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<br />" '' '� 5. Har.ard or Praperty Inrurance. Borrower shull kecp the improvemc�now existing or hercafter erccted on thc
<br /> ,� Prc�perry insured aguinst losr, hy fire, hu�urds included within the term "extended coverage" and uny other huturds, including
<br />':•;.;.. ' � tlocxls�r flcxxiing, for which Lender reyuires insurance.This insurance shull be muintuined in the amounts und for the periods
<br /> ' thut LenJer reyuires. The insuranec carrier proviciing the insuranee shall be chosen hy Borrower subject to L,ender's.tpprovAl
<br /> which shall not bc unreasanubly withhelJ. !f Borrower(ails to maintuin wvcragc JescriU�l ubuve. I-cnJ�r may, at Lcndcr's =
<br />_,;;;.;,t nption, obtuin roverage to protect Lender's rights in the Property in uccordunce with paragruph 7.
<br /> �� All insurunce policies und renewuls shnll be ucceptable to Lender und shull indude a standnrd mongnge cluuse. l.ender
<br /> shall havc thc right to hold the policics and renewals. If Lender requires, Borrawer shall promptly give to I.ender all receipts of
<br />� paid premiums and renewal notices. In the cvent of loss,Borrower shull give prompt notice ta the+nsuruncc carrier and I.ender.
<br /> '"���,,, l.endcr ma�makc proof of loss if not mude promptly by Borrowcr. _
<br />- ' Unless I.ender and Borrower otherwise agree in writing,insurance proceeds shall be upplieJ tu restoration or repair af the
<br /> Property damuged, if the restoration or repair is economicnlly feusible and Lender's security is not lessened.[f the restoration or
<br />��'`s�xi:.,;,r repair is not economically feasible or Lender's securiry would be lessened,the insurance proceeds shaU be npplied to the sums
<br />-�►�+�•r'� :�� • secured hy this Security Instrument, whether or not then due, with any excess paid to Borrower. If Borrower abandons the
<br /> �•' �'•'"' ' Property,or does not answer within 30 duys a natice from i.cnder that the insurance currier has offereci to settle a claim, then
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<br /> �W�•.';'�; Lender may collect the insurance proceeds. l.ender may use the proceeds to repair or restore the Property or to pay sums
<br /> 4�'}`? ��+1 secured by this Security Instrument,whether or not then due.The 30-day period will begin when the notice is given.
<br />��• Jr' yA Unless Lender und Borrower otherwise ugree in writing, any application of proceeds to principAl shaU not extend or
<br />�,`'�'t��.:`ti;. postpone the due date of the monthly payments referced to in paragraphs 1 and 2 or change the atnaunt of the puyments. If
<br />=�._�,`i_:1�� • under paragraph 21 the Property is acquired by I.ender, Borrower's right to ssny insurance policies and prcxeeds resulting from
<br /> u„,:�,. damngc to the Propeny prior to Uic acyuisition shall pass to Lender to[he ext�nt of the sums secured by this Security Instrument
<br />'-•`.:,,i� imrncdiately prior to thc acquisition.
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<br /> y,:��;�,� 6. Occupancy,Preservation,Meintenance and Protection of the Property;Borruwer's i.oan Application:Leasehol .
<br /> °''a-�� Bonower shall occupy,establish,und usc the Property as Borrower's principal residence within sixty days after the execution of
<br />�;t� this Security Instrument and shall continue to occupy the Property as Borrower's pcincipal residence for at least one yeur after
<br />�",!'--`c3;';.��;� the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless
<br />�;'u�;�� extenuating circumstances exist which are beyond BorrowePs control. Borrawer shall not destroy, dnmage or impair the
<br /> �u���� Pr��+erty. allow the Property to deteriorate, or commit waste on the Property. Bonower shall be in default if any forfciture
<br />�x�",� action or praceeding, whether civil or criminal, is begun that in Lender's gaod faith judgment could result in torfeiture of the
<br /> `_ ---- Property or otherwise materially impair the lien created by this Security Instrument or L.ender's seturity interest. Borrower may
<br /> -�°="r"-� cure such a default and reinstate,as provided in paragraph 18,by cnusing the action or proceeding to be dismissed with a ruling
<br /> � that,in Lender's �ood faith determination, precludes forfeiture of the Borrower's interest in the Property or other material
<br /> -- — impairrnent of the lien created by this Securiry Instrurnent or Lender's security interest. Borrower shall also be in default if
<br /> — Borrower,during the loan application process,gave materially false or inaccurate information or statements to Lender(or failed
<br /> to provide L.ender with any muterial information) in connection with the loan evidenced hy the Note, including,but not lim3ted
<br />-��� to, representations conceming Borrower's occupancy of the Property as a principal residence. If this Security Instrument is on a
<br /> �------ leaschold, Borrower shall comply �vith all the provisions of the lease. If Borrower ncquires fee title ro the Property, the
<br /> lcasehold and the fee titic shall not merge unless C.ender agrees to the merger in writing.
<br /> 7. Protectlon of Lender's Rights in the Property.If Bonower fails to perform the covenants nnd agreements contained in
<br /> this Security Instrument, or there is a legal proceeding that may significantly affect Lender's rights in the Property (such ac a
<br /> " _' procceding in bankruptcy,probate, for condemnation or forfeiture or to enforce laws ur regulations), then Lr.nder may do and
<br /> -- pay For whatever is neces.sary to protect the value of the Property and Lcndcr's rights in the Property. I.ender's actions may
<br /> include pnying any sums secured by a lien which has priority over this Security lnstrument, uppeadng in court, paying
<br /> reasonable uttorneys'fees and entering on the Property to muke repairs. Although Lender may take action under this paragraph
<br /> - 7, Lender does not have to do so.
<br /> ----- ' Any umaunts disbursed by Lcndcr under this parngr+ph 7 shall become additiont►I debt of Borrower securcd by this
<br />� Security Instrument. Unless Bon•ower and Lender agree to other tcrms of payment, these amounts shall bear interest from the
<br /> date of disbursemcnt at the Note rate and shall be payable, with interest, upon notice from Lender to Bonower requesting
<br /> payment.
<br /> � 8.MortgAge Insurance.If Lender required mortgage insuruncc as a condition of making the loan secured by this Secnrity
<br /> -------- lnstmment, Borrower shall pay the premiums required to maintain the mortgage insurunce in effect. If, for any reASOn, thc
<br /> mongage insuranee coverage required by Lender lapses or ceases to be in effect.Borrawer shall pay the premiums required to
<br /> --_- — obtain coverage subsrantially equivalent to the mortguge insurance previously in effect,at a cost substuntially equivalent to the
<br /> --�-„�4:� � cost to Borrower of the mortgage insurance previously in effect, fram an niternute monguge insurer approved by Lender. If
<br /> -'""`"�'i-'° subs�antially equivalent mortgage insurance coverage is not available.Bonower shall pay to Lender each mouth a sum equal to
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<br />^�,,.��'�;�r�•. one•twelfth of the yrarly mortgage insurance premium being paid by Borrower when the insurance coverage lapsed or ceased to
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<br /> _� ,:• .. be in effect. L.ender will accept, use and retain these payments as a loss reserve in lieu of mortgage insurance. Loss reserve
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<br />�.�'�.:.;.,,�,' Form 3028 9/90
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