Forty-Four Hundred East Broadway Co. v. 4400 East Broadway

OPINION

HOWARD, Chief Judge.

This is an appeal and cross-appeal from a summary judgment. Appellants, the Anzalone Partnership, owned an office building in Tucson, located at 4400 East Broadway. The New York Life Insurance Company (NYL) held a mortgage on the building. In November 1976 the Anzalone Partnership was in default in its payments in the approximate sum of $200,000 because the building was producing a negative cash flow and NYL accelerated the balance due.

John Paye and his group of investors, the Paye Partnership, expecting to obtain a modification of the loan, bought the building from…