Dry Dock Savings Institution v. 9 West 45th St. Realty Corp.

The letter dated' May 14, 1941, was merely an agreement to accept interest at a reduced rate for a limited period of time. It did not effect an extension of the maturity of the mortgage. An agreement between the parties, such as here involved, to accept a reduced rate of interest for a stated period, does not by its terms or by implication constitute an extension agreement when the moratorium laws themselves have expressly extended the mortgage to a date past the date to which interest at a reduced rate is to be accepted (Dry Dock Savings Institution v. 103 East 75th St. Apartments, Inc., 296…