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Mortgagee (the "Real Estate Mortgage"). In accordance with the terms of the Agreement, upon <br />creation of the Condominium Units: <br />(A) the Mortgagor is required to mortgage to the Mortgagee the Mortgagor's interest <br />in the Condominium Units as set forth in this Mortgage; and <br />(B) in connection with the execution and delivery of this Mortgage to the Mortgagee, <br />the Mortgagee is required to release and discharge its right, title and interest to, in and under <br />the Real Estate Mortgage. <br />The term "Indebtedness" as used in this Mortgage shall mean (1) the 1998 Financing <br />Payments (as defined in the Agreement) required to be made by the Mortgagor in respect of the <br />1998 Certificates and the 1998 Loan pursuant to and subject to the limitations set forth in the <br />Agreement; and (2) the Financing Payments relating to any series of Additional Certificates, <br />pursuant to and subject to the limitations set forth in the Supplemental Agreement pursuant to which <br />such series of Additional Certificates are executed and delivered. <br />To secure payment of. the Indebtedness and performance of all obligations of <br />Mortgagor under this Mortgage and the Agreement, Mortgagor mortgages and conveys to <br />Mortgagee the following (collectively, the "Property"): <br />(1) the Mortgagor's interest in the Condominium Units; <br />(2) the Mortgagor's interest in and to any fixtures now existing or hereafter installed <br />on or in the Condominium Units; <br />(3) all improvements now existing or hereafter constructed in the Condominium <br />Units (the "Improvements"); <br />(4) all of Mortgagor's right, title and interest in and to all rents, revenues, income, <br />issues and profits from such Condominium Units, whether now or hereafter due; and <br />(5) all accessions, parts or additions to, all replacement of and all substitutions for <br />any of such property, and all proceeds, including casualty insurance proceeds, derived <br />therefrom. <br />THIS MORTGAGE IS GRANTED PURSUANT TO THE AUTHORITY CONFERRED UPON THE <br />MORTGAGOR PURSUANT TO ORS Z71.390. PURSUANT TO ORS 271.390, THE LIEN OF THIS <br />MORTGAGE IS VALID AND BINDING FROM THE TIME THIS MORTGAGE AND THE AGREEMENT ARE <br />ENTERED INTO, AND THE MORTGAGOR'S INTEREST IN THE PROPERTY IS IMMEDIATELY SUBJECT <br />TO THE LIEN OF THIS MORTGAGE WITHOUT PHYSICAL DELIVERY, FILING OR ANY OTHER ACT, <br />AND THE LIEN OF THIS MORTGAGE SHALL BE SUPERIOR TO ALL OTHER CLAIMS AND LIENS OF ANY <br />KIND WHATSOEVER. <br />MORTGAGE PAGE 2 <br />