[Insert caption.]
VERIFIED COMPLAINT FOR FORECLOSURE AND OTHER RELIEF
There is no other pending or resolved civil action arising out of the transaction or occurrence alleged in the complaint.
Plaintiff [name], by and through its attorneys [name], for its verified complaint for foreclosure and other relief against Defendants [name], states as
COMMON ALLEGATIONS
1. This is an action to foreclose a mortgage on a parcel of property located in [township], [county], Michigan. The parcel that is the subject of this action consists of the following
[legal description]
(the Property).
2. A notice of lis pendens will promptly be recorded in the office of the Register of Deeds for [county], Michigan.
3. Plaintiff [name] is a [state] corporation having its principal office at [address], Michigan.
4. Plaintiff is informed and believes that Defendant [name] is a Michigan corporation that maintains its principal office in [name], Michigan.
5. Plaintiff is informed and believes that Defendant [name] is a Michigan corporation that maintains its principal office in [name], Michigan.
6. Defendant [name] is a guarantor of certain obligations of [name] to Plaintiff, as set forth more fully later in this complaint.
7. Plaintiff is informed and believes that Defendant [name] is an individual who resides in [name], Michigan. [Name] is a guarantor of certain obligations of [name] to Plaintiff, as set forth more fully later in this complaint.
8. Plaintiff is informed and believes that Defendant [name] is an individual who resides in [name], Michigan. [Name] is a guarantor of certain obligations of [name] to Plaintiff, as set forth more fully later in this complaint.
9. Plaintiff is informed and believes that Defendant [name] is an individual who resides in [name], Michigan. [Name] is a guarantor of certain obligations of [name] to Plaintiff, as set forth more fully later in this complaint.
10. Plaintiff is informed and believes that Defendant [name] is an individual who resides in [name], Michigan. [Name] is a guarantor of certain obligations of [name] to Plaintiff, as set forth more fully later in this complaint.
11. This is an equitable action over which this court has jurisdiction pursuant to Michigan statutes, specifically MCL 600.3101 et seq. and .2926.
12. Pursuant to MCL 600.1605, venue is proper in this court because the real property is located in [county] County.
13. [Name] borrowed certain monies from Plaintiff (the Loan) represented by a promissory note, dated [date], the original principal amount of $[amount] from [name] to Plaintiff, attached as exhibit 1 (the Note).
14. The repayment of the Loan and the Note were secured by a certain Mortgage on the Property dated [date] and recorded [date] at Liber No. [number], Page [number] at the [county] County Register of Deeds, from [name] to Plaintiff, attached as exhibit 2 (the Mortgage).
15. To further secure the repayment of the Loan and Note, [name] executed a certain guaranty, dated [date], in favor of Plaintiff, attached as exhibit 3 (the [name] Guaranty).
16. The repayment of the Loan and Note is also secured by a guaranty dated [date] executed by [name] in favor of Plaintiff, attached as exhibit 4 (the [name] Guaranty).
17. The repayment of the Loan and Note is also secured by a guaranty dated [date] executed by [name] in favor of Plaintiff, attached as exhibit 5 (the [name] Guaranty).
18. The repayment of the Loan and Note is also secured by a guaranty dated [date] executed by [name] in favor of Plaintiff, attached as exhibit 6 (the [name] Guaranty).
19. The repayment of the Loan and Note is also secured by a guaranty dated [date] executed by [name] in favor of Plaintiff, attached as exhibit 7 (the [name] Guaranty).
20. The [name] Guaranty, [name] Guaranty, [name] Guaranty, [name] Guaranty, and [name] Guaranty are sometimes collectively referred to in this complaint as the Guaranties, and [name], [name], [name], and [name] are [name] hereinafter collectively referred to as the Guarantors.
COUNT I DEFAULT OF PROMISSORY NOTE
21. Plaintiff restates and incorporate by reference the allegations in the preceding paragraphs as though fully set forth here.
22. On [date], Plaintiff loaned $[amount] to [name]. The loan is evidenced by a Note dated [date] and a Mortgage dated [date]. A copy of the Note is attached as exhibit 1 and the Mortgage as exhibit 2.
23. The Note requires monthly interest only to Plaintiff in the amount of $[amount], commencing on [date], with the principal balance of $[amount] due and payable in full on [date].
24. [Name] is in default under the terms of the Note for its failure to make the required interest-only payments in October, November, and December [year] and in January [year]. The current balance due under the Note is $[amount], plus interest in the amount of $[amount] at the contract rate of [percentage] since [number] (see exhibit 8). Interest continues to accrue at a per diem rate of $[amount].
25. Pursuant to the terms of the Note, [name] agreed to pay any expenses, including reasonable attorney fees and legal expenses, paid or incurred by Plaintiff in protecting and enforcing the rights of and obligations to Plaintiff under the provisions of the Note.
