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3 1.5j.Q0~-..OQ----._.~__ --------•-March..l~.-__..... 79--- it
FOR VAIUE RECEIVED, the undersigned. jointly and severally, PROMISE TO PAY to the o?der of._._...____ ,
Clifford Wolf - - - -
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_ DOIIARS,
FIFTEEN THOUSAND AND NO/100---------------------------------.----------..._-~
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,t j O1..Woo~~land_.Drive-,...Tecumseh,-..Mich-igan ___4.9-~ 8~_________________. such other pi•co as the holder
hereof may designate in writing together with interest from __date._ShOwn, dboVE'_.- }
at the rate of -.98-.__.-_.._..._ per centum per snnum on the unpaid balance until maturity. The Paid principal and interest shall
be due and payable as follows:
$2,000.00 per year on the principal and interest due quarterly on ~
balance due, first payment due on March 1, 1980 and each year thereafter.
This is a 5 year note and final payment will be $5,000.00 with interest.
THIS NOTE MAY BE PREPAID WITHOUT PENALTY.
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Attest: / - . -,/.~•l~- ,l~c,c,~~(~- - 3 - ~ - 7 j (SEAL) ~ ,
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and shall duly, promptly and fully perform, discharge, execute, e(tect, complete, comply wdh and abide Dy aach
and evert the stipulations. agreemenla, cond~tiona and covenants of said prom~saory note and of this mortrasa.
then this mortgage and the estate hereby created shall cease and be null and voui.
It is understood that each of the words. "note," "mortgagor' and "mortgagee" respectively and the pron-
ouns referring thereto, whether in the singular or plural anywhere in this mortgage, shall be singular ff one only
and shall be plural jointly and severally, it moce than one, and shall be masculine, feminine and/or neuter. wher-
ever the context so implies or admits. -
Md said Mortgagor for himself and his heirs, legal representatives, successors and assigns, hereby coven-
ants ana agrees to and with said Mortgagee, his legal representatives, successors and assigns:
1. To pay all and singular the principal and interest and the various and sundry sums of money payable by -
virtue of said promissory note, and this mortgage, each and every, promptly on the days respectively the same
severally become due.
2. To pay all and singular the taxes, assessments, levies, liabilities, obligations and incumbrances of every
nature and kind now on said described property, and%or that hereafter may be imposed, suffered, placed, levied _
or assessed thereupon, and/or that hereafter may be levied or assessed upon this mortgage and/or the indebted-
ness secured hereby, each and every, when due and payable according to law, before they become delinquent,
and before any Interest attaches or any penalty is incurred; and in so tar as any thereof is of record the same
shall be promptly satisfied and discharged of record and the original official document (such aa, for instance,
the tax receipt or the satisfaction paper officially endorsed or certi[iedl shall be placed in the hands of said
Mortgagee within ten days next after payment; and in the event that any thereof is not ao paid, satisfied and
discharged, acid Mortgagee may at any time pay the same or any part thereof without waiving or affecting
any option, lien, equity or right under or by virtue of this mortgage, and the full amount of each and every
i such payment shall be immediately due and payable and shall bear interest from the date thereof until paid
at the rate of ten per centum per annum and together wrih such interest shall be secured by the lien of this
mortgage.
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{ 3. To place and continuously keep on the bu~ldin~a now or hereafter situate on said land fire and windstorm
j insurance in the u.QUal standard policy form, in a sum not less than =15.,.O.QQ.0-0 in ouch com- 3
pony or comp^nies as may be approved by sai4 I?tort;;a~ce: and all such insurance policies on any of said build-
togs, any interest therein or part thereof, in the aggregate sum aforesaid or in excess thereof, shall contain the
usual standard mortgagee clause making the li~xs ur.~ter said policies, each end every, payable to said 1ltortga.
gee as his interest may appear, and each and e~•e-y su~•h policy shall be promptly delivered to and held by said
1`Iortgagee; and, not less than ten days in advance of the expiration of rack policy, to deliver to said Mortgagee
a renewal lhercof, together with a receipt for the premium of .itch renewal: and there shall be no such insur-
ance placed on any of said buildings. any interest therein or part thereof, uNess in the form and with the loss
payable as aforesaid; and in the event any sum of money becomes payable under such policy or policies said
j Mortgagee shall have the option to receive and apply the same on account of the indebtedness secured hereby or
to permit said Mortgagor to receive and u.e it or any part thereof for other purposes without thereby waiving
or impairing any equity, lien or right under or by virtue of this mortgage: and in the event said Mortgagor shall
~ for any reason tail to keep the said prem~~cs so insured. or fail to deliver promptly any of said policies of
insurance to said Mortgagee, or fall promptly to pay fully any premium therefor, or in any respect fall to per-
form, discharge, execute, effect, complete, comply with and abide by this covenant, or any part hereof, said biortg-
agee may place and pay for such insurance or any part thereof without waiving or attectlng any option, lien.
equity or right under or by virtue of thin mortgage, and the full amount of each and every ouch payment shall
be immediately due and payable and shall bear interest from the date thereof until paid at the rate of ten per
centum per annum and together with such interest shall be secured by the lien of this mortgage.
4. To permit. commit or softer no waste, impairment or deterioration of said property or any part thereof.
6. To pay all and singular the costa, charges and expenses, including reasonaDie lawyer's tees and cast of
abstracts of title, incurred or paid at any time by said Mortgagee because and/or In the event of the failure
on the part of the said Mortgagor to duly, promptly and fully perform, discharge, execute, effect. complete.
rnmply with and abide by each and a-very the stipulations, agreement, conditions and covenants of said promis-
wry note, and this mortgage, any or either, and said costs, charges and exptnses, each and every, shall be lm•
mediately due and payable, whether or not there be notice, demand, attempt to collect or suit pending; and the
full amount of each and every such payment shall bear interest from the date thereof unW paid at the rate of
F ten per centtun per snnum• and all aafd costs, charges and espeases ao Incurred or paid„ together with such ln-
i tereat, shall be secured by the ilea of thL mortgage.
aooK304 PA~E1808