200 E. 64th St. Corp. v. Manley

Staley, Jr., J. P. (dissenting).

The terms of the purchase agreement dated March 12, 1968 were incorporated into the consolidation, modification and extension agreement of June 30, 1970, which specifically provided that the lien of the building loan mortgage merged into the right, title and interest of Hancock as the assignee of the ground lease, and by reason of such merger, the mortgage and its lien ceased to exist. Hancock as the holder of the unencumbered ground lease entered into a new contract for sale of the leasehold to petitioner as purchaser, for a purchase price of $5,500,000 which…