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Spring 2012

Spring 2012 May 1, 2012 Building Loan Mortgages: Two significant cases relating to Building Loans have been decided recently. Both cases reinforce the proposition that when in doubt, file a building loan agreement! A) In Altschuler Shaham Provident Funds Ltd v GML Tower LLC, an existing first mortgage was taken by assignment, at which time the parties entered into an agreement, not filed, by which additional funds were to be advanced for construction on the premises. Almost a year later the lender recorded a mortgage increase and modification agreement reflecting the total amount of the existing mortgage and the amounts subsequently advanced. In...

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