Eyde Bros. Development v. Equitable Life Assurance Society of the United States

OPINION OF THE COURT

ROBERT HOLMES BELL, District Judge.

This case presents a dispute as to the construction and enforcement of a note and mortgage which embody the parties’ agreement concerning a $6 million loan from defendant to plaintiff. Now before the Court is defendant’s motion for summary judgment under Fed.R.Civ.P. 56.

I. SUMMARY OF FACTS

In June, 1978, plaintiff Eyde Brothers Development Company borrowed $6 million dollars from defendant Equitable Life Assurance Society of the United States (“Equitable”) to finance construction of an apartment building complex. The terms under which this…