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HomeMy WebLinkAbout0498 • ~ _ i., . 489865. q~ „SUN 11 X11 ~ 46 ~ dA ~f/n.r ~Ii~1N e shall have the option to receive and apply the came on account of the indebtedness secured hereby or to permit said lltortgagor to ceeeive and use it ar any part thereof for other purposes without thereby waivhig a impairing nay equity. lino a right under a by virtue of this mortgage: and in the event said Mortgagor shall for any reason tad to keep the said premises so insurod, or tail to deliver promptly any of saW polkias of iawuaaoa to aaW Mortgagee. a tad promptly to pay tupy any premium therefor, or in any respect fail to perform, discharge, extols, effect, complete, comply with and abide by this covenant, or any part hereof, said Mortgages may plane and pay •tor such insunnes or any part thereof without waiving or affecting any option, lien, equity or right under or by virtue of this mortgage, and the top amount of each and every such payment chap be immediately due and payabb and shag bear interest from the date thereof until paid at the me of ten per ceatum per annum and tAgethar with such interest shall be secured by the lien of this mortgage. 1. To permit. commit or totter rw waste, impairment or deteriontioa of said property or any part thereof. 5. To pay all and singular the costs, charges and expenses, inchding reasonable lawyer's tees and -poet of abstracts of title, incurred or paid et• 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 fupy perform, discharge, execute, eNect, complete, oompb? with and abide by each and every the stipuaitions, agreements. conditions and covenants of wid promissory note, and this nartgage, any or either. and said costs. charges and expenses, each and every. shall bs immediately dos and - payable, whether or not there be notice, demand. attempt to collect or suit pending; and tbs top amount of each and every such payment shop bear interest from the date thereof until paid at the nts of ten par centum per and ap said costs. charges and expenses so incurred or paid, together with such interest, shag be secured by the lien of this mortgage. 6. That lal in tbs event of any breach of this mortgage or default on the part of the Mortgagor, or (b1 in the • event any of said sums of nwney herein referred to be not promptly and [ally paid within ten days next after the same ssverapy become dos and payable, without demand or notice, a lcl m the event each and every the stipulations, ageeemsats. conditions and covenants of said promissory 'note and this mortgage, any or either. are not drily; promptly and fnpy performed. discharged. executed, effected. completed, complied with dad abided by. then. in either or any such event. the said aggnrgate sum mentioned in said promissory torte then remaining unpaid, with interest acaved, and ap moneys secured hereby. shall become due and payable forthwith. or thereafter. at the option of said Mortgagee, as fupy and completely as if ap of the said sums of homey were originally stipulated to bs paid o0 such day. anything in said promissory note, and or in this mortgage to the eontnry notwithstanding, and tbsrenpaa or thereafter at the option of said Mortgages, without notice or daman4 suit at law ar in equity. tberetofoce, or thereafter begun, may be prosecuted as if all moneys secuued hereby had matured prior to its institution. T. That is the event that at the beginning of or at any time pending any suit upon this mortgage, or to forecbse it, a to reform it, and/or to enforce payment of any claims hereunder. said Mortgages shall apply to the court havieg jurisdiction thereof for the appointment of a Receiver, such court shall forthwith appoint a Receiver of said mortgaged property all and singular. including all and singular the rents income profits, issues and revenues [rum whatever source derived. each and every of which. it being e~presely understood is hereby mortgaged as it speeifieapy set forth and described in the granting and habendum cLuses hereof. and .such Receiver chap have all the broad and effective functions aril powers in anywise entrusted by a court to a Receiver, and each appointment shall be made by• such court u an admitted equity •nd s matter of absolute right to said Mortgagee, and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolver~ey of said M and/or of the defendants, and that such rents, ' ~g+r6'~ profits. income, rues and revenues shop be applied by such Receiver according to the kin and/or equity of said Mortgagee and the pnetice of such court. 8. It is understood aril agreed that this mortgage is given to secure, Qr addition to the note or obligation ~ above described any additional k?ans or future advances made within twenty years from date hereof by the mortgages ~ to aaid mortgagors or any saccessor in title of eaid mortgagors of the property hereby conveyed; provided that the i total unpaid baLnee of the indebtedness secured hereby at any one time slop not a:teed the maximum principal amount of SEVEN THOUSAND ONE HUNDRED SEVENTY TWO AND 85 (7,172.85) Dollars li 1. phis interest thereon and any disburaernents made by the mortgagee for the payment of taxes, levies or insurance on the property encumbered hereby. with interest on each disbursements. IN WITNESS WHEREOF, the said Mortgagor has executed thin mortgage under Beal on the day and year beeein ~ first above written i s Signed, sealed and delivered in the presence ot: /ISEALI R s r nuns mere s'rwTE of IN]gtNUgN( Michigan COUNTY OF Before me persoo.IIy.ppeand Thomas A. Somers and Dianne M. Somers, his wife of 7244 Owen Dr., Kalamazoo, MI. 49007 to ms well known ants known to to be the individual. desrn'beri is and who executed the foregoing iostronrant, a~ aelmowledged before me that . ezecnted the same for the prrposes therein ezproessd. ~ , - , - wrrrrESS my hand .nil ot[ioal Beal chi. 28th day of Mar h ~'r°.'~~~. f: ; . ~ Notary Pu ijt•~'' tT Coon - r Ems,, - • m _ .s ; eooa~ PbcE J ~ ~