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  5. 460 F.Supp. 593 (1978)
 

S. S. SILBERBLATT v. EAST HARLEM PILOT BLOCK

Nos. 76 Civ. 3084(MP), 77 Civ. 62(MP), 77 Civ. 872(MP), 77 Civ. 955(MP), 77 Civ. 956(MP), 77 Civ. 1668(MP), 77 Civ. 1909(MP), 77 Civ. 2595(MP), 77 Civ. 2596(MP), 77 Civ. 2839(MP), 77 Civ. 2840(MP), 77 Civ. 2943(MP), 77 Civ. 2944(MP), 77 Civ. 3074(MP), 77 Civ. 3076(MP), 77 Civ. 3081(MP), 77 Civ. 3083(MP), 77 Civ. 3132(MP), 77 Civ. 3135(MP), 77 Civ. 4403(MP), 77 Civ. 5125(MP), 77 Civ. 5341(MP), 77 Civ. 6262(MP), 78 Civ. 163(MP), 78 Civ. 164(MP), 78 Civ. 2085(MP), 78 Civ. 2559(MP) and 78 Civ. 2560(MP).

460 F.Supp. 593 (1978)

S. S. SILBERBLATT, INC., and S. S. Silberblatt, Inc., on behalf of itself and all other persons entitled to share in funds allocated for the improvements of real property owned by East Harlem Pilot Block — Building 1 Housing Development Fund Company, Inc., East Harlem Pilot Block — Building 2 Housing Development Fund Company, Inc., East Harlem Pilot Block — Building 3 Housing Development Fund Company, Inc., and East Harlem Pilot Block — Building 4 Housing Development Fund Company, Inc., Plaintiffs, v. EAST HARLEM PILOT BLOCK — Building 1 Housing Development Fund Company, Inc., East Harlem Pilot Block — Building 2 Housing Development Fund Company, Inc., East Harlem Pilot Block — Building 3 Housing Development Fund Company, Inc., East Harlem Pilot Block — Building 4 Housing Development Fund Company, Inc., Patricia Roberts Harris, as Secretary of the United States Department of Housing and Urban Development and Chemical Bank, Defendants.

United States District Court, S. D. New York.

November 8, 1978.

Attorney(s) appearing for the Case

Demov, Morris, Levin & Shein, New York City, for plaintiffs by Kenneth M. Block, New York City, of counsel.

Null & Null P.C., Garden City, N. Y., for Silberblatt in 31 related cases by Douglas P. Null, Garden City, N. Y., of counsel.

Orans, Elsen, Polstein & Naftalis, New York City, for East Harlem defendants by Jerome T. Orans, Gary H. Greenberg, New York City, of counsel.

Robert B. Fiske, Jr., U. S. Atty., S. D. N. Y., New York City, for defendant HUD by Nathaniel L. Gerber, Sp. Asst. U. S. Atty., Patrick H. Barth, Asst. U. S. Atty., New York City.

Cravath, Swaine & Moore, New York City, for defendant Chemical Bank by James A. Beha II, New York City, of counsel.

Louis A. Mangone, New York City, for plaintiff — Unity Stove Co., Inc.

OPINION

POLLACK, District Judge.

Defendant Chemical Bank made a $39-million construction loan to the East Harlem defendants secured by a mortgage of the property for construction by S. S. Silberblatt, Inc. of Taino Towers. The loan was insured by HUD. Silberblatt undertook to complete construction by February 29, 1976. Failure to complete the project on time was a stipulated default under the loan agreement and Silberblatt so understood. The project was...

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