Gadway v. Schachenmayr

Plaintiffs’ complaint alleges breach of contract for the sale of a motel and restaurant business in Lake Placid, New York. As contract sellers, plaintiffs complain that defendant buyers violated covenants as set forth in the following paragraphs:

u IX * * * that this contract is not assignable by the Co-Purchasers without the written consent of the Sellers, except that when the total principal amount due under this contract has been reduced to $250,000.00, then the Co-Purchasers may sell the property herein subject to the indebtedness then against same.

“ XIII This contract is assignable,…