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<br /> � S.Hazard ar Pro rty Ins�urAnce. Borcawcr shall kcep thc Improvemcnts now existIng or�h�c�caft�r o-rcct d o�thc Property
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<br /> insurcd against loss by Cuc,hazard.9 includcd within thc tcrm "cxcen d c d covcragc" an d any a t hcr haznr d s, i nc lu d ing t l o o ds o r
<br />'�`�� �� flooding, for which l.endcr nquiros insurancc.T h i s insuramx s h a ll b e m a i n t a i n c d in t h c a m au n t s a n d f o r i h e p c d o d s�h a t Lcnder
<br /> �•� requires.The insurance carrier providing the insurtutce shall be chosen by Borrower subject to Lender's approval which shall not
<br /> � be unressonably withheld. If Borrower feil.s to maintain covcragc descdbed abovc, Lendcr may, at L.cncier's opti�n, obtein
<br /> coveragc to prouct L.ender's dghts in the Propecry in acwrdane+e with paragraph 7. �°�
<br /> _�;�.r.�.--- AU insurance policles and renewals shall be acccptable w I..ender and shall Includc a standard mortgage clause. Lcnder shell ��
<br />-- have the rlght to hold the pollcies and renewals. If I.cnder requires,Boirower shall prompQy glve to L.cndcr all rcccipts of gald =__
<br /> remiums and renewal nodces. In the event of loss,Borrower sheU give prompt notice to the insurancc carrier and Lender.Lender
<br /> . . may meke pmof of loss if not made promptly by Borrowcr. ��
<br /> '�=�� Unless Lender and Borrower otherwise agree in writlnB� insurat►ce Proceeds shall be applied to r�swrarion or repair of the
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<br />-;��::�-�-.•.' Property d�unaged,if the restoraaon or r�epair is economically feas[ble and L.ender's security is not lessened. If the restoradon or
<br />:b,. ' � repuir is not economically feasible or Lender's securiry would be lessened,ihe insurance proceeds shall be applied w thu sums
<br /> �;�,,�:,,' } ;,ec�ued by this Seciuity Instrument,wheiher or not th�n due,with any excess patd to Borrower. If Borrower abandons the
<br /> L�'�?{.,:;;.��:� Prope�ty.or does not answer within 30 days a noHce fram Lender that the insurence carricr has offered to settle aclaim,then
<br /> ��`a'��°^��,; Lendu may collect the insuranc.e procee.ds,L.ender may use the proce�eds to repair or restore the Property or ta pay sums secured
<br /> �'``�'�'�`'�� by this Security Insbniment,whether or not then due.The 30-day period wUl begin when the natice is given.
<br />-"�`"�'"Q'y�" Unless Lender and Borrower othenvise agree in wridn8,anY application of proceeds to principal shaU not uxtend or postpone
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<br /> "i��'•'�k the due date of the monthly payments refe�red w in paragraphs 1 and 2 or change the amount of the payments.If undu paragraph
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<br /> _ � 21 the Property is ucquired by Lender, Borrower's right to any insurance policies and proceeds resuldng from damage to the
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<br /> _�:-"::�; , Propaty prior to the acqnisidon sh�all pass to I.ender to the extent of the aums secured by this Securtry Insprument immediately
<br /> •'�r � �' � pdor w the acquisidon.
<br /> ,�'=�"w 6.Occupancy,Preservatloa,MaintenAnce and Protecdon of the Property; Borrower's Loan Applk�atbn;Leaseholds.
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<br /> , Borrower sba11 occupy,establish,and use the Property as Borrower's principal residence within sixty duys after the execution of
<br />= ~ this Securiry Instrumant and shall condnue co cx:cupy the Property as Bonawer's principal residence for at least one year atter the
<br />_,::f+,:,.„'" date of occupancy. unless Lender othenvise agrees in wddng,which consent shall not be unreasonably withheld, or unless
<br />-� " ' -�+ extenuating circumstences exist which are beyond Borrower s control.Borrower shall not destroy.damage or impair the Property.
