Gregory House Owners Corp. v. Coronet Properties Co.

—Order and judgment (one paper), Supreme Court, New York County (Peter Tom, J.), entered on or about November 19, 1992, which granted plaintiff’s motion for summary judgment and declared a certain wrap-around mortgage satisfied and discharged, unanimously affirmed, with costs.

The mortgage in issue specifically provides that upon the mortgagee’s failure to make payments on the underlying first mortgage and the expiration of the grace period, the wraparound mortgage shall be deemed satisfied. It is conceded that no payments under the first mortgage have been made by the wrap-around mortgagee…