In re People

This is an application by the owner of a mortgage guaranteed by the New York Title and Mortgage Company for an order (a) declaring terminated the exclusive agency conferred upon the title company in the guaranty issued by it, and (b) permitting the petitioner to exercise all the rights of a mortgagee in connection with said bond and mortgage.

Although there are no arrears in either interest or taxes, the principal has been in arrears for a period of more than eighteen months subsequent to the petitioner’s demand upon the company for payment.

If there were present here arrears of interest or…