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200709655 0779405646 All of the property described above is called the "Property." To the extent any of the Property is personal property, Borrower grants Lender, as secured party, a security interest in all such property and this Mortgage shall constitute a security agreement between Borrower and Lender. 2. Security. This Mortgage is given to secure performance of each promise of Borrower contained herein and the payment of: TWENTY EIGHT THOUSAND AND 00/100 Dollars $28,000.00 (palled the "Loan") with interest as provided in the promissory note which evidences the Loan (the "Note") and any renewals, modifications or extensions thereof. It also secures payment of certain fees and costs of Lender as provided in Section 10 and repayment of money advanced by Lender under Section 6 or otherwise to protect the Property or Lender's interest in the Property. All of these amounts are collectively called the "Debt." The Note provides that unless sooner repaid, the Loan is due and payable in full on 10/23/2022 (the "Maturity Date"). o If this box is checked, the Note secured by this Mortgage provides for a variable rate of interest. 3. Representationsof Borrowe[ Borrower warrants and represents that: (a) Borrower is the owner of the Property which is unencumbered except by easements, reservations and restrictions of record not inconsistent with the intended use of the Property and any existing mortgage or deed of trust given in good faith and for value, the existence of which has been previously disclosed in writing to Lender; and (b) The Property is not used for any agricultural or farming purposes. 4. Promisesof Borrower. Borrower promises: (a) To keep the Property in good repair, not to move, alter or demolish any of the improvements on the Property without Lender's prior written consent and not to sell or transfer the Property or any interest in the Property in violation of the provisions of Section 5; (b) To allow representatives of Lender to inspect the Property at any reasonable hour and to comply with all laws. ordinances, regulations, covenants, conditions, and restrictions affecting the Property; (c) To pay on time all lawful taxes and assessments on the Property; (d) To perform on time all terms, covenants and conditions of any prior mortgage or deed of trust on the Property or any part of it and pay all amounts due and owing thereunder in a timely manner; (e) To see to it that this Mortgage remains a valid lien on the Property superior to all liens except those described in Section 3(a) and to keep the Property free of all encumbrances which may impair Lender's security. It is agreed that if anyone asserts the priority of any encumbrance other than those described in Section 3(a) over this Mortgage in any pleading filed in any action, the assertion alone shall be deemed to impair the lien of the Mortgage for purposes of this Section 4(e); and (f) To keep the improvements on the Property insured by a company satisfactory to Lender against fire and extended coverage perils, and against such other risks as Lender may reasonably require, in an amount equal to the full insurable value and to deliver evidence of such insurance coverage to Lender. Lender shall be named as the loss payee on all such policies pursuant to a standard lender's loss payable clause. The amount collected under any insurance policy may be applied upon any indebtedness hereby secured in the same manner as payments under the Note or, at Lender's sole option, released to Borrower. In the event of foreclosure or sale of the Property all rights of the Borrower in insurance policies then in force shall pass to the Lender 4 7 9 8 (01/24/07) w8.2 Page 2 of 6