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<br /> S. Hazard or Property Insurance. Borrowcr shall kecp tlic improvements nc�w existing��'�u�r�c�cl"ccTo�thc
<br /> ' Property insurcd ugainst lass by fire. hu�urds includcd within the tcrm "extendcd covernge"und any o►hcr hiizurds,including
<br /> Af� floads or fluodin for which Lender re u�res insurance. This insurnnce shall be maintuined in the amounts and for the riods
<br /> y. � S• u � Fx
<br /> thut l.ender requires.'i'he insunuue currier providing the insurunce shalt be rhosen by Borrawer subject to L.ender's uppravul --
<br /> -- which shall not be unreasonably withheld. If Barrower fuils to mnintain coveroge described ubove, l.ettder muy, ut L.ender's
<br /> "�� option,obtnin covcragc to protcct Lendcr's rights in thc Property In accordancc with puragruph 7.
<br />_ All insursmce policie� und renewals shnll be ncceptAble to I.ender�nd shall include a stundard martgage cluuse. I.ender
<br /> .''� rhaU have the right to hold the policies und renewals. If Lender requires,Borrawer shall promptly give to Lcnder ull receipts af
<br /> puid premiums und renewul notices.In the event of loss, Bonower shall give prompt n��tice to the insurnnce carrier and I..ender.
<br /> . Lender may muke proof of loss if not made prompdy by Borcower.
<br /> • Unless Lender and Borrower otherwisc ugree in writing, insurance procecds shull be applied to restoration or repair of the
<br /> Property damaged,if the restoration or repair is economicnlly feasible and L.ender's security is noc lessened.If the restoration or
<br /> - repair is not economically feasible or L.ender's security would be lessened. thc insurnnce proceeds shall be appliod to thc sums
<br />- secured by this Security Instmment, whether or not then due, with any excess paid to Borrower. If Borrower abandons the
<br /> =.; Property. or does not answer within 30 days u notice from I.ender that the insurance carrier has offered to setde a claim,then
<br /> =?' Lender may collect the insurancc proceeds. Lender may use the proceeds to repair ar restore the Property or to pay Fums _.
<br /> - secural by thix Security Instrument,whether or not then due.The 30-day period will begin when the notice is siven.
<br /> --- Unless Lender und Borrower otherwise agree in writing, any upplicution of procceds to principal shall not extend or
<br />___:'i� pastpone thc duc dnte of the monthly paymcnts rcferred ta in purugraphs l und 2 or changc thc amount uf the puyments. If
<br /> under paragraph 21 the Propeny is ucquired by Lender, Borcower's right to any insurnnce policies ur�d praceeds resulting from
<br /> _ = dumage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument
<br /> ti� immediately prior to the acquisition.
<br />- --- 6.Occupancy,Preservation,Maintenance and Protection ot the Property;Borrower's I.oan Applicatian; L.easeholds.
<br /> _ Borrower shaU occupy, estnblish. and use the Property as 8orrower's principal residence within sixry duys ufter the execution of
<br /> this Securiry Instrument and shall cuntinue tu ciccupy the Property us Borrower's principal residence for at least one year after
<br />. _= the dute of occupancy, unless Lender otherwi�e agrees in writinb, whlch consent shall not be unreasonubly withheld,or unless
<br /> extenuuting ctrcumstences exist which are beyond Borrower's contml. Borrower shall not destroy. dama�e ar impair the
<br /> Propeny, allow the Property to deteriorate, or commit �vaste on the Propeny. Borrower sholl be in defuult if any forfeiture
<br /> uction or proceeding,whether civil or criminal,is begun that in L.ender's good faith judgment could result in forfeiture of the
<br /> PropeRy or othenvise mstterlally irnpair the lien created by this Security Instrument or I.ender's security interest.Borrower may
<br /> cure such a defau!t and reinstate, ag providod in paragraph l8, by causing the action or proceeding to be dismissed with a mling
<br /> that, in Lender's good faith deterniination. pre�:ludes forfeiture of the Bonower's interest in the Pmperty or other material
<br /> impairmene of the lien creuted by chis Secudty Instrument or Lender's security interest. Borcower sball also be in default if
<br /> Borrower. during the lo:ui appllcation process,guve materially false or inaccurate information or statements to Lender(or failod
<br /> to provide Lendcr with any matcrial inforrnation)in connection with the loan evidenced by the Notc. including,but nnt Ilmital
<br /> to, representations concerning Barrower's occupancy of the Property as a pr�ncipal residence.If this Sccurity Instrument is on a
<br /> leasehutd, Borrower shall comply with ull the provis[ons of the lcase. If Bonower aa�ulres fee titte to tha Properly, the
<br /> leusehold a»d thc fee titic shull not merge unless Lender agrees to the mcrger in writing.
<br /> 9.��►tectlon o[Lendu�'s R�ghts in the Property.If Borrower fails to perform the covenan�s and agraments cantelned in
<br /> this Security Instrument, or there is a legul prooeeding that may signIficantly affect Lender's rights in the Property(such ns a
<br /> . procading in bankruptcy,probate,for condemnation or forfeiture or to enforce laws or regulations). then Lender may do and
<br /> pay for whatever is necessary ta protect the vnlue of the Property and Lendcr's rigl�ts in the Property. Lender's actlons may
<br /> include paying uny sums secured by a lien which has prioriry over this Security Instrument, uppeuring in court, paying
<br /> reasonable attorneys'fees and entering on the Property to make repairs.Although Lender may take nction under this parngraph
<br /> 7, I.ender dces nat have to do so.
<br /> — Any su►�ounts disbursed by Lender under this puragraph 7 shall become additional debt of Bonower secured by thls
<br /> Securiry Instrument. Unless Borrower s�nnd L.ender agree to other tcrms af paymeni.thesc arnount�ahall bcar Interest from the
<br /> dnte of disbursement at the Note ratc und shall be payable, w[th interest. upon notice from Lender to Borrower requesting
<br /> : payrnent.
<br /> 8.A�iortgage Insurance.If I.ender required mortgase insuranc�e as s condition of ineking the loan aecured by this Security .
<br /> . Instrument, Bonower shall pay the premiums required to maintuin the mortgage insurnnce in effect. If. for any rrason, the
<br /> mortgage insurance coverage required by Lender Iapses or ceases to be in effect,Borcower shnll pay the pnmiums required to
<br /> • obtuin coverage substantially eyuivalent to the mortgage insurance previously in effect, at a cost substxntially eyulvalent to the
<br /> — cost to Borrower of the mortgase insurance previously in effcct, from an altcrnate mottgage insurer approvcd by Lender. If
<br /> substantially equivalent mortgagc lnsuruncc coverage is not available,Borrower shall pay to I.ender each month u sum equal to
<br />-.._,_. ` one-twelfth of the yearly mortgage insurance premium bcing psud by Honower when the Insurunce covemgc lapscd or ccakd to
<br /> be in effect.Lender wltl accept,use and retain these payments as a loss reserve in lieu of mortgage insurnnce. L.oss reserve
<br /> • fam 3028 8/80
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