Matusak v. Bakiorzynski

The bond and mortgage contain the following clause: “ And it is hereby expressly agreed that the whole of said principal sum shall become due after default in the payment of any installment of principal or interest or any part thereof for thirty days.” By section 254 of the Real Property. Law (as amd. by Laws of 1917, chap. 682) such a covenant must be construed as meaning that the “ principal sum, with all arrearages of interest thereon, shall, at the option of the said mortgagee * * * become and be payable immediately ” after such default.

An installment of interest became due May 25, 1926.…