Interaudi Bank v. Moorgate Investments Ltd.

Order, Supreme Court, New York County (Joan M. Kenney, J.), entered on or about April 14, 2016, which denied plaintiff’s motion for summary judgment on its claim for foreclosure and sale of certain commercial properties, unanimously reversed, on the law, without costs, and the motion granted.

The parties’ forbearance agreement expressly conditioned plaintiff’s extension of the loan maturity date on plaintiff’s receipt of $1,000,000 toward reduction in the principal from the proceeds of certain art sales by the loan payment guarantor at two November 2015 auctions (see Unigard Sec. Ins. Co. v…