2A:50-40 - Foreclosure for unpaid interest authorized
2A:50-40.Ā Foreclosure for unpaid interest authorized
The holder of a mortgage, under the terms of which the mortgagor has agreedĀ to pay the mortgagee a certain specified sum or sums of money at certain futureĀ time or times as therein specified, or as specified in the evidence of debt toĀ secure which the mortgage was given, and also interest on the principal thereofĀ during the term of the mortgage, at certain specified times at a rate not inĀ excess of the legal annual rate, may, whenever the owner of the mortgagedĀ premises defaults in making any such interest payment at the time when it hasĀ become due, or within such period of grace as is designated in the mortgage orĀ the evidence of debt secured thereby, elect to foreclose the mortgage only toĀ the extent that there is due and unpaid thereunder, upon the evidence of debtĀ secured thereby, any interest upon the principal sum secured thereby.
Ā
L.1951 (1st SS), c.344.
Ā
The holder of a mortgage, under the terms of which the mortgagor has agreedĀ to pay the mortgagee a certain specified sum or sums of money at certain futureĀ time or times as therein specified, or as specified in the evidence of debt toĀ secure which the mortgage was given, and also interest on the principal thereofĀ during the term of the mortgage, at certain specified times at a rate not inĀ excess of the legal annual rate, may, whenever the owner of the mortgagedĀ premises defaults in making any such interest payment at the time when it hasĀ become due, or within such period of grace as is designated in the mortgage orĀ the evidence of debt secured thereby, elect to foreclose the mortgage only toĀ the extent that there is due and unpaid thereunder, upon the evidence of debtĀ secured thereby, any interest upon the principal sum secured thereby.
Ā
L.1951 (1st SS), c.344.
Ā