Fidelity Realty Co. v. Fidelity Corp. of N.J.

On March 1st, 1925, complainant conveyed the lands and premises in Ocean City, New Jersey, in question, to Goetz-Kassab Company, a New Jersey corporation, and received in part payment a purchase-money mortgage for $42,500, payable in five years. There was then existing a first mortgage of $25,000 so that the mortgage here in question was a second mortgage. In August of 1925, Goetz-Kassab Company entered into a written agreement with the Fidelity Corporation of New Jersey, the defendant herein, by which the Goetz-Kassab Company agreed to sell to the defendant, and the defendant agreed to buy,…