133 Mass. 116 | Mass. | 1882
The substance of the provisions contained in the condition of this mortgage is as follows:
2. The mortgagor is also to pay all taxes and assessments upon or on account of the mortgaged premises.
3. The mortgagor may at his option pay the whole or any part of the mortgage debt at any time within the five years.
4. The mortgagee will at any time release to the mortgagor any portion of the premises, upon payment of a sum not exceeding the rate of twelve cents per foot for the portion so released, which sum shall be indorsed upon the mortgage note.
The last provision has been treated by the parties as if the sum contemplated was at the rate of precisely twelve cents per foot, and no question arises upon the phraseology “ not exceeding” twelve cents per foot.
In order to determine the true construction of these various stipulations, and especially of the last, in its relation to the others, and whether it is an independent or dependent stipulation, the whole instrument is to be taken together, and reference is to be had to its objects and purposes. Cadwell v. Blake, 6 Gray, 402. Knight v. New England Worsted Co. 2 Cush. 271, 286. Howland v. Leach, 11 Pick. 151.
Looking at this instrument in view of this general rule, it is apparent that the general purpose of the mortgage is to make a security for the mortgage debt. This debt is due at a specified time, with the privilege on the part of the mortgagor of paying the whole or any part of it before it becomes due. If, for example, the value of the premises increases, either from a general rise in the value of real estate, or by reason of increasing demand for dwellings or for business purposes in the neighborhood, or of special improvements or additions upon this particular estate, the mortgagor retains the opportunity to go into the market and secure a loan on better terms if he can, and thus pay off the mortgage debt. In addition to this, he may also call for releases of portions of the mortgaged premises from time to time, upon making a stipulated payment therefor; thus enabling himself to make sales of small lots to purchasers, and to convey a clear title. It is to be observed, however, that this stipulated payment is the same in amount, at whatever time it may be made
The plaintiffs, as assignees of the equity of redemption, took their title with notice of what the mortgagees were entitled to receive, and subject to the payment of the sums stipulated for in the condition, and their equity is no greater than that of the original mortgagor.
This view of the true construction of the condition of the mortgage renders it unnecessary to consider the other questions argued. Bill dismissed.