Rosenberg v. General Realty Service, Inc.

Plaintiffs, mortgagees, after a default in a semiannual payment of interest by the mortgagor, seek to foreclose a mortgage which contained the following clause: “The said mortgagees, their heirs, executors, administrators or assigns shall release from the hen of this mortgage, any lot on payment of the sum of $450.00.” The mortgage originally covered one hundred and forty-five lots. Prior to default twenty-two lots had been released and the proceeds applied upon the mortgage debt. Of the remaining lots the mortgagor had prior to default deeded five to purchasers, taking back in the case of…