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SIMONSON v. Z CRANBURY ASSOCIATES

149 N.J. 536 (1997)

695 A.2d 222

EDWARD SIMONSON AND SIMONSON FAMILY ASSOCIATES, L.P., PLAINTIFFS-APPELLANTS, v. Z CRANBURY ASSOCIATES, LIMITED PARTNERSHIP, A DELAWARE LIMITED PARTNERSHIP, DEFENDANT-RESPONDENT.

The Supreme Court of New Jersey.

Decided June 4, 1997.

Attorney(s) appearing for the Case

William D. Grand argued the cause for appellants (Greenbaum, Rowe, Smith, Ravin & Davis, attorneys; Mr. Grand and Gary K. Wolinetz, on the briefs).

Avrom J. Gold, argued the cause for respondent (Mandelbaum, Salsburg, Gold, Lazris, Discenza & Steinberg, attorneys).

PER CURIAM.

The issue on this appeal is whether, in a foreclosure action brought by a mortgagee on a non-recourse purchase-money mortgage, the defaulting mortgagor is entitled to enforce a release provision covering a portion of the mortgaged property.

The subject property is a 249 acre farm in Cranbury, New Jersey. After the developer-mortgagor, Cranbury Associates, L.P. (Cranbury), had paid $180,000 in option payments to secure the right to purchase the...

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