Global Realty Corp. v. Charles Kannel Corp.

This is an action to foreclose a second mortgage given in December, 1950 to the plaintiff’s assignors by the defendant Charles Kannel Corp., and guaranteed by its majority stockholder, the defendant Charles Kannel Corp., to secure the balance of the purchase price of two adjoining parcels of real property in the borough of Manhattan. The defendant Harell Holding Corp., the tenant under a 21-year lease, executed in 1953, of one of the parcels, on which it operates a hotel, moves for the appoint,ment of a receiver of the rents of the mortgaged premises. It asserts that the plaintiff, which…