Mutual Real Estate Investment Trust v. Buffalo Savings Bank

Defendant moves for summary judgment in this action for declaratory judgment in which further relief in the form of an injunction is also sought. Plaintiff, a New York real estate investment trust, is the owner of certain real property located in Pennsylvania with improvements thereon consisting of two apartment house complexes. Defend*676ant, a New York banking corporation, holds two mortgages on the subject premises, both of which contain a so-called "due-on-sale” clause entitling the mortgagee to accelerate at its option the balance due on the mortgage in the event of sale or conveyance of the…