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TOGETHER with all the improvements now or hereafter erected on the property, and all easements, rights, appurtenances and
<br /> fixtures, all of which shall be deemed to be and remain a part of the property covered by this Security Instrument; and all of the foregoing,
<br /> together with said property(or the leasehold estate if this Security Instrument is on a leasehold)are hereinafter referred to as the"Property".
<br /> Complete if applicable: r, s
<br /> This Property is part of a condominium project known as 4 0 3 0 0 3 2 9
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<br /> This Property includes Borrower's unit and all Borrower's rights in the common elements of the condominium project.
<br /> This Property is in a Planned Unit Development known as
<br /> Borrower covenants that Borrower is lawfully seised of the estate hereby conveyed and has the right to grant and convey the
<br /> Property, and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the
<br /> title to the Property against all claims and demands, subject to encumbrances of record.
<br /> Borrower and Lender covenant and agree as follows:
<br /> 1. Payment of Principal, Finance Charges and Other Charges. Borrower shall promptly pay when due all amounts borrowed
<br /> under the Credit Agreement, all finance charges and applicable other charges and collection costs as provided in the Credit Agreement.
<br /> 2. Funds for Taxes and Insurance. Subject to applicable law, Lender,at Lender's option, may require Borrower to pay to Lender
<br /> on the day monthly payments of principal and finance charges are payable under the Credit Agreement, until all sums secured by this
<br /> Security Instrument are paid in full, a sum (herein "Funds") equal to one-twelfth of the yearly taxes and assessments (including
<br /> condominium and planned unit development assessments, if any) which may attain priority over this Security Instrument, and ground
<br /> rents on the Property, if any, plus one-twelfth of yearly premium installments for hazard insurance and flood insurance, if applicable, all
<br /> as reasonably estimated initially and from time to time by Lender on the basis of assessments and bills and reasonable estimates thereof.
<br /> Borrower shall not be obligated to make such payments of Funds to Lender to the extent that Borrower makes such payments to the
<br /> holder of a prior mortgage or deed of trust if such holder is an institutional Lender.
<br /> If Borrower pays Funds to Lender,the Funds shall be held in an institution the deposits or accounts of which are insured or
<br /> guaranteed by a Federal or state agency(including Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes,
<br /> assessments, insurance premiums and ground rents. Lender may not charge for so holding and applying the Funds, analyzing said
<br /> account or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law
<br /> permits Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution of this Security Instrument
<br /> that interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law requires such interest to be
<br /> paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without charge,
<br /> 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.
<br /> The Funds are pledged as additional security for the sums secured by this Security Instrument.
<br /> If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due
<br /> dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes, assessments,
<br /> insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option, either promptly repaid to Borrower or
<br /> credited to Borrower on monthly installments of Funds. If the amount of the Funds held by Lender shall not be sufficient to pay taxes,
<br /> assessments, insurance premiums and ground rents as they fall due, Borrower shall pay to Lender any amount necessary to make up
<br /> the deficiency in one or more payments as Lender may require.
<br /> Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds
<br /> held by Lender. If under paragraph 22 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender shall apply, no
<br /> later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of application
<br /> as a credit against the sums secured by this Security Instrument.
<br /> 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under the Credit
<br /> Agreement and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under
<br /> paragraph 2 hereof, second, (in the order Lender chooses) to any finance charges, other charges and collection costs owing, and third,
<br /> to the principal balance under the Credit Agreement.
<br /> 4. Prior Mortgages and Deeds of Trust; Charges; Liens. Borrower shall perform all of Borrower's obligations under any
<br /> mortgage, deed of trust or other security agreement with a lien which has priority over this Security Instrument, including Borrower's
<br /> covenants to make payments when due. Except to the extent that any such charges or impositions are to be paid to Lender under paragraph
<br /> 2, Borrower shall pay or cause to be paid all taxes,assessments and other charges,fines and impositions attributable to the Property which
<br /> may attain a priority over this Security Instrument, and leasehold payments or ground rents, if any. Within five days after any demand by
<br /> Lender, Borrower shall exhibit to Lender receipts showing that all amounts due under this paragraph have been paid when due.
<br /> 5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against
<br /> loss by fire, hazards included within the term "extended coverage," floods and such other hazards as Lender may require and in such
<br /> amounts and for such periods as Lender may require. Unless Lender in writing requires otherwise,the policy shall provide insurance on
<br /> a replacement cost basis in an amount not less than that necessary to comply with any coinsurance percentage stipulated in the hazard
<br /> insurance policy, and the amount of coverage shall be no less than the Maximum Principal Balance plus the full amount of any lien which
<br /> has priority over this Security Instrument.
<br /> The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided,that such
<br /> approval shall not be unreasonably withheld.All insurance policies and renewals thereof shall be in a form acceptable to Lender and shall
<br /> include a standard mortgage clause in favor of and in a form acceptable to Lender. Lender shall have the right to hold the policies and
<br /> renewals thereof, subject to the terms of any mortgage, deed of trust or other security agreement with a lien which has priority over this
<br /> Security Instrument.
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