Kquira v. Saxe

OTT, J.,

FACTS

On September 21, 1987, plaintiffs sold their interest in a business known as “Towers Deli Inc.” along with two commercial condominium units and a storage unit at Valley Forge Towers West Condominiums to defendants. In conjunction with this sale, defendants gave plaintiffs a mortgage collateral to a guaranty note from Saxe Realty. The collateral mortgage agreement provided that if default occurred on the note from Saxe Realty, the collateral mortgage would become due. This mortgage was recorded as a second mortgage on October 13, 1987. A first mortgage exists in favor of Royal…