Bonady Apartments, Inc. v. Columbia Banking Federal Savings & Loan Ass'n

Judgment unanimously modified and, as modified, affirmed, without costs, in accordance with the following memorandum: Plaintiff instituted this declaratory judgment action seeking a determination that defendant could not invoke a due-on-sale acceleration clause contained in a bond and mortgage executed by and between the parties in the event of a transfer of the mortgaged property. Special Term found that the due-on-sale clause was enforceable by defendant upon any conveyance of the mortgaged property and dismissed plaintiff’s complaint. We agree with Special Term’s decision regarding the…