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INTERAUDI BANK v. MOORGATE INVESTMENTS LTD.

2470, 850280/15.

145 A.D.3d 549 (2016)

2016 NY Slip Op 08442

44 N.Y.S.3d 35

INTERAUDI BANK, Appellant, v. MOORGATE INVESTMENTS LIMITED et al., Respondents, et al., Defendants.

Appellate Division of the Supreme Court of New York, First Department.

Decided December 15, 2016.

The parties' forbearance agreement expressly conditioned plaintiff's extension of the loan maturity date on plaintiff's receipt of $1,000,000 toward reduction in the principal from the proceeds of certain art sales by the loan payment guarantor at two November 2015 auctions (see Unigard Sec. Ins. Co. v North Riv. Ins. Co., 79 N.Y.2d 576, 581 [1992]). This express condition rendered time of the essence (Baiting Hollow Acquisitions...

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