On June 9, 1978, plaintiff loaned the sum of $27,800 to defendants who duly executed a bond and mortgage. Defendants failed to pay the monthly installments of principal and interest which became due on September 1, 1979 and thereafter. Consequently, on December 12, 1979, plaintiff sent a letter to defendants advising them that by virtue of their default plaintiff had elected, pursuant to the terms of the bond and mortgage, to declare the loan in default. Subsequently, plaintiff...
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