[U] Bank Of New York V. Bram Manufacturing Corp‪.‬

This action involves BONY's action to recover the outstanding principal and accrued interest on a Restated Mortgage Note dated January 14, 2000 (the "Restated Mortgage") executed by defendant Bram Manufacturing Corporation ("Bram"), and to recover that same amount allegedly due pursuant to the guarantee signed by the Mutone defendants and E & B Leasing Enterprises, Inc. (collectively the "guarantors"), which has the effect of guaranteeing the payment to BONY of Bram's obligations under the Restated Mortgage. The principal amount set forth in the Restated Mortgage is $503,842.77, and it appears that the amount due and owing as of June, 2003 was $471,889.95. In support of its motion for summary judgment, BONY contends that Bram defaulted under the terms of the Restated Mortgage by "failing to pay the outstanding principal at its stated maturity on January 1, 2002." (Affidavit of Richard Gee at ¶ 8). BONY asserts that it made formal demand on Bram and the guarantors of the amount due by letter dated June 9, 2003. When the defendants failed to pay the outstanding amount due, plaintiff commenced this action.