Opinion
March 17, 1998
Appeal from the Supreme Court, New York County (Ira Gammerman, J.).
We agree with the motion court that defendants' obligation under the subject joint venture agreement terminated when, by reason of a pending foreclosure proceeding in which a receiver had been appointed, plaintiff lost control of the premises that had been its sole significant contribution to the venture and, as a consequence, became unable to perform further under the agreement. Plaintiff's argument that defendants acted in bad faith when, in an attempt to protect their investment, they entered into a lease with the receiver is without merit.
Concur — Ellerin, J. P., Wallach, Rubin, Tom and Saxe, JJ.