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This article is a brief refresher on the basics of New
York s one-action rule. Following an event of default,
typical commercial real estate loan documents give the lender the
right to pursue alternative remedies simultaneously, or in any
order it chooses. For example, if a borrower is in default on a
mortgage loan beyond any applicable notice and cure periods, the
mortgage usually provides the lender the right to foreclose its
mortgage while simultaneously suing on the note or, if applicable,
a guaranty. However, every lender needs to be aware that some
This article is a brief refresher on the basics of New York’s one-action rule. Following an event of default, typical commercial real estate loan documents give the lender the right to.