Attorneys are often tested by challenges that demand both insight and perseverance. For Barry R. Mandelbaum, Chairmen of Mandelbaum Barrett PC, there was this one moment that stands out vividly.
A client was in the process of purchasing a large garden apartment complex in Flemington, NJ. Alongside the complex, there was a substantial parcel of land intended for further development. During the contract negotiations, conducted in person as was customary, Barry insisted on a crucial clause.
The clause stipulated that if a sewer moratorium occurred, halting the planned development, the purchase money mortgage on the additional land would be extended without accruing interest during the moratorium period. This point became a contentious issue, leading to heated discussions.
At one point, Barry’s client, frustrated with the ongoing disagreement, pulled him aside and suggested dropping the clause to avoid further conflict. However, Barry stood firm, emphasizing the potential long-term implications. He urged his client to insist on the clause, despite the immediate discomfort it caused.
Ultimately, Barry’s persistence paid off. Shortly after the deal closed, a sewer moratorium was indeed enacted. Thanks to the foresight and insistence on that critical clause, the client was protected from financial strain during the development halt. To this day, the client remains with the firm and often recounts how Barry’s tenacity saved the project.
To learn more about Barry, click here.