Michaels v. Mohawk Gardens, Inc.

—Judgment unanimously affirmed, without costs. Memorandum: Plaintiffs bring this action for specific performance of a contract to purchase defendants’ real property, two apartment complexes, or in the alternative, for damages. The sale was subject to existing FHA mortgages on the property and closing was to take place January 15, 1973 or 10 days after FHA approval, whichever date was later. The transfer required FHA approval of plaintiffs as purchasers taking subject to existing mortgages on the property. The application for FHA approval was never completed. It is plaintiffs’ claim that the…