(Download) "Walter K. Willmott Et Al. v. Rosa Giarraputo" by Court of Appeals of New York " Book PDF Kindle ePub Free
eBook details
- Title: Walter K. Willmott Et Al. v. Rosa Giarraputo
- Author : Court of Appeals of New York
- Release Date : January 05, 1959
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 60 KB
Description
[5 N.Y.2d 250 Page 252] In October of 1954 defendant Rosa Giarraputo gave the plaintiffs, Mr. and Mrs. Willmott, an option for a period of six months
to purchase a piece of property which she owned. The option agreement, although containing various terms of sale, including
the description of the property, the price to be paid and the amount of the purchase-money mortgage, provided, with respect
to that mortgage, that "the payment of interest and amortization of principal shall be mutually agreed upon at the time of
entering into a more formal contract." The plaintiffs elected to exercise the option and a formal contract was submitted to
them by the defendant's attorney on June 1, 1955. It contained a provision that the mortgage was to be paid in installments
and that the entire balance was to become due in 11 years. The plaintiffs declined to sign, it being their claim that an open
mortgage had been agreed upon. They consulted a lawyer who modified the contract by inserting a provision which recited that
"Said mortgage [was] to include a privilege of pre-payment and a clause permitting the mortgagor to obtain releases of part
of the mortgaged premises upon payment of 125% of the mortgage burden as apportioned to the part to be released."