This mortgage includes a power of sale clause and waiver of rights, saving time and expense in the case of a foreclosure.
Waiver of Rights. This Mortgage contains a power of sale that permits the Mortgagee/Lender to cause the Premises to be sold in the event of a default. Mortgagee/Lender may elect to cause the Premises to be sold by advertisement rather than pursuant to court action, and Mortgagor/Borrower voluntarily and knowingly waives any right Mortgagor/Borrower may have by virtue of any applicable constitutional provision or statute to any notice or court hearing before the exercise required by the Michigan statute governing foreclosures by advertisement.
In the event of default in any of the terms or covenants of this Mortgage, Mortgagee/Lender shall be entitled to all of the rights and benefits of MCL 554.231-.233, MSA 26.1137(1)-(3), and 1966 PA 151.

Use this mortgage to finance residential property, small commercial, condominiums, rental property, and planned unit developments even with an existing first mortgage on the subject property. A mortgage and promissory note that include stringent default terms can be beneficial to the Mortgagee/Lender.

Included is an annual accounting statement form
565.161 Annual statements to mortgagor; when required, contents.
Sec. 1.
Where, by the terms of a mortgage on real property, the mortgagor is required to make periodic payments which include sums to be allocated to an escrow account for the purpose of paying taxes, insurance or improvements to the property, or any combination of such purposes, the mortgagee or agent receiving the periodic payments shall furnish the mortgagor with a statement within 60 days of the close of the calendar year, showing the beginning balance of the escrow fund, total receipts received by the fund during the calendar year, an itemized statement of all expenditures from the fund during the calendar year and the balance in the fund at the end of the calendar year.

(Michigan Mortgage Package includes forms, guidelines, and completed examples) For use in Michigan only.

How to Use This Form

Select your county from the list above
Download the county-specific form
Fill in the required information
Have the document notarized if required
Record with your county recorder's office

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Common Uses for Mortgage Secured by Promissory Note

Subordinate a second mortgage to allow refinancing
Secure a loan with real property as collateral
Record a satisfaction of mortgage with the county
Document the satisfaction or payoff of a mortgage

Compare other Michigan deed forms and documents

Quitclaim Deed Lady Bird Quitclaim Deed Gift Deed Warranty Deed Special Warranty Deed Grant Deed Correction Deed Easement Deed Termination of Easement Warranty Deed with Enhanced Life Estate Mortgage Subordination Assignment of Mortgage Discharge of Mortgage Partial Discharge of Mortgage Assignment of Leases and Rents Discharge of Assignment of Leases and Rents Land Contract Memorandum of Land Contract Full Discharge of Memorandum of Contract Durable Power of Attorney Power of Attorney - Seller Power of Attorney - Borrower/Buyer Mineral Deed Mineral Deed with Quitclaim Covenants Personal Representative Deed Notice of Commencement Notice of Furnishing Sworn Statement of Account Claim of Lien Partial Conditional Waiver of Lien Partial Unconditional Waiver of Lien Full Conditional Waiver of Lien Full Unconditional Waiver of Lien Discharge of Lien Disclaimer of Interest Certificate of Trust MCL 700.7913 Lis Pendens Lis Pendens Release

Important: County-Specific Forms

Our mortgage secured by promissory note forms are specifically formatted for each county in Michigan.

After selecting your county, you'll receive forms that meet all local recording requirements, ensuring your documents will be accepted without delays or rejection fees.

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