New Jersey § 2a:50-33

§ 2a:50-33.

When, in cases where the whole sum secured by a mortgage is not due, a judgment of

the court shall be made for the sale of the mortgaged premises, either for the nonpayment

of any portion or installment of the debt or demand intended to be secured by the

mortgage, or the nonpayment of interest due, or both, and it shall appear to the court

that a part of the mortgaged premises cannot be sold to satisfy the amount due without

material injury to the remaining part of the mortgaged premises, and that it is just

and reasonable that the whole of the mortgaged premises should be sold together, the

court may order a sale to be made of all of the mortgaged premises, the proceeds of

such sale, or so much thereof as shall be necessary, to be applied, as well to the

payment of the interest, installments or portions then due, and also the costs then

due and payable, as to the payment of the whole or residue of the debt or demand not

then due and payable; and the residue of the proceeds of such sale to be paid to

the person or persons entitled to receive the same, or to be brought into court to

abide the further order of the court, as the equity and circumstances of the case

require. When, however, the residue of the debt or demand intended to be secured by the mortgage

is payable at a future day without interest, and the mortgagee is willing to receive

the same, the court shall deduct a rebate of legal interest for the amount the mortgagee

shall receive on such debt or demand, to be computed from the time of the actual payment

thereof to the time when such residue would have become due and payable.