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<br />- �-� . �.,;��p�gP�y rn �te.teriorate, or commit waste on the Property. Borrower shall be in default If any forfeiwce acdon or
<br />-�'�`�'�� proce�ding,whether civil or crLninal,is begun that in Lender's good faith judgment could result in forfeiture of the Propecty or
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<br />_-.��;�l:�� � otherwlse materially impair ihe Ilen creatcd by this Security Instrument or I.ender's security interest Borrower may cure such a
<br /> -- -- -�;;;; default and ceinstate,as pmvideG in paragraph 18,by causing the actian or proceeding to be dismissed with a n�ling that.in
<br /> -`�•��� Lcnda's good faith determination. precludes forfeiture of the Bomower's interest in the Property or other maurial impairment of
<br /> -�-'��?�� the Ikn created by this Seciulty Instrument or Lender's Seciulty Intems�Borrower shall also be in defa�lt if Borrower,during tho
<br />-=;��� loan application process.gave materially false or inaccurate infonnadon or statements to Lender(or failed to provlde Lender with
<br />- .;.o.,��, any maurlal informadon) in connecdon with the loan evidenced by the Note, including, but not limited to. representations
<br /> -..,��.::a;'� � conceming Borrower's occupancy of the Property as a principal tesidence.If this Secwity Inslrument is on a leasehold,Bocrower
<br /> �-� shall comgly with all the provis[ons of the lease.If Borrower acquires fee Htle to the Property,the leasehold and the fce tide shall
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<br /> _ ---;,�! not merge unless L.ender agrees W the merger in writing.
<br /> � �u . 7.Protection ot Lender's Rights in the Property. If Borrower feils to perform Iha covenants and agreements contained in
<br /> �,rt�,� ihis Securiry Insuument, or there is a legal proceeding that may significantly effect I,ender's rights in the Property(such av a
<br /> --_:r.�t� � proc�ding in bankruptcy,probau. for condemnation or fozfeiwre or to enforce laws or regulatlons),then Lender may do and pay
<br />-=�Y;��-,� for whatever is necessary w procect the value of the Property and Lender's r�ghts in the Properry.L.ender's acdons may include
<br /> -;;;;�;';"�� paying any sums secured by u lien which has priodty over this Securtty Insuvment, appearing in court,paying reasonable
<br /> --�=� auorneys' fees artd entering on the Property to make repairs. Aithough L.ender may teke acdon ander this paragraph 7.L.ender
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<br /> �-�.��;,-,.,, does not havc w do so.
<br /> --°'�?`,.° Any amounts disb�rsed by Lender under this paragraph 7 shall become addidonat debt of Borrower se.cured by ihis Securiry
<br /> "-� InstrumenG Unlcss Borrowcr and Lender agree to other terms of payment,these amounts shaU bear Interest from the date of
<br /> ""��� disbnrsement at the Note rate and shall be payablc,with interest,upon nodce from Lender to Borrower requesting payment
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<br /> _ ^T• 8.MortgAge Insurance. If Lender required mongage insucance as a condidon of making the loan secured by ihis Security
<br /> . ~ � . Insuument, Borcower shall pay the premiums required to maintain the mortgage ins�rance in effec� If, for any reason. the
<br /> = mortgage insurance coverage requimd by Lender lapses or ceascs to be in effect,Borrower shall pay the premiwns required w
<br /> - � � obtain coverage substantially equivalent w the mortgage insurance previously in effect,at a cost substantially equivelent to the
<br /> cost to Borrower of the mortgage inswance previously in effect.from an altcrnate mortgage insurer appmvcd by Lender.If --
<br /> substantially equivAlent mortgage insuranca coverage is not available, Borrowcr shall pay to Lender each month a sum equal to �
<br /> one-twelfth of the yearly mortgage insurance premium being paid by Bocrower when the insurance coverage tapsed or ceased to _
<br /> be in effecG Lender will accept, use and retain these payments as a loss reserve in lieu of mortgage insurance.Loss reserve
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