The case of Rincon EV Realty LLC, et al. v. CP III Rincon Towers, Inc., et al. involved an effort to, among other things, set aside a foreclosure sale based on a defaulted $110 million loan that had been used to purchase a San Francisco apartment complex. The loan agreement was negotiated in New York, made and accepted in New York, and the loan proceeds were disbursed in New York. In addition, the parties expressly agreed that New York had a substantial relationship to the parties and the underlying transaction. The loan agreement also contained a choice of law provision specifying that it would be governed by New York law without regard to principles of conflicts of laws.
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