In the Matter of Jeffrey Towers, Inc., Petitioner, v. Twin Towers, Inc., et al., Respondents, 57 Misc. 2d 46

Summary

The mortgagees did not contest the amount due on a bond secured by a purchase-money mortgage, but they claimed that they were entitled to keep the mortgage open, on the record, to secure other promises made by the mortgagor. The court concluded that the petition of the mortgagor was not entirely meritorious. The language of the agreement provided that the mortgagor would provide a driveway unless a public road was built in a particular location. While there was a proposal to build the road, it had not yet been built. Therefore, the court concluded that the mortgagees were entitled to have the mortgagor provide the driveway under the parties' agreement. The court also concluded that the mortgagor was entitled to prepay the mortgage to stop the further accrual of interest. Therefore, the petition was granted in part and denied in part. Upon payment of a certain sum, with interest by the mortgagor, the mortgagees were required to deliver an instrument in recordable form certifying that ...