CL charges B a fee for inspection and

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CL charges B a fee for “inspection and supervision” Defaulted on note Sued to foreclose Counterclaimed for damages for negligent inspection [the building began to crumble because of construction defects]

“Permanent loan commitment” in base amount of $1, 200, 000 which provided that it would “automatically expire” unless the loan was closed by January 1, 1975. Proceeds of the loan would be disbursed only upon “final inspection. ” In November, Permanent lender took the matter under consideration. On Christmas eve, PL noticed Developer that all must be completed and closed by January 1, 1975 (per the “Permanent loan commitment”). Time for automatic expiration passes. Carpeting, tiling was not done, primarily in non-rented apartments. Heat was not yet on in those, and developer did not want to put the heat on (which was, as a practical matter, needed to complete the unfinished work) until the units were rented.

Developer defaults; CL initiates foreclosure. Foreclosure sale proceeds will not be sufficient to satisfy both the CL and the landseller. To what extent does CL have first mortgage priority on the sale proceeds?

The building was constructed without the garages that were specified in the Building Loan Agreement

July, 1964 Default on Ground Lease Default on Note Institutes foreclosure and is appointed (on 8/21/64) the mortgagee in possession Sues for rent* *Discovers that many rents have been prepaid

Net Ground Lease of 4 lots Loan Signs Mortgage (“M on the hotel lot that was signed by both the owner and the lessee. ”) Signs Mortgage (“Mortgage on the hotel lot that was signed by both the owner and the lessee. ”) Conveys Fee (the reversion) Balches NFO Assigned lease Stipulated: the ground lease remained binding on Balch & Crestwood Convey adjacent lots Crestwood (New Ground Lessee)

Leader Federal (Lender #2) Balches (New Fee Owner) “Estoppel and subordination certificates” Liberty National Life Crestwood (New Ground Note (signed Lessee—New by Crestwood) Tenant) M on adjacent lots M on lots (only Crestwood [the new Tenant] signed the Ms on the Balches [the NFO’s] lots. The Balches did not sign the M. “In fact, the mortgage recites that Crestwood had only a leasehold interest in the hotel lots. ” (Lender #1) Releases Mortgage

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