This Mortgage is made this _________ day of _______________ 19 __
between the Mortgagor,
__________________________________________________________________
(herein "Borrower"),
and the Mortgagee
__________________________________________________________________,
a corporation organized and existing under the laws of
______________________ whose address is:
__________________________________________________________________,
(herein "Lender").
Whereas, Borrower is indebted to Lender in the principal sum of __________________________ Dollars, which indebtedness is evidenced by Borrower's note dated _________________________ (herein "Note"), providing for monthly installments of principal and interest, with the balance of the indebtedness, if not sooner paid, due and payable on ______________________;
To secure to Lender (a) the repayment of the indebtedness evidenced by the Note, with interest thereon, the payment of all other sums, with interest thereon, advanced in accordance herewith to protect the security of this Mortgage, and the performance of the covenants and agreements of Borrower herein contained, and (b) the repayment of any future advances, with interest thereon, made to Borrower by Lender pursuant to paragraph 21 hereof (herein "Future Advances"), Borrower does hereby mortgage, grant and convey to Lender the following described property located in the County of ________________, State of Ohio:
(legal description)
which has the address of: _________________________________
___________________________________________________________
(herein "Property Address");
Together with all the improvements now or hereafter erected on the property, and all easements, rights, appurtenances, rents, royalties, mineral, oil and gas rights and profits, water, water rights, and water stock, and all fixtures now or hereafter attached to the property, all of which, including replacements and additions thereto, shall be deemed to be and remain a part of the property covered by this Mortgage; and all of the foregoing, together with said property (or the leasehold estate if this Mortgage is on a leasehold) are herein referred to as the "Property".
Borrower covenants that Borrower is lawfully seized of the estate hereby conveyed and has the right to mortgage, grant and convey the Property, that the Property is unencumbered, and the Borrower will warrant and defend generally the title to the Property against all claims and demands, subject to any declarations, easements or restrictions listed in a schedule of exceptions to coverage in any title insurance policy insuring Lender's interest in the Property.
(Second Page) Uniform Covenants. Borrower and Lender covenant and agree as follows:
1. Payment of principal and interest. Borrower shall promptly pay when due the principal of and interest on the indebtedness evidenced by the Note, prepayment and late charges as provided in the Note, and the principal of and interest on any Future Advances secured by this Mortgage.
2. Funds for Taxes and Insurance. Subject to applicable law
or to a written waiver by Lender, Borrower shall pay to Lender
on the day monthly installments of principal and interest are
payable under the Note, until the Note is paid in full,
a sum (herein "Funds") equal to one-twelfth of the yearly
taxes and assessments which may attain priority over this
Mortgage, and ground rents on the Property, if any, plus one-
twelfth of yearly premium installments for hazard insurance,
plus one-twelfth of yearly premium installments for mortgage
insurance, if any, all as reasonably estimated initially and
from time to time by Lender on the basis of assessments and
bills and reasonable estimated thereof.
The Funds shall be
held in an institution the deposits or accounts of which
are insured or guaranteed by a Federal or state agency
(including Lender if Lender is such an institution). Lender
shall apply the Funds to pay said taxes, assessments,
insurance premiums and ground rents. Lender may not charge
for holding and applying the Funds, analyzing said account,
or verifying and compiling said assessments and bills,
unless Lender pays Borrower interest on the Funds and
applicable law permits Lender to make such a charge.
Borrower and Lender may agree in writing at the time of
execution of this Mortgage that interest on the Funds
shall be paid to Borrower, and unless such agreement is
made or applicable law requires such interest to be paid,
Lender shall not be required to pay Borrower any interest
or earnings on the Funds. Lender shall give to Borrower,
without charge, an annual accounting of the Funds showing
credits and debits to the Funds and the purpose for which
each debit to the Funds was made. The Funds are pledged
as additional security for the sums secured by this
Mortgage.
If the amount of Funds held by Lender, together
with the future monthly installments of Funds payable
prior to the due dates of taxes, assessments, insurance
premiums and ground rents, shall exceed the amount required
to pay said taxes, assessments, insurance premiums and
ground rents as they fall due, such excess shall be, at
Borrower's option, either promptly repaid to Borrower or
credited to Borrower on monthly installments of Funds.
If the amount of the Funds held by Lender shall not be
sufficient to pay taxes, assessments, insurance premiums
and ground rents as they fall due, Borrower shall pay to
Lender any amount necessary to make up the deficiency
within 30 days from the date notice is mailed by Lender
to Borrower requesting payment thereof.
Upon payment in
full of all sums secured by this Mortgage, Lender shall
promptly refund to Borrower any Funds held by Lender. If
under paragraph 18 hereof the Property is sold or the
Property or its acquisition by Lender, any Funds held by
Lender at the time of application as a credit against the
sums secured by this Mortgage.
3. Application of payments. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note, and then to interest and principal of any Future Advances.
4. Charges; Liens. Borrower shall pay all taxes, assessments, and other charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payments, when due, directly to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien, in legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof.
