26 N.J. Eq. 434 | New York Court of Chancery | 1875
. The mortgage in suit was given by the defendant to Viola T. Adams, by whom it was assigned to the complainant. It contains a clause providing that, in case of default in any payment of interest for ten days after the same shall become due and payable, the principal and all arrearages of interest shall, at the option of the mortgagee, or her legal representatives or assigns, become and be due immediately thereafter, although the period limited for the payment thererof may not then have expired. • The mortgage is dated July 10th, 1873, and is for $2214.45, payable on the 10th of July, 1876, with interest at seven per. cent., payable semiannually. The interest which became due on the 10th of January, 1874, was not paid until the 11th of February, of
There will be a decree for the complainant, for the principal and interest of his mortgage.