United States:
New York Law Journal: Realty Law Digest - April 15, 2015
23 April 2015
Herrick, Feinstein LLP
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In his weekly Realty Law Digest column (subscription
required), Scott Mollen analyzes three notable cases. In 326
East 85 Realty v. Hairy Monk Corp., the court held that a clause
requiring a $500-per-day late fee constitutes a penalty and is
therefore unenforceable. In Centech v. Yippie Holdings, a right of
first refusal was not triggered upon a sale of foreclosure by a
referee. In Loudon House v. Town of Colonie, the court held that a
town board acted arbitrarily in enacting a local law.
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