In this action, MH&H represented a plaintiff seeking to foreclose a mortgage on 17 parcels of property.  Pursuant to a Stipulation of Settlement, title to 2 of the parcels was transferred to the plaintiff and deeds for the remaining 15 parcels were placed in escrow to allow the defendant time to make certain agreed upon payments.  The Stipulation contained the deadline by which the payments had to be made, but did not state that time was of the essence.  The defendant sought an adjournment of the settlement closing and the plaintiff refused.  The Appellate Division affirmed the trial court’s holding that where the terms of a Stipulation of Settlement clearly indicate the day by which a payment was to be made, the parties are bound thereby and the defendant was not entitled to an adjournment, even though the settlement involved a transfer of real estate and the Stipulation of Settlement did not provide that time was of the essence.

Baiting Hollow Acquisitions, LLC v. Estates of Baiting Hollow, Inc., 266 A.D.2d 490