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<br /> 5.Hazard ar Froperty Insuranc�. garrowcr shNl kccp thc improvcments now cxisting on c�rcaitcr erected on thc Propeny ���
<br /> insurcd �gnlnst loss by firc. ha•uirds includcd within thc tcrm"cxtcnded covcrogc" and any oihcr hmerds, inclucting tloods or • °
<br /> flooding,for whlch Lendcr requlres insuraraca.This insurancc shnll bc mNntalncd in thc urr►o�nt�and for t�c periods that l.cnder ,
<br /> requires.'ll�c insurance carricr providing thc insurancc shall bc chascn by Bonowcr subjcct to L.endcr's approval which ahall not
<br /> be unreasonably withheld. If Sonower fails to mninmin covcrngc dcsc:ribcd aiiove, Lender may, ni i.cndcr's oplion. obtain ,
<br /> covcrage ro protcct Lcndcr's rights in thc Property in nccotdancc wilh purab7aph 7. -
<br /> All insurance polIcies and renewals shall Ix;scceptable to Lender and shall tnclude a standard mortgage clause. Lender shall
<br /> have Ihe dgtit to hold the poGcies end rertewals. If Lcndcr requires,Bonower shell prompd�giva to Lcndcr all receipts of paid "
<br /> premiwns end renewal nodces.In the event of loss,Iiorrower sbell give prompt noGce to the insurunce carsier and Lender.Lender �,
<br /> may make proof of loss if not made promptly by Borrower. ,.
<br /> Unless Lender and Boaower othenvise agree in writing, insurance proceeds sl2all be applied to restorntian or repair of the � .
<br /> Property damaged.if the restaadon or repair is economically feasible end Lender's security is not lessened.If the restoradon or , ;� =':
<br /> repair is noe economi�:ally f;,�sible or Lender's security would be lessened,the insurance proceeds shaU be appGed to d►e sums �'•`'�"
<br /> �:'����:_.
<br /> secured by this Security Irnsuument, whe�er or noc then due, with any excess paid to Borrower. If Aorcower abandons the � __ _� .____
<br /> Property,or does not answer witliin 30 darys a nadce from Lender that the insurance carrier hag offered w seule a claim,then };��_�,__-_.�
<br /> L.ender may collect the insurance proceeds. Ler.�.'�may use the proceeds to repair or restore the Property or to pay sums secur�d ,�:,;,;•..�,: • '=,�,: .
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<br /> ��� by this Security lnstn�ment,whettie�or not ahen due.The 30-day period will begin when the nodce is given. '.�;.:;`;«.},�,�'i.'"_^"°_
<br /> , . S�' Unless I.endcr and Borrower otlierwise agree in writing,any application of proceeds ta principal shall not cxtend or postpone �r/';il;< <�; __i__
<br /> �•� �`• e►,,.,���A�iar�nf the mnnthlv navments referted to in paragraphs I and 2 or change the amount of the payteaents.If under paragraph �+��, ,1f �.'`�
<br /> . .� ,� '�,
<br /> �1� 21 the Property is acquired by Lender,Borrower's ri�ht to any insurAnce policies �uid procecds resu iting irvru�4:u��ez w u.L ;, , : n ,� : u
<br /> , � Property prlor to the acquisidon shall pass to Lender to the extent of tfie sums secured by this Securiry Instrument immediately , , �;,,
<br /> .�.� � .
