11 N.Y.S. 413 | N.Y. Sup. Ct. | 1890
On the 1st day of June, 1879, Robert R. Treat and wife executed a mortgage to Samuel S. Rising, to secure the sum of $2,000, on two tracts of land and the undivided half of another, situate in the town of Somerset, Niagara county. The mortgage was conditioned to pay $2,000 in 10 equal annual installments of $200 each, with semi-annual interest. In the description of the first parcel, which is involved -in this action, the mortgage stated: “It being the lot on which the Novelty grist-mill now stands, containing more or less, with all the fixtures, tools, and articles kept or used upon the said premises for making and storing cider, and manufacturing or making vinegar.” It was also provided in the mortgage that the party of the first part should keep the buildings erected, orto be erected, upon.the lands insured against loss or damage by fire in an amount to be approved by the mortgagee, and that the policy should be assigned to him, and that in default thereof the party of the second part might procure the insurance. The mortgage whs accompanied by a bond. Treat conveyed the undivided half of the premises to Albert E. Bennett, and afterwards, and on the 21st day of November, 1887, Treat and Bennett conveyed to Theodore W. Breekon that portion of the premises designated as the “Novelty Mill Property.” The mortgage was assigned