33 P. 1114 | Cal. | 1893
Action to foreclose a mortgage executed by defendants to secure their promissory note to plaintiff for $10,000, with interest at seven per cent per annum, and payable ten years after date; the interest, if not paid annually, to be compounded. The note further provides that, if the interest is not paid annually, “then the whole sum of principal and interest shall become immediately due and payable, at the option of the holder.” The note was given for money loaned. The mortgage, of the same date as the note (July 1,1887), contains a copy of the note, and provides that “in case of default in payment of the same [the note], or of any installment of the interest thereon, when due, the mortgagee may foreclose this mortgage, and may include in
The only substantial difference between this ease and the late ease in this court of Burbridge v. Lemmert, 99 Cal. 493, 32 Pac. 310, is that in that case the concurrent agreement to pay the taxes on the mortgage was in writing. In that
We concur: Temple, C.; Searls, C.
For the reasons given in the foregoing opinion, the judgment is reversed and the cause remanded for a new trial.