Hagaman v. Frederick

The complainant Hagaman sold a tract of forty-five lots and took the mortgage under foreclosure in part payment. He assigned a half interest to his co-complainant. The mortgage, for $14,000, bears date February 7th, 1927, payable February 7th, 1933, with interest; it is silent as to the usual six months installment payment period and as to the rate of interest although it contains a futile thirty-day default clause. It contains this covenant:

"The party of the second part hereby agrees and this mortgage is given with the understanding that any one of the above-mentioned lots excepting the…