HomeMy WebLinkAbout0217 JA N 7 iS78
i lE0 AND~tECOi~DEu
S~ ltlC1E COUN~Y FlJ?
ROCEA PO~TR~S
r~ ~:_t 'i!.CU~i COti ~
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MA4 1 10 iz AN'?~
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shall Aave the optan to receive and ~pply the aame on account of the indrDtedusse secttred hereby or to permit
said Mortgagor to roceive and use it or any p~rt thereof fot other purpoaes witAout thersby w~ivity~ or imp~iring
aay equity, lien or rigAt under or by virtue ot thia mort~ge: ~nd in che ever?t aaid Mortgagw shaU to~ any roawa
fai! to Iceep the said premisea eo in~und, or [ail to deliver promptly any ot said policiss ot in~uranos to ~tid
Mortgages, or tail prompdy to pay luUy eny premium tAeretor, o~ ia any respect f~il to pertorm, disthugs,
e:cute, effect, compiete, comply ~vitA and s~ide hp this coverunt, or eny ~art hernof, eaid Mortgagee tn~y plscs and
pay tor ~uch ineurence or eny pnrt thereot witAout waiving or •ttertinR any option, lien, equity or right nnder or by
virtue of this mortgage, md t6e fuU amount oi each aad evsry such payment ehsU be imu~diately dua ~nd p~yabb
~nd ahaU bear intecest ftom the date thereof until p~id •t the r~te ot ten per centum pet •nt?um •nd together with
sach interest ahall be secund by the lieo ot thia mortga~.
To pernut. tommit or sufter no ws~te, impsirment or deterioratioa of ~aid property o~ ~ny patt thereot.
S. To psy aU and singuler tAe co+te, chargea end e:penxs, includinR re~~onsble lsnyer's tees and cost ot
~batr~cts ot title. incurred or paid at• any time by ssid Mortg~gee becaux snd.~or in the event of the faUure on the
part of the ~aid Mortgagor to duly, prompcly •nd fully perform, diecl~arge, e:ecute, eftect, oomplsts, caaply witA
and abide by each snd every the etipuLtione, agreemente, conditlons end covensnt~ ot said promissory noce. and
thie mortgage, any or either, and eaid coeta, cherges •nd e:penxe, e~cl~ end evtry, shall be immediately due snd
peyabk, whether or not there be notice. demand, ettempt to collect or auit pendinR; and the fuU amount of each
and every such p~yment ahaU bear intereet from the date thereot unti! pai.f at the nta ot ten per ccntum per
an~um: and all said coets. ch~rgea snd e:pen~es so incurred or paid, together ~eith euch intereet, shall be secured by
the lien ot this mortgags.
6. TAat Ial in the rvent of any bre~ch ot tdis mwtgags or ~default on the put of the Mortgagor, oc Ibl in tM
• event any of eaid n~ma o! moaey herein refeeTed w be not promptly and fulty paid within tea days n~t ~tter the
same savsr~lly become due and pay~bk, without demand or notica or lc1 in the e~ent e~ch and every the stipalationi.
agreements. couditions _ md rnvsnants oi eaid pwmiswry ~ts and tttis nwrtg~ge. aay or eithsr. ~rs not duly.
promptly and fulty pertormed. diecharged. esecvtad. etfected. completed. rnmplied with •nd abided by. th~, in ather
or any sacA event, the said aggiregate eum mentioned in eaid promiasory note then remaining unpaid, with interest
accrued. and all moneye eecared hereby, aheD beco~ne due and payable tortbwrith. or thereaher. ~t the option of eaid
Mortgagee, as fuUy and completely ~a if al! of tl~e said sums o! nomey were originally stipulated to bs paid on
~uch day. anytAing in eaid promissory note. and or in this mortg~ge to the contrary aotwithstanding, and ,
therenpon or thereafter at the option ot ~id Mortgagee. withont notice or dauund, soit at law or in equity,
theretotore, or thereafter begun, may be ~usscuted •e if all moneya secured hereby hed m~tured prio~ to its
inatitut'an.
7_ That in the event th~t at the beginning of or at eny tims pending any suit upon tAie mortgage, or Lo foreclosb
it, or to reform it, and/or w enforee p~yment of any claims hereunder, aaid Nortqages ehall apply w the court
having lurisdiction tl~eroof for the ~ppointment of a Reeeiver. such court shall torthwith appoint a Reosiver ot said
~ mortgaged property aU and ~ingular, including all and singular the reata ineome profits, iseues and revenues trom
wh~teve~ source derived, each and every ot which, it Deing ezprssdy understood ia hereby nwrtg~ged as it
apecifically set forch and dexribed in the Qranting and habendum elausea hereof, aed such Receiver ~hall have
all the broad and effective functions and pow~ers in eny~vi~e entrusted by a court to a Receiver. and ~uch appointment
ahall be made by auch court se an admitted equity and s maiter of absolute : igi~t to yaid MartgRgee, aad without
reference to the adequacy or inadequacy ot the vatue of the property mortgaged or to the eolvency or insolvency
of said Mortgagor snd/or oi the defenciants, and that sach reats, profit~, income, iesuas and revenuee ehall be ~pplied
by sucA Reeeivrr aceo~rding to the lein andbr equity ot said Matgagee and the prsctice of euc6 oourt. ,
8. It ie understood ~nd agreed t6at tl?is mortgage is givsa to secure, in additioa to the note or obligatioa
above dexribed aay ~dditional losas or future sdv~eaes made within tweoty years from dace hereot by the mortaagee
to said mortgagors or any eucceesor ~ title ot said mortga~e ot iha property hereby conveyed: provided that the
total unp~id balance oi tAe indebtedne~s ~e~cured hereby ai any one time ehall not e:ceed ihe mazimum priacipal
~~nt ot TWENTY TWO THOUS~I~D~FIYE (a22~Q0~.00)-----------------------------~~
If 1, plue intereet theraon and aey ' mente made y t e mortgagee tor the payment of tues. levies or insurance
on the property encumbered heroby, wit6 interest on sueh disbureements.
IN WiTNESS WHEREOF. the said !~lortgagor h~e e:ecuted thie tnatgagt under seal on the day and yeai herein
fv~t above written.
S' and delivered in he presence of:
iSEALt
, r ~ se a
x ISEALt
Barbara A. Rathbun
srn~ oF~q~q( MIC~ IfAN ~
coux~rx oF ~it.~~( KENT
Before me pereonally .p~~a Jose~h P. Rathbun and Barbara A. Rathbun, his wife of
1555 Perkins Ave.. N.E.. Grand Rapids, Michiqan 49505
to me well known and imown to me to be ths individual... dee~aibed 'm and who ~eeuted the foregoing ~trument, .
wd sckaowlsdgsd betore me t6~t ....hs.... e:ecuted ths sams fo~ tbs purpo~es tharein espressed.
Wi7TTE33 my hand and official ~sd thi~ ~ dq d~ 19 7~
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A ~ . chs County u,d 8tace Aforeeaid.
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My oommi~sion e:pire~~~L' ~i^!, M!
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