The opinion of the court was delivered by LORA, P.J.A.D.
On January 23, 1969 defendant Thomas Granatell borrowed $275,000 from Newram Realty Corp. (Newram), secured by a bond and mortgage covering property in the City of Newburgh, Orange County, New York. Newram assigned the bond and mortgage to plaintiff Sol J. Light.
In June 1974, at Granatell's request, the parties entered into an extension agreement which provided, among other things, for the monthly amortization...
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