26. Notice of default and acceleration was provided to Defendants by letter dated [date], attached as exhibit 9.
27. The entire indebtedness is now due and owing, but remains unpaid.
28. Plaintiff has fully performed all of its contractual obligations to Defendants.
Plaintiff, [name], respectfully requests that this honorable court enter a judgment against Defendant [name] in the amount of $[amount], plus interest from [date], at [percentage] per year, all other applicable interest, costs, and attorney fees as provided for the Note and for such other and further relief as the court determines to be just and proper.
COUNT II FORECLOSURE OF MORTGAGE
29. Plaintiff restates and incorporates by reference the allegations in the preceding paragraphs as though fully set forth here.
30. [Name] has defaulted on its obligations under the Note by failing to pay the indebtedness as required under the Note. Specifically, the Note requires monthly interest-only payments to Plaintiff in the amount of $[amount], commencing on [date], and [name] has failed to make the required payments in October, November, and December [year].
31. Interest continues to accrue at the rate of [percentage] (see exhibit 8). Interest continues to accrue at a per diem rate of $[amount].
32. By failing to pay the interest on the Note when due, [name] has defaulted in its performance of the terms and conditions of the Mortgage.
33. Plaintiff gave [name] notice of its default by certified letter dated [date], attached as exhibit 9.
34. Under the terms of the Mortgage, Plaintiff is entitled to collect all costs and expenses incurred in pursuing its remedies, including all costs of collection and attorney fees.
35. [Name] has no defense to payment of the amounts as stated earlier.
36. No proceedings have been instituted to recover the debt evidenced by the Note and Mortgage or any part of it.
37. Because [name] is in default as described above, Plaintiff is entitled to, among other relief
a. foreclosure of the Mortgage and
b. the sale of Property to satisfy, in whole or in part, the obligations of [name] under the Mortgage.
Plaintiff respectfully requests that this honorable court
a. enter a judgment determining the amount [name] owes Plaintiff under the Mortgage, plus all interest, costs, and attorney fees due thereunder and permitted by Michigan law;
b. provide in such judgment that, if Defendant [name] fails to pay the judgment in the time prescribed by law, order the foreclosure of the Mortgage and the sale of the Property pursuant to the Michigan statutes in such case made and provided, to satisfy the obligations evidenced by the Note and the Mortgage, together with interest, costs, and attorney fees, as provided under the Note and Mortgage and permitted by Michigan law; and any taxes, insurance, and other amounts paid to preserve, repair, and protect the Property by Plaintiff during the redemption period;
c. further provide in such judgment that, on such foreclosure and sale, after expiration of any applicable redemption period, the purchaser at the foreclosure sale shall be the fee owner of the premises sold, free and clear of any interest of Defendants;
d. pursuant to MCL 600.2926, appoint a receiver to take all necessary action to protect Plaintiff’s interest in the Property, as is more fully set forth in count III, infra; and
e. award Plaintiff such other relief as is just and equitable.
COUNT III ENFORCEMENT OF GUARANTEES AGAINST THE GUARANTORS
38. Plaintiff restates and incorporate by reference the allegations in the preceding paragraphs as though fully set forth here.
39. As security for the Loan and Note, Defendant guarantors executed the guarantees in favor of Plaintiff. (See earlier in the complaint).
40. The guarantors have failed to perform in accordance with the guaranty. Accordingly, and based on the events of default described earlier in the complaint and incorporated by reference, Plaintiff is entitled to enforce the guarantees against the guarantors.
41. Based on their guarantees, the guarantors are obligated to pay to Plaintiff the amount due to Plaintiff under the Note. Further, the guarantors are jointly and severally liable to pay Plaintiff’s costs, including attorney fees, incurred in enforcing the Note, Mortgage, and guarantees.
Plaintiff respectfully requests that this honorable court enter its judgment against Defendants, [names], jointly and severally, in an amount to be determined by the court, together with costs, including attorney fees.
COUNT IV APPOINTMENT OF RECEIVER
42. Plaintiff restates and incorporate by reference the allegations in the preceding paragraphs as though fully set forth here.
43. Plaintiff is entitled to an appointment of a receiver for the Property.
44. Pursuant to MCL 600.2926, this court has the authority to immediately appoint a receiver and to define the receiver’s powers and duties pursuant to the transaction documents.
Plaintiff respectfully requests this honorable court
a. appoint a receiver pursuant to Michigan law and define receiver’s powers and duties so that Plaintiff’s interest in the Property is adequately protected and
b. award Plaintiff any other relief that is just and equitable.
I declare that the foregoing is true to the best of my information, knowledge, and belief.
/s/______[Typed name]
STATE OF MICHIGAN / )
______COUNTY / )
Signed and sworn to before me in [county] County, Michigan on [date], by [name of officer or agent, title of officer or agent], of [name of corporation acknowledging], a [state or place of incorporation] corporation, on behalf of the corporation.
/s/______[Notary public’s name, as it appears on application for commission]
Notary public, State of Michigan, County of [county].
My commission expires [date].
[If acting in county other than county of commission: Acting in the County of [county].]
[Firm name]
By /s/______
[Typed name of attorney (P____)]
Attorney for Plaintiff
[Address, telephone]
Dated: ______