Adam Leitman Bailey, P.C.’s lender client held a mortgage secured by a commercial property in Manhattan in the principal amount of Thirty Five Million Dollars. In connection with the borrower’s refinance, the lender was asked for an assignment of the mortgage, however, a satisfaction of the mortgage was already erroneously recorded into the chain of title.
Less than one week before the refinance closing date, Adam Leitman Bailey, P.C. was retained to vacate the previously recorded satisfaction.
Although a court order is generally required to vacate a recorded satisfaction of mortgage, under these facts and due to the short timeline, Adam Leitman Bailey, P.C. strategized having both the lender and the borrower execute a Rescission on consent to be recorded with the City Register as a Sundry Agreement.
Adam Leitman Bailey, P.C. strategically structured the document as an Affidavit that rescinded, canceled, and discharged the previously recorded satisfaction, and procured clearance for recordation from its contacts at the City Register, so long as the Real Property Law was referenced in the Affidavit.
The Rescission was successfully recorded within two days of Adam Leitman Bailey, P.C. being retained, and the lender did not have to commence an action seeking a court order to vacate the satisfaction, thereby avoiding the time and expense of litigation altogether.
Jackie Halpern Weinstein, Esq. of the Title Litigation Group and Foreclosure Group and Danny Ramrattan, Esq. of the Foreclosure Group at Adam Leitman Bailey, P.C. obtained this expedited and unprecedented result for the lender.