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http://nycourts.law.com/CourtDocumentViewer.asp?view=Document&docID=47180 Justice Schack PURSUANT TO the Department of Housing Preservation and Development’s (HPD) Special Initiatives Program, the City of New York conveyed an apartment building, exceeding $2 million in value, to defendant housing development fund (Chisolm) for $1, conditioned on Chisolm’s provision of a note, mortgage and other project loan documents (PLD). A default under PLD constitutes default on the mortgage. The City sought foreclosure after Chisolm failed to document its building operation. The court granted the City summary judgment, finding that it showed Chisolm’s default in failing to provide it with documents sought by the HPD pursuant to the mortgage, land disposition, regulatory and other agreements. Chisolm’s breach of agreements between it and the City deprived the HPD of the ability to ascertain whether the property is rented to low-income or homeless tenants in accordance with public policy objectives of the PLD.

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