Rama Realty Associates LLC v. Nautilus Capital, LLC

2017 NY Slip Op 4885, 151 A.D.3d 546, 54 N.Y.S.3d 274

• Court: Appellate Division of the Supreme Court of the State of New York
• Decided: June 15, 2017
• Docket: 4292 654365/15
• Status: Published

Opinion

Order, Supreme Court, New York County (O. Peter Sherwood, J.), entered June 14, 2016, which, to the extent appealed from as limited by the briefs, granted the motion of defendant Nautilus Capital, LLC, for partial summary judgment seeking dismissal of plaintiffs’ claims against it, unanimously affirmed, with costs.

The default interest provision at issue is not so vague as to be unenforceable. It clearly reflects that the parties intended to cap interest at the highest rate allowable under New York’s usury laws (see Emery v Fishmarket Inn of Granite Springs, 173 AD2d 765, 767 [2d Dept 1991]). The court also properly determined that the loan matured on March 31, 2014, since plaintiffs failed to comply with conditions required for a proposed extension of the maturity date.

We have considered plaintiffs’ remaining arguments and find them unavailing.

Concur — Acosta, P.J., Richter, Feinman, Web-ber and Kahn, JJ.