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http://nycourts.law.com/CourtDocumentViewer.asp?view=Document&docID=47175 Judge Nadelson RESPONDENT LESSEE exercised a right of first refusal as to commercial premises after notice of petitioner lessor’s intent to sell. The terms of the offer for sale were: a $540,000 purchase price; downpayment of 20 percent of the purchase price; remainder of purchase price to be financed by petitioner at a 7.75 percent interest rate; and, a term of five to 10 years. Petitioner’s draft contract amortized the mortgage over 30 years. The court dismissed petitioner’s holdover action, brought after respondent failed to close on the sale or vacate the premises. Citing Montgomery Trading Co. v. Cho, it held that respondent was neither a tenant nor a vendee who breached the contract for sale under Real Property Actions and Proceedings Law �713(9). Analogizing to Krinsky v. Title Guarantee and Trust Co., the court found that petitioner’s attempt to amortize the mortgage over 30 years would have increased the actual purchase cost by $80,000 and constituted a variance of a material term of the accepted offer for sale.

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