Dunn v. Wolf

In October, 1927, the Een Eeal Estate Exchange sold and conveyed to one Theodore Wolf a lot located in the Latona addition to Seattle. The purchase price of the property was $1,200, of which $200 was paid in cash and $1,000 in notes secured by a mortgage. The purchase money mortgage contained the following clause:

“Consent is hereby given to the placing of a new mortgage on said premises in as large a sum as a reliable mortgage company will place thereon, the same to be a first mortgage, to which this mortgage will be subject, provided that at said time this mortgage and the note secured…