Detroit Trust Co. v. Stormfeltz-Loveley Co.

On November 1, 1926, Stormfeltz-Loveley Company, defendant herein, executed to plaintiff, Detroit Trust Company, as trustee, a trust mortgage on. the land, and eight-story building at the northeast corner of Woodward avenue and Bast Grand boulevard, Detroit, to secure a serial bond issue of $1,000,000, payable over a term of years. It contained the usual clauses providing for foreclosure and sale and also an assignment of income in accordance with Act No. 228, Pub. Acts 1925 (3 Comp. Laws 1929, § 13498 et seq.). Upon default in a serial payment of $100,000 and of a balance of $20,000 for…