51 Fifth Avenue Owners Corp. v. Coronet Properties Co.

Order and judgment (one paper), Supreme Court, New York County (Beverly Cohen, J.), entered September 9, 1992, which granted petitioner’s application pursuant to RPAPL 1921 to cancel and discharge its mortgage with respondent, unanimously affirmed, with costs.

Paragraph 43 of the parties’ wraparound mortgage plainly provides that it is to be "deemed satisfied” if respondent (i.e., the mortgagee-sponsor) fails to make "any payment” on the underlying mortgage and such "default” is not cured within the "applicable grace period”. The "applicable grace period” having been left undefined the main…