K.S.S. Realty Co. v. Ostroff

The bill was filed July 3d 1926, to foreclose a mortgage on premises in Jersey City. The due date of the mortgage is August 18th, 1929, but the mortgage contains a provision "that the whole of the principal sum herein expressed shall, at the option of the holder of this mortgage, become due after default in the payment * * * of any tax, water rate or assessment for thirty days." The bill alleges that on June 1st, 1926, there became due to Jersey City a tax levied on the mortgaged premises for the period of January 1st, 1926, to July 1st, 1926, and on July 1st, 1926, although the taxes were…