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200606~~OO 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." TO SECURE to Lender (a) the repayment of all indebtedness due and to become due under the terms and conditions of the Account Agreement and Disclosure Statement (the "Agreement") executed by Borrower and dated the same day as this Mortgage, and all modifications, extensions and renewals thereof, which Agreement provides that Lender shall make advances to Borrower of a revolving nature and that such advances may be made, repaid and remade in the future from time to time, subject to the limitation that the total outstanding principal balance owing at anyone time under the Agreement (not including finance charges thereon at a rate which will vary from time to time, and any fees and charges which may from time to time be owing under the Agreement) shall not exceed the Maximum Amount Secured designated on the first page of this Mortgage; (b) the payment of all other sums advanced in accordance herewith to protect the security of this Mortgage, with finance charges thereon at the applicable rate; and (c) the performance of the covenants and agreements contained herein and in the Agreement. IT IS the intention of the Borrower and the Lender that the lien priority of all advances attaches from the time of recordation of this Mortgage and extends until released of record; that this Mortgage from the time of its execution secures the Borrower's obligation to repay the balance outstanding and to be outstanding under the Agreement from time to time from zero up to the Maximum Amount Secured designated on the first page of this Mortgage and any intermediate balance. Unless paid sooner, any unpaid balance is due ten (10) years from the date of this Mortgage. ANY REFERENCES in this Mortgage to the "Note" shall be deemed to refer to the Agreement, and any references in this Mortgage to notes and promissory notes shall include loan agreements, as applicable. All references to interest shall be deemed to include finance charges. BORROWER covenants that Borrower is lawfully seised of the estate hereby conveyed and has the right to grant and convey the Property, that the Property is unencumbered, except for encumbrances of record and that Borrower will warrant and defend generally the title to the Property against all claims and demands, subject to any easements or restrictions listed in a schedule of exceptions to coverage in any title insurance policy insuring Lender's interest in the Property. 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 Agreement, fees as provided in the Agreement and this Mortgage, and the principal of and interest on any other advances secured by this Mortgage. In the event the Property is sold under foreclosure and the proceeds are insufficient to pay the total indebtedness secured, the Borrower binds himself personally to pay the unpaid balance and the Lender will be entitled to a deficiency judgment. 2. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under the Agreement shall be applied by Lender first (in the order Lender chooses) to any finance charges and other charges owing under the Agreement or this Mortgage second, to the principal balance under the Agreement; and third, to finance charges, other charges and the principal balance of any other advances. 3. Charges; Liens. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain priority over this Mortgage and leasehold payments or ground rents, if any, by Borrower making payment, when due, directly to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due and in the event Borrower makes payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage (excluding the lien of any Prior Encumbrance); provided that Borrower shall not be required to discharge any such lien so long as Borrower shall (a) agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Lender, or (b) 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, or (c) secure from the holder of such prior lien an agreement in form satisfactory to Lender subordinating such lien to this Mortgage. Any default by Borrower under the terms of any Prior Encumbrance shall constitute a default under this Mortgage. 4. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss byfire, hazards included within the term "extended coverage," and such other hazards as Lender may require and in such amounts and for such periods as Lender may require. Unless Lender in writing requires otherwise, the policy shall provide insurance on a replacement cost basis in an amount not less than that necessary to comply with any coinsurance percentage stipulated in the hazard insurance policy. The amount of coverage shall be no less than Borrower's credit limit under the Agreement plus the full amount of any superior lien on the Property. The insurance carrier providing insurance shall be chosen by Borrower subject to approval by Lender; provided that such approval shall not be unreasonably withheld. If Borrower fails to maintain coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Property in accordance with paragraph 6. All premiums on insurance policies shall be paid by Borrower when due, directly to the insurance carrier. All insurance policies and renewals thereof shall be in a form acceptable to Lender and shall include a standard mortgage clause in favor of and in a form acceptable to Lender. Lender shall have the right to 826 - NE-LOC Mortgage - 01/01/98 Page 2 of 6