Berla v. M. L. Holding Co.

The complainants' $15,000 mortgage which they seek to foreclose bears date October 23d 1928, and is payable in two years. It contains this stipulation:

"This mortgage is second in priority to a mortgage in the nominal sum of $135,000 held by the Richmont Building and Loan Association, and in case default is made in the payment of two monthly installments of principal and interest of the Richmont Building and Loan Association mortgage, which is a first lien on said premises, then and in that event the principal sum herein secured shall be due and payable immediately thereafter, notwithstanding…