Opinion
June 20, 1995
Appeal from the Supreme Court, New York County (Beatrice Shainswit, J.).
The language of the Loan Agreement is plain and unambiguous, and contained no conditions to excuse repayment or reference to the Option Agreement, and thus the court properly granted defendants partial summary judgment based on plaintiff's default in repayment of the loan principal.
The court also properly denied plaintiff partial summary judgment on his claim to enforce purchase of his shares of defendant corporation under the Option Agreement based on the existence of questions of fact as to the definition of the term "material portion" of the corporation's assets, the mortgaging of which would trigger the option, as well as the value of the subject property.
Concur — Kupferman, J.P., Ross, Asch, Nardelli and Tom, JJ.