Rubin v. Lippman

A mortgage contained the following clause:

“It is understood and agreed between the parties hereto that there ar.e now mortgages on said land aggregating approximately the sum of One Hundred Fifty Thousand ($150,000.00) Dollars.

“It is covenanted and agreed between the parties hereto that the mortgagors may renew or extend the present outstanding mortgages or execute an additional mortgage or mortgages, provided, however, that the total principal of such mortgages shall not exceed the sum of $150,000.00, and this mortgage shall be junior to all such mortgages, not to exceed the said principal…