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Recent Posts in "Time is of the Essence" Category

TOE TO TOE?

Revital Realty Group wanted to buy a piece of property from Ulano Corporation. And while their agreement specified that the closing was to take place after "120 days," the document ...
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FOOD DETENTION!

FDA Announces Final Rule on Administrative Detention of Food This week, the U.S. Food and Drug Administration (FDA) announced a final rule amending the criteria for administrative detention to prevent ...
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A BAHAMIAN MASH UP

Nassau Beekman, LLC, agreed to buy a piece of property from 115-117 Nassau St., LLC, but wasn't able to finalize the deal on the agreed upon date. After the closing was postponed three times, the ...
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WHY PAY RENT?

In 2246 Holding Corp. v. Nolasco, 2246 Holding brought a holdover proceeding against Maria Nolasco, a 30-year tenant in its building, due to a pattern of late rent payments. While the parties agreed ...
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DOWNPAYMENT LOST DUE TO DEFAULT

In Rivera v. Konkol, Annette Rivera's downpayment was in jeopardy when she was unable to pay the balance of her new home's purchase price. While Rivera claimed that some of those funds had been ...
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WHEN TIME IS "OF THE ESSENCE"

Typically, "time of the essence" means that a specified performance obligation must occur on or before the date specified in the parties' agreement. Without that "mumbo jumbo," the ...
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COONS MUST RETURN DEPOSIT

In May 2006, after Klaiber, LLC paid $35,000 to Richard and Kimberly Coon as a downpayment toward the purchase of real property, a title search revealed there were four judgments against Richard Coon. ...
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BETTER LATE THAN NEVER?

In Kendall v. Kendall, Sherwood Kendall filed a case against his ex-wife, Beverly, seeking to force the sale of a marital investment property. According to a stipulation of settlement which had been ...
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STIPULATIONS: CAN BE SET IN STONE

Diamonds are reported to be the hardest minerals known to humankind. On the "Mohs' scale of mineral hardness," here's how diamonds rate (with a 10 being the highest rank on the scale): Talc ...
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"TIME IS OF THE ESSENCE." NO, REALLY!

A few years ago, the Appellate Division, First Department, issued an interesting decision on "time is of the essence" provisions incorporated into landlord-tenant settlement agreements (or ...
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