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87100510
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87100510
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Last modified
10/19/2011 12:07:42 AM
Creation date
3/27/2008 1:53:55 PM
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DEEDS
Inst Number
87100510
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87-- 100510 <br />payable in accordance with the terms of a promissory <br />note or notes which may be taken to evidence such <br />advance(s) or any part thereof. (The optional advance(s) <br />herein authorized shall be considered additional to the <br />advance(s) hereinafter authorized to be made by the <br />Assignee for the protection of the security or Assignee's <br />interest therein.) <br />In the event such indebtedness, future advances, interest <br />and such other sums as may be advanced in accordance with the <br />terms of.the aforementioned Promissory Note and this Assignment <br />are well and truly paid in accordance with the terms therein con - <br />tained, then this Assignment shall be void, otherwise to remain <br />in full force and effect. <br />The undersigned Assignors shall continue to make all pay- <br />ments to be made according to the terms of the land contract <br />which is herein assigned as security as they become due according <br />to the terms of said land contract. Should, at any time, Assignee <br />advance any payments in respect to amounts owing on said land <br />contract in order to protect its security interest therein, be <br />such advances for the payment of principal, interest or taxes, <br />this Assignment shall operate as security for the repayment to <br />Assignee of all sums so paid with interest from the date of such <br />payment equivalent to that provided in the aforementioned Promis- <br />sory Note. It is expressly understood that nothing herein <br />contained shall be construed as a covenant or agreement on the <br />part of the Assignee to assume or pay any part of the purchase <br />price in respect to the real estate described in the land con- <br />tract or to pay any taxes or encumbrances thereon. <br />In the event of default by the Assignors in respect to their <br />obligations owing to Assignee, Assignors hereby authorize the <br />seller of the real estate described in the aforementioned land <br />contract to execute and make delivery of a deed to Assignee, upon <br />notice of such default being given to the seller therein. <br />The undersigned Assignors hereby assign to Assignee all <br />rents and income arising at any and all times from the real <br />estate interest herein assigned as additional security for the <br />indebtedness herein mentioned and hereby authorize the Assignee <br />or its agent, at its option, upon default, to enter into the <br />possession of and take charge of said assigned property, to <br />collect and receipt for all rents and income therefrom, and apply <br />the same to the payment of interest, principal, insurance premiums, <br />taxes, assessments, repairs or improvements necessary to keep <br />said property in tenable condition, or to other charges or <br />payments provided for herein or in the note hereby secured. <br />It is the intention and agreement of the Assignors that this <br />Assignment shall also secure any future advances and renewals of <br />indebtedness made to Assignors by Assignee, and any and all <br />indebtedness in addition to the amount stated above which said <br />
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