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<br /> 5. Har.urd or Pro�xrty Insuruticc. Eiurru��cr ,hall kcrp [hc impruvemrntti nuw existing ur liuc::ftcr crcrtcd nn thc
<br /> � Pmperty insured �eaintii Ic�,+ hy lirc. ha�urd, included within thc tcrm "cxtendcd cc�vcrugc" and ioiy c�tl�cr huiardti. inrluding
<br /> f1uuJ+ur IluuJin�. lin• uhirh L�:ndrr rcquircti in>ur;utre Thiti imurunrc ,h:dl hr mainluinrJ in lhc�imi�unl� and titt thc periodn
<br /> � that Lendrr rcquirc�. 'fhc insurancc carricr providing thc insurancc �hull hc �hu�cn hy Bon•ciw�r tiuhjeci u� l�:ndcr's approvul
<br /> which tihull nat bc unroa+unuhlp withhcld. lf Hnrrowrr I:iil,tu mairnain rciveriigc dc.crihcd abovc. LcnJcr ntay, at Lcndcr's _
<br /> aption.��btuin roverage ia protcrt L.ender',rights in the Pn�perty in accordnnee with purugraph 7.
<br /> - All insurancc�x�licics and renewalti tihull hc urceptablc to I.cnJer and shull include a standurJ mnn�;nge elnutic. Lender
<br /> ` . shull have thc right ta hold the policies and renewul,. If I..cnder rcquires. Borrower shull promptly give tn I.endcr all receipts of
<br /> puid prcmiums and renc�val notices. In the event of lass, Borrower shall give prompt noticc t<i the insuran�e carri�r and l.c;nder. _
<br /> L,cndcr mny make proof of Sms if not mnde promptly by Borrower.
<br /> Unlcss Lender and B��rro�ti�er otherwisc agrcc in writing, insurancc procceds sha11 be applicd to restoration or repair of thc
<br /> • . Property damage��l,if t�e restorati��n or repair is economiraUy feasible an�l.ender's security is not lesxened. If the restoration or =
<br /> ' repuir is not ec�r�cimically feasible or I.endcr's securiry �vould be lesscned,thc insurance proccccis sh:�ll bc upplied�o chc sums
<br /> ,. ��; secureci by this S�curity Instrument, whether or not then due, with any excess paid to Borrower. It� Borrower abundons the
<br /> Property, or do�. no[ answer within 30 days a notice from I..ender thut the insurance carrier hns offered io setde a claim, then
<br /> � .:•. L.ender may coU�ct the insurance proceeds. i.ender may u,e the proceeds to repair or restore the Property or to pny sums =
<br /> •' �� secured by this Security Instrument, whether or not then due.The 3Q-day period will begin when the notice is given.
<br /> " ` Unless Lcnder and Borrawer otherwise ugree in writin�, uny epplication of proceeds to principal shall not extend or
<br />- postpone the due date of the manthly payments referrcd to in pnragraphs 1 and 2 or changc the amount of thc payments. [f -
<br /> ' '.;• under parugraph 21 thc Property is acquired by I.ender, Borrower's right to any insurnnce policies and proceeds resulting from _
<br /> } �q1b,-� ciamage to the Propeny prior to the acquisition shull pass to Lender to the extent of the sums secured by this Security Instrument _.
<br /> ',:�' :''' immediutely prior ro the acquisition.
<br />�'`�`'^� � b. Occupancy,Preservation, Maintennnce and I'rotection of the Property;Borrower's l.oa�Application;Leasehalds.
<br /> '' � �'" Borrower shall occupy.establish,and use the Property as Borrower's principal residence within sixty daysafter the execution of
<br /> =.,;•'� this Securiry Instrument und shall continue to occupy the Pmpeny as Bc�rrower's principal residence for at least one year after
<br /> :,.,;4;_•�;_,� the date of occupancy, unless Lender otherwise agrces in writing, which consent shull not be unreasonably withheld, or unless
<br /> :=;•.�=�;+;v� ` extenuating circumscances exi�� wi�ich a�c beyond �arr�wer's con::ol• Bon'o`•'='£s sha�� :��r �1�cfrny; darnaee or impair the .
