Justice David Schmidt
First Central Savings Bank sought to recover amounts owed to it by defendant/borrower 1467 Bedford Ave. LLC, by foreclosing on a mortgage lien. First Central also sought to enforce defendant Liles’ obligations under a guaranty that authorized First Central to obtain a deficiency judgment against Liles if, after the application of the net proceeds of a foreclosure sale, any amounts remain due and owing. The court granted ColFin FCSB Funding A, LLC’s motion to substitute it, as successor by assignment, in the place of First Central in all further proceedings. The court also granted summary judgment against 1467 Bedford Ave. and Liles, pursuant to CPLR 3212. The court found that First Central held a note in which the borrower acknowledged indebtedness, in the sum of $1.2 million, to First Central; a mortgage on the subject property securing that debt obligation; and a guaranty further securing that debt obligation. The court further found defendants defaulted on payments as well as under a forbearance agreement the parties entered into after the initial default. The court found defendants knowingly and voluntarily waived their right to raise any affirmative defenses under the express terms of the forbearance agreement.
