|
� , • �� . � 1 , .
<br /> .
<br /> .
<br /> •' .
<br /> w. •.' .... :. .�. �.�,�:,�..'�� . �
<br /> .
<br /> � � :.� .... ,�. . .� , ..,* . ......,.w.. r ,. . �. A .
<br /> , • _
<br /> _ . .
<br /> .' � �.� i .. � . . . . — . . . ' . . . . ,. . ..
<br /> ..'..,Y� n. � .. � •. ����':'�!.' ..:'..�. ....,.� , ' ...'�' . .. � . . .. . . .
<br /> 5. Flazard or Pr�perty Ins�arancz. Bonow'er shalf keep the improvements nan esistir,�;or herea�ter erected can
<br /> the Proper:y insured against loss by fire,hazards included within thc term "extrnded cor•erage" a,1d any other hazards,
<br /> including floods or flooding,for which LenJer sequires insuraiica.This insurance sha11 � rnaintained in the amounts�
<br /> Le
<br /> aad Eqt ttte �ierinds that L.ender requires. The insurance carric' pro��iding the insurance sl;ali be chnsen by 13orrone�
<br /> subject to Lender's approval u•hich shall nat be unreasonably�r�thheld.It Borrvner fails tv m�inta"sn epverage descri4�er1 �
<br /> abo�•c, I,ender may, at lrnder's vption, ohtain coverage to�an�te�:t Lender's rights in the Properiy in xccnrdar,ce wi�1i.�
<br /> paragraph 7. '
<br /> All insucance policies and renewals shall be acceptable to L.endCr and xlAall include a standnrd rnortgage cleuse.
<br /> Lender shali havc the riGht ro holci the pr>lici�s and renewals. If L.ender requires, I3orroWer shr�li promptlq gir e to�
<br /> I�ender aIl receipts of�Said pre:raiums and renewal natices.In the evert af loss,Borr�wer shall gi�'�:prompt aotice to thc,*
<br /> insurancc r,arrier and L.ender.Lender may make proof of loss if nat made praroptlp bq Borrvwer. ''�
<br /> T_1nle.�.�s Lender and I3orro�er c�ther�rise agrec in writing,insurance proceeds shall be applied t��restoraiivn ar repnir
<br /> of the Propert}•damaged,if the restnration or repair is economic�lly feasible and L.endcr's�aecurjxy is not irssene�.if the
<br /> ' restnration or�-epair is not economically fcasibie at Lender's securitp weuld be lesscncd,the insuraitce proceed.s shalf�
<br /> spp]i°d to the:>ums securad by this Stcu-3ty Instrurnent,whether or not then due,nith any egc�s paid to I•locrav�er.If
<br /> Borrowec abandons the Pro�rty,or do�nat nnswec svithin 30 days a notice irum Lender that the�nsucance carrier has
<br /> offered to:,ettle a claim, then Lcnder may ccallect the insurance proceeds. Lender m�y us�Yhe pracceds to repair or
<br /> restore the Propest}•or to pay sums secured by this Security Instrument,wl�ether or not then due.Tha 3(?'day period�vill
<br /> begin when the notice is given. �
<br /> (.li�iess I.ende.r and Borrower otherwise agr'ee in ariting,any application af proceeds to principal shall no+.extend or �
<br /> postpanz t¢,c due date of the monthl$�payments reFemd to in paragraphs 1 and 2 or change the amount af thc pryments.
<br /> If under paragraph 21 the Property is acquired by Lendcr, Borrower's right to any insurence policies an�i �mceeas
<br /> resulting from damage to the Property prior to the acquisition shall pass to Lendcr to the eatcnt of the sums s:.�cured by
<br /> this Secvrity Instrument immediately pnc-to the acquisition.
<br /> G.Qceup�ncy,Przscrvation,Alaintcnance and Protection of the Property; Borro�vcr's Loan Application;
<br /> Leaseholds. !3orrower shall uccupy,establish,and use the Property as Borrower's princigal re.sidence within sixty da}�s
<br /> aftec the execution af this Security Instrurnent snd shall cor,tinue tn occu�y the Propetty as Barrnwer's principal
<br /> � residence for at Icast one}'ear after the date of occupancy,unles�Lender otherw�ise agrees in writing,which consent shall
<br /> not be unreasonably���ithheld,�r Ymle.ss eateruating circumstances eKist which are t�eynnd I3orrower's control.Dorrower
<br /> shall not de.stray,damage or impair the Property,allow the Property to deteriorate,or comm±t wa;te on the I'roperty.
