read
Real Estate
Ground Lease—Lender Was Not Entitled To Redemption of Lease—Tenant Had Waived Right of Redemption—RPAPL §763
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."
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