Bergen Builders, Inc. v. Horizon Developers, Inc.

The plaintiff conveyed certain premises to the defendant Horizon Developers and received a promissory note in the sum of $34,800 secured by a mortgage. The note was for the term of one year expiring November 8, 1964 and was signed by all three defendants; it contained provision for acceleration along with a provision that in the event of default the defendants would pay all costs of collection “including an attorney’s fee of 15%.” There was a default and on February 25, 1964 the plaintiff filed a complaint in the Bergen County Court seeking judgment on the promissory note for the principal…