ContractsPurchaser Failed to Timely CloseSeller Entitled to Retain Down PaymentSharp Decline in Market Value of Office BuildingsPurchaser Was Looking to Avoid Performance Seller Could Have Obtained Satisfaction of Prior Mortgage by “Defeasance” Procedure
A purchaser appealed from a trial court decision which had, inter alia, denied its motion for summary judgment and granted the seller’s cross motion for summary judgment on its claim for breach of contract and its cross motion for summary judgment dismissing the purchaser’s complaint. The Appellate Division (court) affirmed.