<br /> Borro«er sha�l tie in default If any forteiture action or proc:ceding, whether civil or criminal,is begun that in I.ender's
<br /> good fa#th j�dgment could r�.ult in forfeituce of the Property or othcrwise materially impair the lien created by this
<br /> Security lnstrument or 1.ender's security interest. �iorrower mgy cnre such a default and reinstate, as provided in
<br /> paragraph 18, by causing the action or proceeding to be dismissed with a ruling that, ii� ;.,ender's good faith
<br /> determination,precludes forfCi.tur�of tt��Barro�•er's intera5t in the Propert}ar other materi�al impairm�nt of thc lien
<br /> crcated by this 5ecurit}�Instrument or I.rnder's sccurity interest, f3orraw�r shall also lx in dcfnult i[ 33orrnwer,during
<br /> the lnan annlication prcx:ess, gav� materia?ly false or innccurate information ar statements to Ler.der (or fai�ed to
<br /> provide Lender cti�ith any material informatio�i) in connectian with thc laan evidenced by the Note, :ncluding, but nnt
<br /> limited to, representations concerning T3orrower's occupancy of the Yroperty as a principal re.sidence. If this Security
<br /> Instrument is on a leasehold,}3orrowcr shall comply With all the provisions nf the lease.]f Borrower acquires fae title to
<br /> the Property,the leasehold and the fee title shall not merge unless I.ender agr�es to the merger in writing.
<br /> 7. !':ntection of Lcnder's Rights in the Property.If Borrvwer fails t��perform the covenants and agreements
<br /> contained in this Security Instrument,or there is a legal proceeding that may significantly affect Lcnder's rights in the
<br /> I'roperty (such as a procr.eding in bankruptcy, probate, fpr condemnation or forfeiture or to enforce laws ar
<br /> regulatinns), then Lender may do and pay for whatever is n�xessar}�to protect the vaiuc of the Pro�rty and Lender's
<br /> rights in the Property. Lender's actions ma}• include payinP any sums secured by a lien cvhich has pnnr�ty nvcr this
<br /> �ecurity Instrument,appearing in caurt,pa}�ing reasonable attorneys'fees and entering on the Property to makc repairs.
<br /> Although Lender may takc action undcr this paragraph 7,Lender does not have to do so.
<br /> Any amvunts disbursed Uy Lender under this paragraph 7 shsll become additinnal debt of F�orrc�«•er secured by�lii�
<br /> Securit}• Instrument.�inle.� }�orrow�er and I,ender•agree ta other terms of pa�ment,these amounts shall bear interest
<br /> from thc data of disbursement at.the\TOte rat.e and shall be papabie,w�t„interest,upon notice from Lender to Aarrowcr
<br /> requesting payment.
<br /> $, A[ortgage lnsurance. If Leader required mortgage insurance as a cond'stion of making thr loan secured b}�this
<br /> Sr.curit}•Instrument,Borm�ver shall pay the premiums rcquired to maintain the mortgage insurance in effec4.IF,fnr at:y
<br /> reason, the mortgage inyuranrt coverage requirrd b} l.ender lapses or Geases to be in effect. Borr.�'.ti'er shall pay the
<br /> premiums rcquired to vbtain coverage substcntially eauivalent to the mn�tgage insurancr previqusl}•in effect,AI A C09L
<br /> substantially eyuivalent to the co4: tn Borro�ver of the mortgage insurance previausly in effect, Prom �n alternate
<br /> moct�age insurer approved bg Lend•:r. If substantially eyuivalent rnortgage insurance co�•rrage is nnt availahle,
<br /> Bnrrower sh�ll pay�to Lende:each mc�nth a si�m equal to one-twelfth of thr,yearty mortRage insurance premium beinF
<br /> paid by I3orrower when thc insurance coverage la�ed or ce�.sed tn t,e in eftect.Lender will accept,use and retuin ;hese
<br /> paymen�g as a loss re�.erve in lict� vf morr,gage insurance. l�ss rescrve paymcnts mey no longer bc rcyuired,
<br /> Farm 7021 9/90
<br /> (�0—BHINEIiwo�io� r��. a�r e �
<br /> Initl�la:���
<br /> /
<br /> ••f
<br />
|