25 N.J. Eq. 87 | New York Court of Chancery | 1874
The bill is filed by a mortgagee to restrain the defendants, the Millburn Land Company, the owners of the equity of redemption, and John S. Reeve, Henry C. Agens, and Nathaniel Bonnell, to whom the company have sold wood standing on the property, from committing waste on certain-mortgaged premises in the township of Millburn, in the county of Essex. The complainant’s mortgage was given toiler by William H. Potts, on or about February 27th, 1873, to secure the payment, (with interest,) of $100,000 of the purchase money, ($119,000,) of those premises, on the sale thereof by her to him at that time. The principal was payable in .installments — $25,000 on the 1st of December, 1877, $30,000 on the 1st of December, 1878, and the balance,
The company “ aver and so charge the truth to be,” that the complainant well knew, that neither the company nor Potts purchased the property because of the wood on it, or' for farming purposes, but solely for the purpose of laying out roads through it, removing the underbrush, cutting off the-wood wherever it interfered with the making of roads or with the outlook or prospect, or in any wise detracted from the proper improvement of the land for villa sites, with lawns, and customary improvements; that, in the prosecution of the-purposes for which they purchased the land, they have projected roads and avenues upon a portion of the property, and are further engaged in making plans for such improvements that the peculiarity of the laud, its beautiful rolling character, requires much skill in the work, and the company have found it necessary to remove the underbrush, and so much of the woods as interferes with the outlook and prevents the real beauty of the place from being seen and appreciated ; that they are doing this work preparatory to bringing the property in whole or in part into the market, during this spring and the next summer • that the timber on the land is not of heavy growth or of great size or value; that about half of it is only fit for fire-wood, consisting of oak, birch, gum, maple and pine; that there are some chestnut trees from seven to twelve inches in diameter, which are the trees of the greatest value, being fit for rails, posts, and ties, and that the whole value of these does not exceed $1000; that for the purpose of clearing the grounds so as to prepare them for the sale the-
The motion is denied, with costs.