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 EstateGround 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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