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<br /> 5. Hsizxrd or Property Itu9urAnce. Borrower shnll kcep ihc improvcments now cxisting or hercaftcr crectcci on thc
<br /> Property insured ngninst loss by firc, hu�.ards includcd within thc term "cxtendcd covcrugc" und nny othcr hauuds, including
<br /> iluuJs or floocling, for whic��Lcndcr rcquires insurnncc.This insurmuc shetl be maintninect in thc amouncs and far thc periods �
<br /> that I..�nder requires. The insuranc�currier providing the insurunce shall be chosen by Borrower subject to Lender's approval �
<br /> which shall not be unreasonably withhetd. If Borrower fails to nwintuin coverage describeci nbove, I.ender may, at Lender'a �
<br /> optlon,obtain coverage to protect Lender'S rights in the Propeny in accordunce with puragraph 7.
<br /> All insurance policies and renewals shall be ucceptablc to l.ender and shall include a stunda�d monguge cluuse. Lender�
<br /> shall have thc right to hold thc policies and renewuls.If I.c�der rcquires,Borrower shul! promptly give to I.endcr ull receipts of�
<br /> pafd premiums and renewul noticcs.In the event of loss.Barrower shatl give prompt notice to the insurance carrier pnd Lender.C� —
<br /> Lender muy make prcwf of loss if not made promptly by Borrower.
<br /> Unless Lender and Borrower otherwise agree in writing,insursnce procuds shall be applied to restoration or repair of thc
<br /> Propeny damaged,if the restoration or repnir is economically feasible and I.ender's security is not Iessened. If the restoration or�
<br /> repair is nut ec;onomically feasible or Lender's security would be Iessened, the insuranee proceeds shall be appl9ed to the sums
<br /> secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. If Borrower abandens the
<br /> Property, or does not answer within 30 days a notice from I.ender that tlie insurunce carrier haa offereci to settle a claim, then
<br /> Lender may collect the insurance proceeds. I.ender may use the proceeds to repuir or restore the Property or to pay sums
<br /> secured by this Sccurity Instrument,whether or not then due.The 30-day period will begin when the notice is given.
<br /> Unless Lender and Horrower otherwise agree in writing. any application of proceeds to principal shall not extend or
<br /> postpone the due datc of the monthly payments referred to in paragraphs I and 2 ur change the amount of the paymcnts. [f
<br /> �ander paragraph 21 the Praperty is acquired by L.ender,Horrower's right to an,y insurance policies and proceecis resulting from
<br /> damage to the Property priar to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument
<br /> immediately prior to the acquisition.
<br /> 6.Occupancy,Preservation,Maintenancc and Protection nf the Property; Borrower's Loan Appflcation;Leasehalds.
<br /> Barrower shall occupy,establish,and use the Property as Borrower's principul residence within sixty days after the executton of
<br /> this Security Instrument and shall continue to occupy the Propeny as Borrawer's principal residence for at (east one year after
<br /> the date of occupancy,unless Lender othenvise Agrees in writing,which consent shall not be unreasonably withheld, ur unless
<br /> extenuating circumstances exisc which are bcyond Buuuwci's controt. Larrou;cr �l:a!! nat dc°tro;, �g� �r 4inpa�r the.
<br /> Property, allow the Propeny to deteriorate, or commit waste on the Propeny. Bonower shall be in defuult if uny forfeiturc
<br /> action or proceeding. whether civil or criminal, is begun that in Lender's good faith judgment could result in forfeiture of the
<br /> Property or otherwise materially impair the lien created by this Security Instrument or L.ender's security intere.st. Borrower may
<br /> cure such a default und reinstcite,us provided in paragraph 18,by cuusing the action or proceeding to be dismissed with a ruling
<br /> tnat, in Lcndcr's good fnith determination, preciudes forfeiturc of thc Bonower's intcrest in thc Property or othcr material
<br /> impaim�ent of thc lien created by this Security Instrumcnt or Lender'y security interest, Borrower shull ulso be in default if
<br /> Borr�wer,during the loan upplication process,guvc matcrially false or innccurate information or stutcments to I..cndcr(or f•rflal
<br /> to provide I.cnder with any materinl information)in connection with the loan evidenced by the Note,including, but not limited
<br /> to,representutions concerning Borrower's occupancy of the Propeny as a princtpal residence. If this Security Instrument is ai u
<br /> lcusehold, Borrower shall comply with all thc provisions of thc lease. If Borrower ucquires fec title to the Propsrty, thc
<br /> Icasehold nnd the fce title shall not merge unlcss l.ender ugrees to the merfier in writing.
<br /> 7.Protection ot I.ender's Rights in the Property.[f Borrower fails to perform the covenants and agreements containal in
<br />-_ this 5ecurlty inttrurnrnr. �r there is a legal proccedin�that may si�nificantly affcct i.ender's rights in thc Property (such us n
<br /> procceding in bankruptcy.probate, for coizdemnation or forfciturc or to enforce laws or regulations), then Lender may do and
<br /> pay for whatever ts naessary to protect the value uf the Propeny and Lender's rights in thc Property.Lender's actions may
<br /> include paying any sums secured by u lien which has prioriry over this Security Instrutnent, appearing in court, paying
<br /> reasonable attorneys' fees and entering on the Propet�ty to makc rcpairs. Although Lender may tuke action under this per�graph �
<br /> 7,L.endcr does not have to do so.
<br /> Any amounts disbursed by Lender under this paragmph 7 shall become additional debt of Borrower sa;ured by this
<br /> Security Instrument. Unlcss Horrower and Lender agree to othcr terms of paymcnt, thesc amounts shall be:ir interest from the
<br /> datc of disbursement nt the Note ratc and shall bc payablc, wilh interest, upon noticc from Lendcr to Borrowcr requcst'sng �
<br /> payment.
<br /> S.Mortqage Insurunce.If Lendcr rcyuired mortgage insurance as a condition of making the loan sccured by this Security ,
<br /> Instrumcnt, Borrower shall pay the premiums requirecl to maimuin the mortgage insurancc in cffect. If. for any rcason, the ,
<br />- mortgage insurancc covcragc required by Lendcr lapses or ceases to be in effect, Borrower shall pay shc prcmiums required to
<br /> obtain covernge substantialiy eyuivalent to the mortgage insurance previously in effect,at u cost substantiully equivalent to the
<br /> cast ro Borrower of the mortgagc insurnncc previously in cffect, from an altcrnutc mortgage insurer approvcd by L.endcr. If
<br />— subst.mtiaUy equivulent mortgage insurance coverage is not available,Borrower shall pay to L.ender each month a sum equai to N
<br /> one-twelfth of thc ycurly mo�tguge insur:uue prcmium being paid by Borrower when thc insurance covcrage lapsed ar ccascd to
<br /> be in effect. Lender will accept, use and retain these payments as a loss reserve in licu of mortgage insurance. L.oss rescrvc
<br />`-' Form 3028 8/90
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