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<br /> in the�oar�Documerits and secured he�eby shall, a�the opt�or� af the Lend�r,be�ome immedi�tely due and
<br /> payab�e�n full.
<br /> �. Fufiure Advances. L]ur�.ng the con�tnxc�ion of�he �mprov�rnent� �the "Cans�ruct�on Phase'�}, ��ter�st vvz1l
<br /> a�c�ue on the�u��tandirig Pr�nc�p�l according ta the ter�n.s set far�h in�he Note and the�onstruc�io��.aan
<br /> Adde�rdum`Fv Nate. Pro�det��ere ha�be�n n�defaul�as d�fin�d�n the N4�e,�he Laan Agreemen�,o�th�s
<br /> Security�n.strurnent,Lender is lega�ly�b�igated tv make advances of principal upan appl�ca��vn therefor���h�
<br /> Bonr�wer �n accv�dance with �he provi.sivns of the No�e and Loan Ag�reement up ta a �r�.ax�m.um P�r�ncipa�
<br /> amau.�t�including pres�nt and future vb�igations},whi�h is equal�o the amaunt o�'�he l�Ta��as set forth in the
<br /> Securi�y Ins�rumen�. 5ueh a�.va�ac�.s sha�i be evidenced by the No�e, �ade �der the terms af th� Loan
<br /> Agreern�n� and secured by �his Secu.nty I�.str�.ment a�ad may occur for a periv�. �p �a �he end af�h�
<br /> Constructzon Phase,but in na event a#�e�1�months frorn the�ate vf�h�s Rid,er�
<br /> 3. .A,s�ignment nf Righ�s or C�a�ms. �'rom time to time as�ender deems necessary ta pratect]Le�.der's interest,
<br /> �orro�er sha��, upQn reques� of Lender, execute, �cknow�edge before a notary, and de�iv�r to L�nder,
<br /> as�ignments of any and a1I rights ar clairn�,w��c�.�r�late to the construction on�he Praperty.
<br /> 4. �3reach�y�3nrrower. In case of breach b�r Ba�-�rat�v�r of the�fl�enants and c�nd��ions�f�h.e Loar�A,�reement,
<br /> suhjec��o any righ�vf Bc�r�ower ta cure Borrower'�default,Lender,a�Lend��'�optian,v�rith��x v�ithout en�-y
<br /> upan th� Froperty�a} may in�oke any of the nghts or remedies pr�v�ded in �he Loan Agreement, �b}may
<br /> acce��rate the sums sec�ed b� this Se,�urit� Instrumen� an�i i�.Wok� any Qf�h� remedi�s �r�vid�d. �n thi s
<br /> S�curi�y Instrumen�,or�e�may do both. Lender's failure ta ex��is�ar�y of its rights and rernedies a�an�one
<br /> time sha�1 not cons�xtu�e a r�vaiver by Lender of ifis�g�h�#o exercis�tha�righ�or remedy,vr any o�he�righ�or
<br /> rem�dy,�n the fu.�ur�.
<br /> 5. �'ermaaen�Martgage Dat�. �}n��e da�r�he Cons�.ruet��n Phase ends,�he loar��videnc�by the Nate wi�l be a
<br /> permanent�mor��age loan�°'Per�nanent Mortgag�I3a�e"). Beginnzng on the�'ermanen�Mortgage Da�e,interes�
<br /> shal�acczl.�e as stat�d�n t�e Nate and man�hly payrrien��of�rincipal ar�d in�eres�sha�I be due and payable as�e�
<br /> forth in �h� �ote. �F'aragraph 5 ap�iicable anl� if�'�rman�n� Financing was �e� up a� �e sarne t�me the
<br /> ��nst�r���ion�,oan�va�mad�.}
<br /> 5. Security Agreement and Financiag Sta�emen�. Th�pr�pert}t cavered by this Securi�y�nstrum�n�includes
<br /> the Prope�ty previausly desc�r�bed ar referred to in�his 5ecurity Ir�st�ment,tvg�ther with the fa]lv�uzg,al�
<br /> of vvhich are referr�d ta as the "prop�rty.'r The portian vf the Property that �€�nst��utes rea.l prr�perty i s
<br /> som.etirx�es referr�d ta as �he 'sReal P�raperty." '�`he partian of�he �'raperty �vh�ch �vnsti�ute� persor�al
<br /> prvper�y �s same�imes referred.to as�he "Persanal Praper�y," and is descrxbed as fol�ows: ���Bor�-�rnr�r's
<br /> righ� �� posS�ss�on of th� Property; ��i� any and a�� fixtu�es, ma�hin�ry, eyuipment, building materia�s,
<br /> app���nces,and goods vf every nature�hats��ver n�w�rr her�after lacated�n,or on,ar used,or intended to
<br /> be us�d in connec�i�n with �l�e Pr�per�y or the Irr�proWemen�s, and a�l replacements �f an�accessians tv
<br /> those goods; and�iii�proc�d.s and produGts�f the Personal P�vper�y. D�spit�any other pra��s�on of thi�
<br /> Ri��r ar any other Loan I3ocu�nent, however, Lender is not �;r;ranted, and �i�I n�� ha�e, a non-purchase
<br /> money sec�ri�jr in�er�st Yn househ���gQads,�o th�ex�ent that such a securi�y infier�st would be pr�h�bited b�r
<br /> app���cable lavv.
<br /> This 5ecu�i�r Instrument�s and sha�i be a securi�.y agreement granting Lend�a first and pri�r security�n�er�st
<br /> xn a11 of Barrower's righ�,�i�Ie and in�e�est zn and tti the Persana�Pr�p�rt�r, under and uri�h�n the mean�ng a�
<br /> applicable sta�e la�ws,as w�ll as a do�ument grant�n.g a�ien upan and agains���e Real P�operty. �n�he event�f
<br /> IUI�LTISTATE GUNSTR�1CTiC�N L�31�N R�I3ER TD S�CURITY I�iSTRIJMEN�-Single Family-Fanni�{Ulae Form 3�13�'��1��
<br /> �os,���.-��sa� (P ge of�j
<br /> B�rrowe��s}Initiafs
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