<br /> . : :',•;`i prior to the acquisition. ��`,'�
<br /> .;. �` �,:.��•;, �" �i
<br /> ,•;.'.� ..', :;;:+v�., 6.Occupttncy,Preservatlon,M�inte�ance and Protectdan ot the Proaerty; Borrower's Loan AppUcatiun;Leasehokls. ;
<br /> �� �."< ,t';� Borrower shall occupy,establish,and use ttie Property as Bonower s prineipal residence within sixty days after ihe execution of �..;
<br />�',•_�;�;.'.. .:i. ,,., :
<br /> . . �� this Security Instrument and shall continue to occupy the Properry as Borrower's principal residence for at least ane year after the �'�•� ,
<br /> � date of occupancy, unless Lcnder otherwise agrces in writing, which consent shall not be unreasonably withheld,or unless .ti rn� Y.�
<br /> ,�t� extenuating circumstances e�cist which are beyond Burrower's wntrol.Sorrower shall not destroy,damage or impair Ihe Property, .,J�
<br /> ______ ,.._�: allow the Property m deterioraGe,or coaemit waste on the Properry. Boaower shell be in default if any forfeieure actlon or
<br /> � procoeding,whcther civil or criminal,is begun thet in I,ender's good faith jadgment could result in for["eiture of thc rroperty or ,�
<br /> otherwiso materielly innpair the lien crrated by shls Secnrity Instrument or Lender's security interest Borrowcr muy cure such a
<br /> • dofealt and relnstate, ag providecl i�s pacagraph 1R,by causing the aetlon or praceeding w be dismissed with n ruling that, in
<br /> . �. ' l.ender's good f�ih detcmiinetion,precludcs forfclture of the Borrower's int�rest In the Property or other material impatrment of
<br /> �, thc licn creuteA by this Scceuity Instrument or Lcnder's securiry intcres�Borrower shaU slso bc in dcfault 1f Bonowcr,during the
<br /> Iwm applicadon proccss,gave msttetjally false or inaccurate tnformadon or statements w Lendcr(or failed w provide Lender with
<br /> � eny mete,dai informadon) in connoction wit� the loan evidenc�ed by the Note, including, but not limiled to,representadons �,��
<br /> conceming Borrower's occupancy of the Property es a principal residencc.If this Securlty Inswment is on a leasehold,Borrower �
<br /> • �: shall�omply with all thc provisions af the les�se.If Sorrower acclu3res fee tiUe to the Properry,the leasehold and the fee ddu shall
<br /> not merge unlcss I.cr►der agrces[o ttte mergcr in writing.
<br /> 7.ProteMion ot Lender's[tights in t6e Property. If Botrower fxils to perform the covenants and agreements contained in ���
<br /> this Security Insuumen4 ar�here is a legal proceeding thut may sigr�ificantly affect Lender's rights in the Property(such as a ��°"��
<br /> , � ��. proceecting in bankru�uy,pmbate,for condemnadon or forfciture or w enforce lawa or reguladons),then Lendea may do end pay
<br /> for whatever is neces.sery w p:otect the valuo of tha Propeaty end Lender's dghts in the Pcoperty.Lcnder's acUOns may include
<br /> : '' paying any sums se�tued by a 11en which has priority over thi� Security Instrument, appearing in Cowt, paying reasonable �?�
<br /> atiomcys' fecs and entuing on t�c Prope.rry to make repairs.Althaugh Lender n�ay ttilce sscdon under thi�paragraph 7,I.ender _
<br /> docs not have to do so.
<br /> Any amount�disbursed by Lender nnder thia pazagraph 7 shall become additional debt of Bon�wer secured by this Security —�---��`�—:�_=
<br /> � Instiument Unless Bortower and Lender ogree to other terms of payment,these amounis shall bear interest from the date of :
<br />',�` dubursement nt thc Note rats xnrl shall be payablc,with intcrest,upon notice from Lender to Borrower requesting paymenG �+�:.
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<br /> �� ' 8.Mortgage Iasurence. If I.ende.r required mortgage insurance as a condition of making the loan sacured by this Security .�;,.`��,�„
<br /> Instrument, Borrower shaEi pay the premiums mquired to maintain the mortgage insurance in effect� If, for any reason, the �
<br /> " " ' mortgage insurnnce coverage required by Lend�er lapses or ceases to be in effect,Bonower shall pay the premiums required w , .���;��.w•
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<br />- obtain coverage subscanriagly equivalent to the mortgage insivance pceviously in effect, at a cost substant�illy equivalent to the ,,.,;� ���y �':
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<br />- ' cast to Borrower af the mongage ir�surance previously In effect,from an altemate mortgage insurer approveri by Lender. If _�`:.-�.;._���,=*r,:.:
<br /> . substantially equivelent mortgage insivance coverage is not available, Borrower shall pay to Lender each month a sum equRl to �a:,;•:;r
<br /> one-twelfth of the yearly mortgage insurance premium being paid by Borrower when the insurance coverage lapsed or ceased W � ';�`i�;,. y,��`'` �
<br /> be u� effec� Lender �vill aaept,usc end retain these payments es a loss reservc in lieu o f mortgage insurance. L oss mserve ';��- �_
<br /> Form 3028 9/80 ' . _.. •
<br /> �j •!IR(NE)fu2�21.0� Pipt 3018 �ni�����: • .. `
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