Babcock v. Smith

McCALL, Justice.

This case involves the right of the appellants to foreclose a mortgage, and the construction of two leases, cn the mortgaged real property, cross-delivered between the parties. The facts are substantially as follows:

On August 31, 1962, the appellees and the appellants contemporaneously executed and delivered to each other, as the particular transaction required, the following instruments in writing, namely:

1. The appellants lent the appellees $15,-000 and took in return their promissory note and mortgage on real property. .The principal and interest thereunder are payable in…