Campo v. Isaacson

Plaintiff and defendants are the owners of a certain parcel of real property as tenants in common. The premises are subject to a purchase-money mortgage in the sum of $155,421.95, with interest at 4%%, payable semiannually. The mortgage contains the following clause: ‘ ‘ The mortgagee agrees that he will not hold the mortgagors personally liable for the debt herein secured but will look for said debt to the security of the land in the event of default.”

At the time of the purchase on December 29, 1955, and subsequently, each of the three parties paid their proportionate share of expenses and…