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NOT FOR PUBLICATION WITHOUT THE APPROVAL OF THE APPELLATE DIVISION

Submitted May 1, 2001

Defendant Ocino, Inc. (Ocino) appeals from a Law Division judgment declaring that it has no further contractual interest in a parcel of real property in Middletown Township. The property had been owned by Frank A. Vaccaro (Vaccaro) who contracted to sell it to Ocino, with the expectation that it would be developed—at least in part—for Mt. Laurel affordable housing. Vaccaro subsequently sold his interest in the property to plaintiff Home Properties of New York, L.P. (Home), subject to the pre-existing contract with Ocino. Closing was delayed for various reasons referred to below, and ultimately Home served a time of the essence notice on Ocino. Following a trial, the Law Division held that by its actions after serving the notice, Home had waived its right to proceed under the time of the essence notice. However, the court then held that Ocino had nevertheless failed to close within a reasonable time and on that basis, it declared Ocino’s rights terminated and entered judgment in favor of Home.

 
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