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�01207881 <br />Borrower's obligations under the Loan Documents. Upon the failure of Borrower to keep and perform all the <br />covenants, conditions and agreements of the Loan Agreement, the Principal and all interest and other charges <br />provided for in the Loan Documents and secured hereby shall, at the option of the Lender, be�ome <br />immediately due and payable in full. <br />2. Future Advances. During the construction of the Improvements (the "Construction Phase"), interest will <br />accrue on the outstanding Principal according to the terms set forth in the Note and the Consh�uction Loan <br />Addendum To Note. Provided there has been no default as defined in the Note, the Loan Agr�ment, or this <br />Security Instrument, Lender is legally obligated to make advances of principal upon application therefor by <br />the Borrower in accordance with the provisions of the Note and Loan Agreement up to a maximum Principal <br />amount (including present and future obligations), which is equal to the amount of the Note as set forth in the <br />Security Instrument. Such advances shall be evidenced by the Note, made under the terms of the Loan <br />Agreement and secured by this Security Instrument and may occw for a period up to the end of the <br />Conskuction Phase, but in no event after 13 months from the date of this Rider. <br />3. Assignment of Rights or Claims. From rime to rime as Lender deems necessary to protect Lender's interest, <br />Borrower sha11, upon request of Lender, execute, acknowledge before a notary, and deliver to Lender, <br />assignments of any and a11 rights or claims, which relate to the construction on the Property. <br />4. Breach by Borrower. In case of breach by Borrower of the covenants and conditions of the Loan <br />Agreement, subject to any right of Borrower to cure Borrower's default, Lender, at Lender's option, with or <br />without entry upon the Property (a) may invoke any of the rights or remedies provided in the Loan <br />Agreement, (b) may accelerate the sums secured by this Security Instrument and invoke any of the remedi� <br />provided in this Security Instrument, or (c) may do both. Lender's failure to exercise any of its rights and <br />remedies at any one time sha11 not constitute a waiver by Lender of its right to exercise that right or remedy, or <br />any other right or remedy, in the future. <br />5. Permanent Mortgage Date. On the day the Construction Phase ends, the loan evidenced by the Note will be <br />a permanent mortgage loan ("Permanent Mortgage Date"). Beginning on the Permanent Mortgage Date, <br />interest shall accrue as stated in the Note and monthly payments of principal and interest shall be due and <br />payable as set forth in the Note. (Paragraph 5 applicable only if Permanent Financing was set up at the same <br />time the Conshuction Loan was made.) <br />6. Security Agreement and Financing Statemen� The property covered by this Security Instrument <br />includes the Property previously described or referred to in tUis Security Instrument, together with the <br />following, all of which are referred to as the "Property." The portion of the Properiy that constitutes real <br />property is sometimes referred to as the "Rea1 Property." The portion of the Property which constitutes <br />personal properiy is sometimes referred to as the "Personal Properiy," and is described as follows: (i) <br />Borrower's right to possession of the Property; (ii) any and a11 fixtures, machinery, equipment, building <br />materials, appliances, and goods of every nature whatsoever now or hereafter loca.ted in, or on, or used, or <br />intended to be used in connection with the Properiy or the Improvements, and all replacements of and <br />accessions to those goods; and (rii) proceeds and products of the Personal Property. Despite any other <br />provision of this Rider or any other Loan Document, however, Lender is not granted, and will not have, a <br />non-purchase money security interest in household goods, to the extent that such a security interest would <br />be prohibited by applicable law. <br />MULT`ISTATE CONSTRUCTION LOAN RIDER TO SECURITY INSTRUMENT - Single Family - Fannie Mae Form 373711/01 <br />(Page of S) <br />Borrower(s) IniUal��` <br />