Friedman v. Chopra

The opinion of the court was delivered by

BRODY, J.A.D.

The issue in this appeal is whether the contract purchasers of real property satisfied the mortgage contingency clause in the contract when they obtained a mortgage commitment in an amount less than the amount stated in the clause. We hold that where, as here, the contingency may be waived by the purchasers, a mortgage in any amount that satisfies the purchasers also satisfies the contingency clause.

The parties entered into a contract for the sale of a five-family building by defendants (sellers) to plaintiffs (purchasers). The contract…