S.L.K. Associates v. Charolay Apartments, Ltd.

BABCOCK, Judge.

Plaintiffs, S.L.K. Associates, C.S. & L. Associates, and Charolay II Associates, appeal the dismissal of their action against defendants, Charolay Apartments, Ltd., Kanover, Ltd., and George Blau, for default interest on seven promissory notes. We affirm.

Plaintiffs are three general partnerships who, in 1977, sold three apartment houses they owned to defendant Kanover. As part payment, plaintiffs took seven promissory notes secured by a deed of trust on the property. The deed of trust contained a “due-on-sale” clause, which gave plain*273tiffs the option to accelerate the notes…