Newark Trunk Co. v. Clark

Backes, V. C.

The mortgage under foreclosure was made payable in five years from its date, but sooner, and on demand, at the option of the mortgagee, if the interest and $1,500 of the principal were not paid semi-annually, and remained due and unpaid for thirty days, and also if the taxes remained in arrears for sixty days. The first six months’ interest was promptly met, but only $1,000 was paid on the installment of *80principal. There was a default for more than thirty days, and taxes were in arrears for more than sixty days when the complainant called the loan and started suit. The taxes were…