Audrey-Grace Corp. v. Entroc Realty Corp.

This is an action by the assignee of the purchaser of real estate for specific performance. By the terms of the contract the seller agreed to obtain a modification and extension of the first mortgage so that it would be extended for a period of not less than three years from the date of the extension and so that interest together with amortization should not exceed seven per cent. The seller was to make immediate effort to effect such modification. The contract provided that the sum of $1,500 was to be paid by the purchaser “ upon the written approval and recommendation by the City Bank…