5. Hazard Insurance. Borrower shall keep the improvements
now existing or hereafter erected on the Property insured
against loss by fire, hazards included within the terms
"extended coverage", and such other hazards as Lender may require
and in such amounts and for such periods as Lender may require;
provided, that Lender shall not require that the amount of
such coverage exceed that amount of coverage required to pay
the sums secured by this Mortgage.
The insurance carrier
providing the insurance shall be chosen by Borrower subject
to approval by Lender; provided, that such approval shall not
be unreasonably withheld. All premiums on insurance policies
shall be paid in the manner provided under paragraph 2 hereof,
or if not paid in such manner, by Borrower making payment,
when due, directly to the insurance carrier.
All insurance
policies and renewals thereof shall be in form acceptable
to Lender and shall include a standard mortgage clause in
favor of an in form acceptable to Lender. Lender shall have
right to hold the policies and renewals thereof, and Borrower
shall promptly furnish to Lender all renewals notices and
all receipts of paid premiums. In the event of loss, Borrower
shall give prompt notice to the insurance carrier and Lender.
Lender may make proof of loss if not made promptly by Borrower.
Unless Lender and Borrower otherwise agree in writing, insurance
proceeds shall be applied to restoration or repair of the
Property damaged, provided such restoration or repair is
economically feasible and the security of this Mortgage is
not thereby impaired. If such restoration or repair is not
economically feasible or if the security of this Mortgage
would be impaired, the insurance proceeds shall be applied
to the sums secured by this Mortgage, with the excess, if
any, paid to Borrower. If the Property is abandoned by
Borrower, or if Borrower fails to respond to Lender within
30 days from the date notice is mailed by Lender to Borrower
that the insurance carrier offers to settle a claim for
insurance benefits, Lender is authorized to collect and
apply the insurance proceeds at Lender's option either to
restoration or repair of the Property or to the sums secured
by this Mortgage.
Unless Lender and Borrower otherwise agree
in writing, any such application of proceeds to principal
shall not extend or postpone the due date of the monthly
installments referred to in paragraphs 1 and 2 hereof or
change the amount of such installments. If under paragraph
18 hereof the Property is acquired by Lender, all right,
title and interest of Borrower in and to any insurance policies
and in and to the proceeds thereof resulting from damage to
the Property prior to sale or acquisition shall pass to Lender
to the extent of the sums secured by this Mortgage immediately
prior to such sale or acquisition.
6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Developments. Borrower shall keep the Property in good repair and shall not commit waster to permit impairment or deterioration of the Property and shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaration or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the condominium or planned unit development, and constituent documents. If a condominium or planned unit development rider is executed by Borrower and recorded together with the Mortgage, the covenants and agreements of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider were a part thereof.
7. Protection of Lender's Security. If Borrower fails to
perform the covenants and agreements contained in this Mortgage,
of if any action or proceeding is commenced which materially
affects Lender's interest in the Property, including, but not
limited to, eminent domain, insolvency, code enforcement, or
arrangements or proceedings involving a bankrupt or decedent,
then Lender at Lender's option, upon notice of Borrower, may
make such appearances, disburse such sums and take such action
as is necessary to protect Lender's interest, including, but
not limited to, disbursement of reasonable attorney fees and
entry upon the Property to make repairs. If Lender required
mortgage insurance as a condition of making the loan secure
by this Mortgage, Borrower shall pay the premiums require
to maintain such insurance in effect until such time as the
requirement for such insurance terminates in accordance with
Borrower's and Lender's written agreement or applicable law.
Borrower shall pay the amount of all mortgage insurance
premiums in the manner provided under paragraph 2 hereof.
Any amounts disbursed by Lender pursuant to this paragraph
7, with interest thereon, shall become additional indebtedness
of Borrower secured by this Mortgage. Unless Borrower and
Lender agree to other terms of payment, such amounts shall
be payable upon notice from Lender to Borrower requesting
payment thereof, and shall bear interest from the date of
disbursement at the rate payable from time to time on
outstanding principal under the Note unless payment of
interest at such rate would be contrary to applicable law,
in which event such amounts shall bear interest at the highest
rate permissible under applicable law. Nothing contained in
this paragraph 7 shall require Lender to incur any expense
or take any action hereunder.
8. Inspection. Lender may make or cause to be made reasonable entries upon and inspection of the Property, provided that Lender shall giver Borrower notice prior to any such inspection specifying reasonable cause thereof related to Lender's interest in the Property.
9. Condemnation. The proceeds of any award or claim for damages,
direct or consequential, in connection with any condemnation
or other taking of the Property, or part thereof, or for
conveyance in lieu of condemnation, are hereby assigned and
shall be paid to Lender.
In the event of a total taking of
the Property, the proceeds shall be applied to the sums
secured by this Mortgage, with the excess, if any, paid to
Borrower. In the event of a partial taking of the Property,
unless Borrower and Lender otherwise agree in writing, there
shall be applied to the sums secured by this Mortgage such
proportion of the proceeds as is equal to that proportion
which the amount of the sums secured by this Mortgage
immediately prior to the date of taking bears to the fair
market value of the Property immediately prior to the date
of taking, with the balance of the proceeds paid to Borrower.
