Miles v. Abe Kolsky & Co.

Finlettek, P. J.,

— A case stated, setting forth the following facts, has been submitted for our judgment:

Plaintiffs are the holders of a purchase money mortgage, securing the payment of $170,000, at the expiration of four years from April 21, 1924. The grant includes “all rents, issues and profits” of the mortgaged premises. The mortgage contains clauses requiring the payment of taxes. Taxes for 1928 are in default, and there is a default in the payment of principal.

In February, 1929, the mortgagees notified tenants of the premises that they [the mortgagees] had exercised their right to take…