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<br /> 97- ida046
<br /> ;�, Naxard or Prnprrty Insurs►t�ce. &�rrower shull keep the bnprnvcmcnts now cxisting on c�rcuRcr crcctc.d on thc
<br /> Prn�xny insurcd agiiinst loss hy tire, hai.urd� in.ludcd �vithin the tcnn "cxtcixleci cuvcrugc" uixl a��y othcr hacards, including
<br /> Flixxf.ur Ilixxliug, fur wl�ic{i L�:nJe�• ►eyuire,intiurunce. 'i'hi+insur.►n�c sliull bc maintained in the aniount�c;uid for the perind� --
<br /> thut l..c�Klcr rcquires. The insur:mcc curricr pruviding the imuratkc shull bc chosen by Borrower wbjc�t to L.cnder'�;appmval
<br /> which shuU not lx unreas�mubly withhcld. If Iiurrowcr fuils tn maintain cuvcr.�gc des�ribed ubavc, l.cnder may, At L.CfKIt[F
<br /> option,ubtuin cavcragc to pmtcct lxndcr's r�ghts in thc Pruperty in accardu�xc with paragruph 7.
<br /> All insur.�ixe{x�licies Aixi renewa!s shall be ncceptable ta l.ender and �hall include a sta�xlanf nx�rtgage claust;. L.eader
<br /> shull have the right to h�ld the policies und renewals. [f Lcndcr requires,&�rmwer shall pramptly giv�to Lender all receipts of
<br /> paid prcmiums urxl rencwul notic��s.In II►e event uf'loss,I3orrowcr shall givc prompt noticc to the insurance carrier and Lcnder.
<br /> I.e�xicr may nwke proof of loss if not made promptly by Bc►rrower.
<br /> Unless Le�xier und�orrower othenvisc agrec in writing,insura�xc proceeds shall be npplied to restorutian or repair af the
<br /> Propeny dumaged.if thc restoration or repair is economically feasible and I.ender's scti:urlt�+is not lessenal.If the restoration or
<br /> �epair is not economically feasible or Ltnder's security would be lessened, the insurance proceeds shall be npplied to the sums
<br /> secured by this Security Instruinent, whether or not then due, with any exces�paid to Borrow�er. If Borrower abandons Ihe
<br /> Property, or dces not nnswcr within 30 days a notice from Lcnder that the insurance carrier ha5 offered to scttle a cluim, then
<br /> Lender may collect the insurance proceeds. Lender may u�e the pnxeeds to repair or restore the i'ropeny or to pay sums
<br /> securcd by ihis Security Instrument,whether or nut then due.Thc 30-day period will begin when the naice is given.
<br /> Unless L,endcr and Borro�vcr c�therwise agrce in writing, any uppiication af pracceds to principal shall not extend or
<br /> postponc thc duc date of the monihly puyments referrt�d to in paragraphs l w�d 2 or change the arnount of the payments.If
<br /> under pacagi�ph 21 tht Propeny is acquired by Lender. Borrower's right to any insumnce policies and proceeds rcsulting from
<br /> damage t�the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instnsment
<br /> immediately prior to the acquisition.
<br /> 6.Occupnncy,P�e.servation,Matntenance and ProtecNon of the Property;Borrow•er's LoAn Applic�tlon;I.easel�olds.
<br /> 8orrower shall occnpy,establish,and use the Pruperty as Bonower's principal residence withiu sixty days aRer ttie execution of
<br /> this Security Insttument und sBull cantinue to occup,y the Property as Borrower's principal residence for at least one year aRer
<br /> the date of occupancy, ucdess Lender otherwise agrees in writing, which consent shull not be unreasonnbly withfield, or unless
<br /> extenuating circumstances exist w�bich are beyond Borrower's connnl. Horrower si�aji no[ descroy, damage or impuir u�e
<br /> Pmperty. nllow die Property to dcteriorate, or cammit wastc on the Property. Borrower shall bc in default if any fotfeiture
<br /> action or proceeding. whether civil or criminal, is begun tl�at in Lender's good faith judgment couid result in forf�itum of the
<br /> Propeny or otherwise mnterially impair the lien created by this Security Instrument or Lender's security intetest.Bomc�wtr may
<br /> cun such a default nnd reinstate. as provided in paragraph l B,by causing the action ar proceoding to be dismissed with a ruling
<br /> that. in I.ender's good faith detcrminadon, precludes forfeiture of the Borrowcr's interest in th� Property or other material
<br /> impaimient of the lien created by this Security Instrument or Lender's security interest. Borrower sh�l! also be in dtfault if
<br /> Bonowcr.during the loan application process,gave materially falsc or inaccurate information or stetements to Lender(or failod
<br /> to p�mvide[.end�r with any matond inforniation)in connection with du loan evidenced b�the Nae, including.but not limitod
<br /> to, reprcsentations concerning Borrower's occupancy of the Property as tt principal residenca If thls Security Instrument is on a
<br /> leasehald. Borrower sball comply with all the provisions of the lease. If Barrower acquires fee title to ti�e Propeny, tht
<br /> leasehold and the fec tttle shall not merge unless Lendcr agrces to the merger in writing.
<br /> 7.Proterdon of I.ender's Rights(n the Property.If Borrower fails to perform the cavenants and agraments contAined in
<br /> - this Saurity Instrument, or there is a legal proceeding that may significu�tty affect Lender's rights in the Property(such as a
<br /> = procading in bankruptcy,probate, for condemnation or forfeiture or to enforce laws or regulations).then l.eader may do ar�d
<br /> " pay for whutever is necessary to protat the value of the Property and Lender's rights in du Propcm. �I.ender's actions may
<br /> � inciude paying any sums secured by a licn whicb has priority over this Security Instrument, appearing in oourt, paying
<br /> reasonable ettorneys' fees and entering on the Propeny to make repairs. Although I.cnder may take action under this paregraph
<br /> T,Lender does not have to do so.
<br /> - Any amounts disbursed by I.ender under this paragraph 7 sha11 become additional debt of Aorrower secured by this
<br /> } Security Instrument. Unless Iiorrower and Lender agrce to other terms of payment. these umounts stull txar interest from the
<br /> � date of disbursement at the Note rate and shail be payable, with interest, upon notice from L.ender to Borrower requcsting
<br /> � payment.
<br /> 8.Mortgage Insur�nce.If Lender requirai mortgage insm�anco as a condition of making the loan securod by this Security
<br /> Instrument, Borrower shalt pay the promiums required to maintain the mortgage insurance in effect. If, for uny reason,the
<br /> mortgege insurance cavera$e required by Lender lt�pses or ceases to be in effect, Borrower shall pay the premiums required to
<br /> obtain coverage substantially equivalent to the mortgage insurance previously in effect, at a wst substan�ially equivalent to the
<br /> • cost to Borrower of the mortgage insurance previously in effect, from an altcmate mortgage insurer approvcd by L.ender. If
<br /> � substantially equivalcnt mortguge insurance caverage is not avnilable.Borrower shall pay to i..ender each month a sum equal to
<br /> one-twelfth of the yearly mortgage insurance prkmium being paid by Bottower when the insurnnce coverage lapsecl or ceased to
<br /> . be in effcxt. Lcndcr will accepc, use and retain these payments as a loss reserve in lieu of mortguge insurance. Loss reserve
<br /> � Fo►m 3020 8190
<br /> Pge 3 ot 6
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