San Gabriel Valley Bank v. Lake View Town Co.

Action commenced December 17, 1902, to foreclose mortgage on real estate and certain water rights represented by one thousand shares of the capital stock of the Lake View Water Company, appurtenant to the land.

The note, to secure the payment of which the mortgage was given, bears date April 10, 1901, due in five years; it contains the following provisions: “If default be made in the payment of interest for a period of thirty days, then the whole sum, principal, here promised, shall, at the option of the holder of this note, become immediately due, payable and collectible. ’ ’

The mortgage contains certain incidental covenants with respect to taxes, cultivation, etc., and provides that if the mortgagor fails to perform them, the mortgagee may do so, and the expenses so incurred by the mortgagee, with interest, “shall be due and payable by the mortgagor to the mortgagee at the next interest due date thereafter, according to said note, and be secured by this mortgage.” It is provided by the mortgage that releases of portions of the property may be had upon making of certain stipulated payments, and there is also contained in the mortgage the following: “In case of default in…