<br /> :s�:;;;': Propeny, allow the Property to deteriorate, or commit waste on the Property. Borrower shall be in default if any forfeiture
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<br /> ��.,:;,�.,,', action or proceeding, whether civil or criminul, is begun►hat in Lender's good faith judgment could result in forfeiture of t e
<br /> =`'`•�a Property or otherwise materially impair the lien created by this Securiry Instrument or[.ender's security interest. Borrower may
<br /> v.:,�r°�t.t,,
<br /> °;�:!F;,,� cure such a default and reinstate.as provided in paragraph 18, by causing the action or proceeding to be dismissed with a ruling
<br /> F�'�`=u�'"�), thnt, in L.ender's good faith determinatian, precludes forfeiture of the Borrower's interest in the Property or other material
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<br /> ~•~'�+:• impairment of the lien creatcd by this Security Instrument or Lender's security interest. Borrower shall also be in default if
<br />-��`� Burrower,during the loan application process,gave materially false or inaccurate information or statements to Lender(or failed
<br /> ===y`'� to pinvide I.ender with eny material informatian)in connection with the loan evidenced by the Note, including, but not limited
<br /> -_�x.�.,.
<br /> to,representations concerning Borrower's occupancy of the Property as a principal residence. If this Security Instrum�nt is on a
<br />"`�� leas�hold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the
<br /> �±� teasehold and the fee title shall not merge unless Lender agrees to the mergcr in writing.
<br />-_----�_� � 7.Protection of Lender's Rights fn the Property.If Borrower fui ts to perform the covenants and agreements contained in
<br /> -°?�� this Security Instrument,or there is a legal procecding that may significandy affec;t I.ender's rights in the Propeny (such as a
<br /> -- --�j� proceeding in bankruptcy, probatv, for condemnation or forfeiwre or to enforce laws or regulations), then Lender may do and
<br />_-=-r R!i� pay for whatever is necessury t��protect the value of the Propeny and Lender's rights in the Property.L.ender's actions may
<br />='��"� include paying any sums secured by u lien which has priority over this Security Instrument, appearing in court, paying
<br /> =:.:�;���-'." reasun�ble attorneys' fees and enterin on the Pro n to make m airs. Al�hou b L.ender ma take action undcr this ara rn h
<br /> $ p� Y p' g Y ' P S P
<br />—�=ti=:�,•';� 7,L.ender does not have to do so.
<br /> „ Any amounts disbursed by Lender under this p�ragraph 7 shull become additional debt of Borrower secured by this
<br /> ,;,;,� Securiry Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from the
<br /> ��� date of disbursement at the Note rate and shall be payAble, with interest, upon natice from Lender to Borrower requesting
<br /> ¢��^� payment.
<br /> -��' 8.Mortgage Insurance.If Lender required mortg:sge insurance as a condition of making the loan secured by this Security
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<br /> - :+� Instrument, Borcower shall pay the premiums required to maintain the mortgage insurance in effect. If, for any reason, the
<br /> �' �,,N;� mortgage insurance coverage required by Lender lapses ar ceases to be in effect. Borrower shall pay the premiums required to
<br /> obtain coverage substantially eyuivalent co the mortgage insurance previously in effect, at a cost substantially equivalent to the
<br /> � , cost to Borrower of the mongage insurunce previously in effect, from an alternate mortgage insurer approved by Lender. If
<br /> _- •'•::}''� substantially cquivulent mortgagc insurancc caveragc is not available.Borro�vcr shall puy to Lender euch month a sum equal to
<br /> one-t�veltih uf the ye:irly mortgoge insurunre prcmiwn being paid by Borrower when the insurance coveragc lapseci or ce;ased to
<br /> �"'�''.' be in effect. Lender will accept,usc and retain thesc pa��ments as a loss rcserve in lieu of n:ortgage insurance. L.oss reserve
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<br />- Form 3028 9/90
<br /> _ Paflo 7 ot 6
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