The defendant, President Hotel, Inc., executed a mortgage in the amount of $75,000 on July 13, 1963, although $50,000 was the only sum ever advanced. It is conceded that the real property taxes on the mortgaged premises were not paid when they became due on January 1, 1965 and January 1, 1966. This failure constituted a breach of a condition of the mortgage and plaintiff exercised its right to accelerate and declared the entire balance presently...
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