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<a href="http://www.accessmylibrary.com/coms2/summary_0286-18666904_ITM" title="Facts and information about Court Backs Lender On Terror Insurance.(New York State Appeals Court decides in favor of GMAC Commercial Credit)(Brief Article)">Court Backs Lender On Terror Insurance.(New York State Appeals Court decides in favor of GMAC Commercial Credit)(Brief Article)</a>
Court Backs Lender On Terror Insurance.(New York State Appeals Court decides in favor of GMAC Commercial Credit)(Brief Article)
Mortgage Servicing News
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February 01, 2005 |
COPYRIGHT 2005 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright
New York -- GMAC Commercial has prevailed in a terrorism insurance court battle against Brookfield Properties.
The New York State Appeals Court has ruled that the commercial mortgage lender can force Brookfield Properties to buy terrorism insurance for a property at 245 Park Avenue here.
Brookfield took out a $500 million mortgage on the property in February 2001 and in the aftermath of 9/11, the real estate investment trust took out additional terrorism insurance coverage for its entire portfolio, including the ...
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Source: HighBeam Research, Court Backs Lender On Terror Insurance.(New York State Appeals Court...