The defendants brought a motion to discharge a certificate of pending litigation (CPL) registered by the plaintiff buyer on a commercial property.
The plaintiff had failed to close the $75 million transaction on multiple extended closing dates due to lack of financing.
The plaintiff argued the 'time is of the essence' clause had been waived by the defendants' conduct.
The court found no triable issue that the clause was waived, as each extension reaffirmed it and the defendants' subsequent communications were settlement offers, not waivers.
The court discharged the CPL, declared the plaintiff had no interest in the property, and ordered the deposits forfeited.
