Did Stipulation Adjourning Closing Create a TOE Date?
In 2010, Edmund Lashley entered into a contract of sale with BDL Real Estate Development Corp. for 1474 Ralph Avenue in Brooklyn. Lashley had been leasing one of two buildings located on the property for use as an auto body repair shop since 2007. The contract did not contain a closing date. Sometime after the parties entered into the contract, BDL commenced a landlord-tenant proceeding against Lashley, which the parties settled in a stipulation dated February 16, 2011. Paragraph 2 of the stipulation provided that “[i]n settlement and satisfaction of all claims by [Lashley], and in consideration of [Lashley] closing title on the purchase of 1474 Ralph Avenue, Brooklyn, New York, no later than March 31, 2011, [BDL] waives the rent due for July 2010.” The closing never occurred.
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