Jeffrey Towers, Inc. v. Twin Towers, Inc.

This is a petition to compel satisfaction of a mortgage dated October 29, 1965, in return for payment of the sum of $225,000, with interest in the sum of $3,712.50, on premises consisting of approximately five acres off Central Park Avenue in Yonkers, New York. The mortgagees do not contest that this is the amount due on the bond secured by this purchase-money mortgage which was part of the price of the sale of the land to petitioner’s predecessor in title, but they do insist that they are entitled to keep the mortgage open of record to secure other promises made by the mortgagor in the…