If the Property is abandoned by Borrower, or if, after notice
by Lender to Borrower that the condemnor offers to make an
award or settle a claim for damages, Borrower fails to respond
to Lender within 30 days after the date such notice is mailed,
Lender is authorized to collect and apply the proceeds, at
Lender's option, either to restoration or repair of the Property
or to the sums secured by this Mortgage.
Unless Lender and
Borrower otherwise agree in writing, any such application of
proceeds to principal shall not extend or postpone the due
date of the monthly installments referred to in paragraphs
1 and 2 hereof or change the amount of such installments.
10. Borrower not released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage be reason of any demand made by the original Borrower and Borrower's successors in interest.
11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage.
12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right of remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively.
13. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to interpret or define the provisions hereof.
14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested, to Lender's address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein.
15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the event that any provisions or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and Note are declared to be severable.
16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof.
17. Transfer of the Property, Assumption. If all or any part
of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior written consent, excluding
(a) the creation of a lien or encumbrance subordinate to this
Mortgage, (b) the creation of a purchase money security
interest for household appliances, (c) a transfer by devise,
descent or by operation of law upon the death of a joint tenant
or (d) the grant of any leasehold interest of three years or
less not containing an option to purchase, Lender may, at
Lender's option, declare all the sums secured by this Mortgage
to be immediately due and payable. Lender shall have waived
such option to accelerate if, prior to the sale or transfer,
Lender and the person to whom the Property is to be sold or
transferred reach agreement in writing that the credit of
such person is satisfactory to Lender and that the interest
payable on the sums secured by this Mortgage shall be at
such rate as Lender shall request. If lender has waived the
option to accelerate provided in this paragraph 17, and if
Borrower's successor in interest has executed a written
assumption agreement in writing by Lender, Lender shall
release Borrower from all obligations under this Mortgage
and the Note.
If Lender exercises such option to accelerate,
Lender shall mail Borrower notice of acceleration in
accordance with paragraph 14 hereof. Such notice shall
provide a period of not less than 30 days from the date the
notice is mailed within which Borrower may pay the sums
declared due. If Borrower fails to pay such sums prior to the
expiration of such period, Lender may, without further notice
or demand on Borrower, invoke any remedies permitted by
paragraph 18 hereof.
Non-Uniform Covenants. Borrower and Lender further covenant
and agree as follows:
18. Acceleration; Remedies. Except as provided in paragraph
17 hereof, upon Borrower's breach of any covenant or agree-
ment of Borrower in this Mortgage, including the covenants
to pay when due any sums secured by this Mortgage, Lender
prior to acceleration shall mail notice to Borrower as provided
in paragraph 14 hereof specifying: (1) the breach; (2) the
action required to cure such breach; (3) a date, not less
than 30 days from the date the notice is mailed to Borrower,
by which such breach must be cured; and (4) that failure to
cure such breach on or before the date specified in the
notice may result in acceleration of the sums secured by
this Mortgage, foreclosure by judicial proceedings and sale
of the Property. The notice shall further inform Borrower
of the right to reinstate after acceleration and the right
to assert in the foreclosure proceeding the non-existence
of a default or any other defense of Borrower to acceleration
and foreclosure. If the breach is not cured on or before the
date specified in the notice, Lender at Lender's option may
declare all of the sums secured by this Mortgage to be
immediately due and payable without further demand and may
foreclose this Mortgage by judicial proceedings. Lender
shall be entitled to collect in such proceedings all
expenses of foreclosure, including, but not limited to,
costs of documentary evidence, abstracts and title reports.
19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notes securing Future Advances, if any, has no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and (d) Borrower takes such action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration has occurred.
20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the rents of the property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain such rents as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a court to enter upon, take possession of and manage the Property and to collect the rents of the Property, including those past due. All rents collected by the receiver shall be applied first to payment of the costs of management of the Property and collection of rents, including, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the sums secured by this Mortgage. The receiver shall be liable to account only for those rents actually received.
21. Future Advances. Upon request of Borrower, Lender, at Lender's option prior to release of this Mortgage, may make Future Advances to Borrower. Such Future Advances, with interest thereon, shall be secured by this Mortgage when evidenced by promissory notes stating that said notes are secure hereby. at no time shall the principal amount of the indebtedness secured by this Mortgage, not including sums advanced in accordance herewith to protect the security of this Mortgage, exceed the original amount of the Note plus US $__________________________
22. Release. Upon payment of all sums secured by this Mortgage, Lender shall discharge this Mortgage, without charge to Borrower. Borrower shall pay all costs of recordation, if any.
In Witness Whereof, Borrower has executed this Mortgage.
Witnesses:
_______________________ __________________________
Borrower
_______________________ ___________________________
Borrower
State of Ohio, ________________________ County ss:
On this ________ day of __________________, 19____ , before me,
a Notary Public and for said County and State, personally
appeared _________________________________________ the
individual(s) who executed the foregoing instrument and
acknowledged that he did examine and read the same and did
sign the foregoing instrument, and that the same is
free act and deed.
In Witness Whereof, I have hereunto set my hand and official
seal.
(seal)
My Commission expires: _____________________________
Notary Public