Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
Real Property Law
Buyer Entitled to Return of Deposit Because Estoppel Certificates Were Inadequate
Angelo Gordon Real Estate, Inc. v. Benlab Realty, LLC, 2023 WL 3236008, AppDiv, First Dept. (memorandum opinion)
In an action by purchaser for a judgment declaring that it is entitled to return of a $12 million deposit, seller appealed from Supreme Court's grant of summary judgment to purchaser. The Appellate Division affirmed, holding that the estoppel certificates provided by seller were not in compliance with the sale contract.
The parties entered into 11 purchase and sale agreements for properties on Manhattan's west side. The agreements provided that the mutual obligation to close was conditioned on simultaneous closing of all agreements. Several of the agreement required, as a condition for purchaser's obligation to close, that seller provide estoppel certificates from commercial tenants certifying that neither tenant nor landlord were in default under the lease. The agreements also allowed seller to provide seller's estoppel certificates as a substitute for certain of the tenants. Seller provided estoppel certificates indicating that the owner-landlord was not in default, but those certificates did not indicate whether tenants were in default. As a result, Supreme Court held that purchaser was entitled to return of its deposit.
This premium content is locked for Entertainment Law & Finance subscribers only
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
- Stay current on the latest information, rulings, regulations, and trends
- Includes practical, must-have information on copyrights, royalties, AI, and more
- Tap into expert guidance from top entertainment lawyers and experts
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473
How Secure Is the AI System Your Law Firm Is Using?
What Law Firms Need to Know Before Trusting AI Systems with Confidential Information In a profession where confidentiality is paramount, failing to address AI security concerns could have disastrous consequences. It is vital that law firms and those in related industries ask the right questions about AI security to protect their clients and their reputation.
COVID-19 and Lease Negotiations: Early Termination Provisions
During the COVID-19 pandemic, some tenants were able to negotiate termination agreements with their landlords. But even though a landlord may agree to terminate a lease to regain control of a defaulting tenant's space without costly and lengthy litigation, typically a defaulting tenant that otherwise has no contractual right to terminate its lease will be in a much weaker bargaining position with respect to the conditions for termination.
Pleading Importation: ITC Decisions Highlight Need for Adequate Evidentiary Support
The International Trade Commission is empowered to block the importation into the United States of products that infringe U.S. intellectual property rights, In the past, the ITC generally instituted investigations without questioning the importation allegations in the complaint, however in several recent cases, the ITC declined to institute an investigation as to certain proposed respondents due to inadequate pleading of importation.
Authentic Communications Today Increase Success for Value-Driven Clients
As the relationship between in-house and outside counsel continues to evolve, lawyers must continue to foster a client-first mindset, offer business-focused solutions, and embrace technology that helps deliver work faster and more efficiently.
The Power of Your Inner Circle: Turning Friends and Social Contacts Into Business Allies
Practical strategies to explore doing business with friends and social contacts in a way that respects relationships and maximizes opportunities.