This is a foreclosure action. On November 28, 1951 V. & M. Holding Corp. a corporation of this State, executed and delivered to Vivian A. Corradini and Mary, his wife, a bond and mortgage in the sum of $70,000, covering real property in the Borough of Little Ferry, Bergen County.
Among other things, the mortgage contained the following recital:
"The indebtedness secured by this obligation is further secured by bonds, mortgages, and absolute guarantees made by Vincent Castora and Mae Castora, his wife, covering other properties.
The mortgagee agrees that upon payment of the sums hereinafter set forth by V. & M Holding Corp., said mortgagor has the option to select and secure the release of any one or more of the tracts of land listed in the schedule following, when the principal amount due on the indebtedness of V & M Holding Corp. has been reduced by the following respective amounts, and the mortgagee agrees to execute releases in conformity therewith:
Tracts 1 to 5, inclusive $35,000.00
Tracts 6 and 7, inclusive 21,000.00
Tracts 1 to 6, inclusive 49,000.00
(in V & M Holding Corp. mortgage)
Release of the property covered by mortgage made by V & M Holding Corp. shall not affect or alter the obligation of Vincent Castora and Mae Castora, his wife, as evidenced by ...