Home Owners' Loan Corp. v. Wilkes, Et Ux.

In July, 1934, R. S. Wilkes executed his note to Home Owners’ Loan Corporation for $1,360.00 bearing interest at five per cent, per annum, payable monthly at the rate of $10.75. Coeval with the execution of his note, Wilkes executed to' the, payee his mortgage deed conveying the lands with improvements therein described, the same being his homestead, to secure payment of the note.

The note and the mortgage deed both provided “that time is of the essence of this contract, and that in the event of default in payment of any installment for a period of ninety days, the holder of this note may, at…