Metlife Capital Financial Corp. v. Washington Avenue Associates L.P.

The opinion of the Court was delivered by

GARIBALDI, J.

This appeal involves a $1.5 million dollar loan made by MetLife Capital Corporation, predecessor in interest to'plaintiff MetLife Capital Financial Corporation (“MetLife”), to defendant Washington Avenue Associates, L.P. (“Washington Avenue”) The loan was secured by a Mortgage and Security Agreement on a commercial property in Belleville, New Jersey. Numerous payments on the loan were delinquent, and Washington Avenue ultimately defaulted on the final “balloon payment.” We now consider whether the five percent late charge assessed against…