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Bradbury v. Giordano

Decided: November 22, 1950.

GEORGE LAUREL BRADBURY, PLAINTIFF,
v.
AMERICO F. GIORDANO AND AMES JORDAN, HIS FATHER, DEFENDANTS



Stein, J.s.c.

Stein

The plaintiff seeks the rescission and cancellation of his agreement to buy a dwelling house and demands, further, the repayment of a deposit of $1,000 paid by him on account of the purchase price and that a lien be impressed therefor upon the real estate which is the subject of the purchase. The defendants deny liability. By his counterclaim the defendant Americo F. Giordano seeks to compel the plaintiff specifically to perform the latter's agreement of purchase. The decision of this controversy depends entirely upon the intention of the parties in respect of one clause of the agreement dealing with an anticipated second mortgage, to which clause reference will again be made.

The agreement in dispute is in writing, was made on July 20, 1949, and was prepared by counsel for the vendor. By that agreement the defendant Americo F. Giordano agreed

to sell to the plaintiff, for $12,500, the property which is located in Nutley. The purchaser agreed to satisfy the purchase price in the following manner, as stated in the agreement:

"On execution of this agreement for which this is also

a receipt $1,000.00

On delivery of deed, cash $By assuming the mortgage at present a lien on the prem-

ises, and paying the same according to the terms thereof $9,600.00

On Bond and Mortgage * * * $The purchaser agrees to assume an F.H.A. mortgage

now existing on these premises in the amount of $9600.00,

and the purchaser agrees to apply and secure a secondary

GI mortgage in the amount of 1,900. (Italics mine.) ...


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