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Contracts Keyed to Marshall
Mayo v. City National Bank & Trust
Citation:
265 A.2d 382 (1970)Facts
On May 10, 1966, The City National Bank and Trust Company of Hackensack signed a “Mortgage Commitment and Closing Instruction Sheet” agreeing to advance $750,000 to Fairleigh Arms, Inc. in unspecified installments, the repayment of which was to be secured by a “Construction Mortgage.” On May 11, 1966, Fairleigh executed and delivered a mortgage in the face amount of $750,000 to City National Bank. Although the mortgage recites that $750,000 had been in hand well and truly paid by the Mortgagee at or before the sealing and delivery of these presences, a legend appearing on the top of page one, indicates that it is a “Construction Mortgage” printed by “Irwin Karkus, Law Blank Publisher, Newark, N.J.” No place in the body of the instrument is there any finite specification of the time for and amount of future installments. On November 14, 1966, City National Bank made a fifth advance in the total amount of $78,500 none of which was paid to Fairleigh or plaintiff. Payments were made to said bank in payment of two interim notes and interest and to its attorney for legal services. In addition $45,000 was paid to Germinario and $5,575 was paid to Cooper-Horowitz.
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