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00007639
<br />the Agreement or the Construction Loan Agreement shall be an indebtedness of Borrower secured
<br />by this Security Instrument as amended, and such advances may be obligatory under the terms of
<br />the Agreement or the Construction Loan Agreement. The Security Instrument secures the payment
<br />of all sums and the performance of all covenants required by the Lender in the Agreement and the
<br />Construction Loan Agreement. Upon the failure of Borrower to keep and perform all the covenants,
<br />conditions and agreements of the Agreement and the Construction Loan Agreement, the principal
<br />sum and all interest and other charges provided for in the Agreement and secured hereby shall, at
<br />the option of the Lender, become due and payable.
<br />3. Disbursements to Protect Security. All sums disbursed by Lender prior to completion of the
<br />Improvements to protect the security of this Security Instrument, up to the Unpaid Balance of the
<br />Agreement and any future advances, shall be treated as disbursements pursuant to the Construction
<br />Loan Agreement. All such sums shall bear interest from the date of disbursement at the rate stated
<br />in the Agreement, unless the collection from Borrower of interest at such rate would be contrary to
<br />applicable law, in which event such amounts shall bear interest at the highest rate which may be
<br />collected from Borrower under applicable law and shall be payable upon notice from Lender to
<br />Borrower requesting payment therefor.
<br />4. Breach by Borrower. In case of breach by Borrower of the covenants and conditions of the
<br />Agreement or the Construction Loan Agreement, Lender, at Lender's option, with or without entry
<br />upon the Property, (a) may invoke any of the rights or remedies provided in the Agreement or the
<br />Construction Loan Agreement, or (b) may accelerate the sums secured by this Security Instrument
<br />and invoke any of those remedies provided for in this Security Instrument, or (c) may do both
<br />although failure to exercise any of its rights and remedies at any one time does not mean a waiver.
<br />5. Property. The property covered by this Security Instrument includes the property described or
<br />referred to in the Security Instrument, together with the following, all of which are referred to as the
<br />"Property":
<br />The Manufactured Housing Unit and any and all buildings, Improvements (provided in the
<br />Construction Loan Agreement or otherwise), and tenements now or hereafter erected on the
<br />Property; any and all heretofore and hereafter vacated alleys and streets abutting the Property,
<br />easements, rights, appurtenances, rents (subject however to any assignment of rents to Lender),
<br />leases, royalties, mineral, oil and gas rights and profits, water, water rights and water stock
<br />appurtenant to the Property (to the extent they are included in Borrower's fee simple title); any and
<br />all fixtures, machinery, equipment, building materials, appliances, and goods of every nature
<br />whatsoever now or hereafter affixed to the Property and all replacements and accessions of them,
<br />including any and all plans and specifications for development of or construction of Improvements
<br />upon the Property; any and all contracts and subcontracts relating to the Property; any and all
<br />accounts, contract rights, instruments, documents, general intangibles, and chattel paper arising
<br />from or by virtue of any transactions related to the Property; any and all permits, licenses, franchises,
<br />certifications, and other rights and privileges obtained in connection with the Property; any and all
<br />products and proceeds arising from or by virtue of the sale, lease, or other disposition of any of the
<br />Property; any and all proceeds payable or to be payable under each policy of insurance relating
<br />to the Property; any and all proceeds arising from the taking of all or part of the Property for any
<br />public or quasi - public use under any law, or by right of eminent domain, or by private or other
<br />purchase in lieu thereof; all building permits, certificates of occupancy, certificates of compliance,
<br />any right to use utilities of any kind including water, sewage, drainage and any other utility rights,
<br />however arising whether private or public, present or future, including any reservation, permit, letter,
<br />certificate, license, order, contract or otherwise and any other permit, letter certificate, license, order,
<br />contract or other document or approval received from or issued by any governmental entity,
<br />HSUS030"998 PAGE 2 OF 3
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