Considering the objects of the moratorium laws as a whole, it appears that these statutes were not intended to relieve the mortgagor of the obligation to pay the mortgage debt. They merely suspended certain remedies, but did not attempt to impair contractual rights. ( Royal Court Realty Co., Inc., v. Thomas, 259 App. Div. 313.) The public emergency declared by the Legislature (See Laws of 1933, chap. 793) as a reason for passing the moratorium statutes, was the abnormal disruption of economic and financial conditions, and the abnormal deflation of real property values.

(See New York Operators v. State Liquor Authority, 285 N.Y. 272.) In our opinion, the order and judgment appealed from declares erroneously the rights of the plaintiff and defendants as to the interest payments provided for in the agreement, which extended, on certain terms, the payment of the mortgage for the period of three years until June 30, 1939. ( Royal Court Realty Co., Inc., v. Thomas, 259 App. Div. 313.) As matter of law, from and after that date, pursuant to the terms of that agreement, the defendants were entitled to interest at the rate of six per cent per annum on the unpaid balance of the mortgage, the respondent owner having failed to pay the balance of the principal due on that date.