Daw

Action to foreclose a mortgage executed by defendants to secure their promissory note to plaintiff for $10,000, with interest at seven per cent per annum, and payable ten years after date; the interest, if not paid annually, to be compounded. The note further provides that, if the interest is not paid annually, “then the whole sum of principal and interest shall become immediately due and payable, at the option of the holder.” The note was given for money loaned. The mortgage, of the same date as the note (July 1,1887), contains a copy of the note, and provides that “in case of default in payment of the same [the note], or of any installment of the interest thereon, when due, the mortgagee may foreclose this mortgage, and may include in *145 such foreclosure a reasonable counsel fee, to be fixed by the court, together with all payments made by the mortgagee for taxes on said premises, other than the taxes on this mortgage, or the money secured thereby.....” The defendants having made default in the payment of interest, the plaintiff exercised his option by electing to consider both principal and interest due, and commenced this action on March 27, 1891. The defendants pleaded as a…