Mann v. Sterling Holding Corp.

This is an action to foreclose a purchase-money second mortgage. The mortgage contains a provision for constant monthly installments by the corporate defendant of $60 each, beginning April 25, 1958, which further provides that the whole of the principal becomes due at the option of the mortgagees immediately after default in payment of any installment on its due date, plus the grace period.

The record shows that defendant Sterling Holding Corp. defaulted, through the inadvertence of its managing agent, by failing to make a payment due on June 25, 1958 nor within the grace period of 15 days;…