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LVP Assocs. LLC v. Bank of China, New York Branch

Borrowers May Repay Loans and Have Repayment Proceeds Strictly Applied to Such Loans

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OPINION & ORDER

*1  This contract dispute concerns three loans issued by defendant Bank of China, New York Branch to three New Jersey limited liability companies controlled by the same real estate investor. The loans are secured by mortgages on three commercial buildings in New Jersey. Two of the limited liability companies — LVP Associates LLC and 349 Associates LLC — now wish to repay their loans in order to sell the encumbered properties. However, the Bank refuses to allow them to do so, or to release its security interests in the underlying properties, until the separate loan to the third company (non-party 769 Associates LLC) is also repaid. LVP Associates and 349 Associates have now brought this action seeking a declaration that 1) the loan agreements permit them “to repay in full their respective loans and have all repayment proceeds be applied strictly to their respective loans and no other loans,” and 2) they are entitled to “a release of any security interest held by the Bank on their commercial buildings upon repayment in full of their respective loans.” (Compl. at 12.)Plaintiffs have now moved for summary judgment granting those declarations and the Bank has cross-moved for summary judgment dismissing the complaint. For the reasons that follow, the Court grants plaintiffs’ motion in part and defendant’s cross-motion in part and otherwise denies those motions.I. BACKGROUNDA. The Original Agreements349 Associates LLC, LVP Associates LLC, and 769 Associates LLC are New Jersey limited liability companies managed and controlled by real estate investor Paul v. Profeta. (Profeta Decl., Doc. 15

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