In his weekly Realty Law Digest column (subscription required), Scott Mollen analyzes three notable cases. In 326 East 85 Realty v. Hairy Monk Corp., the court held that a clause requiring a $500-per-day late fee constitutes a penalty and is therefore unenforceable. In Centech v. Yippie Holdings, a right of first refusal was not triggered upon a sale of foreclosure by a referee. In Loudon House v. Town of Colonie, the court held that a town board acted arbitrarily in enacting a local law.
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