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<br /> 5. liazard or Yroperty Insurance, ljorra�vcr ehall keep thc improvement�naw exiating or hereafter erected an i
<br /> the{'roperty insured against loss by fira, haiarda included �vithin the tcrm "extended coverage" and any other hnr.arde,
<br /> including fl�ode or floading, for which I.ender requires insuractce. '1'his insurance shall be muintained in the amou�us �.
<br /> and for tha perioda that I.ender requires. 'Phe insurance carrier providing the ineurance shaU be chosen by Borrower : r'•.•;.-`"
<br /> � � subject to I,ender's approval which shall not be unreasunably withheld.If Horrower faile to maintain coverage described �' ;
<br /> �� sbove, I.ender ma , at I.ender's o tion,obtain covera e to rotect l,ender's ri hta in the Pro rt in accordence with ,, ',-.*��r.:�-=
<br /> Y P F P B Pe Y .r�.•:;�.�,::-
<br /> paragraph 7. .:;.?�:.�'��,
<br /> AU inaurance policies and renewala ahall be accepYable to I.ender and shall include a etandard murtgage clause. ... �, -a
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<br /> � Lender shall have the rigr�t to hold the policies and renewals. If Lender requirea, Borrower ohall promptly give to '�,._,__- _
<br /> Lender all receipts of paid premiume and renewal notices.In the event of loss,Borrower ahall give prompt notice to the ''�"""'°
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<br /> � insurance carrier and I.ender.I.ender may make proof of loss if not made promptly by IIorrowar. -___
<br /> ' Unless L.ender and Borrower otherwise agree in writing,insurance proceeds shall be applied to restoration or repair �'�,�;;
<br /> of the Praperty damaged,if the restoration or repair is economically feasible and I.ender's security ie not lessened.If the __
<br /> restocation or repair is not economically feasible or Lender's security would be lessened,the insurance proceeds shall be _
<br /> applied to the sume secured by this Security Instrumant,whether or not then due,with any excess paid to Horrower.If -
<br /> Borrower abandons the Property,ar does nnt enRwer within 30 days a notice from Lender that the inaurance carrier hae
<br /> offered to settle a claim, then Lender may collect the insurance proceeds. Lender may usa the proceeda to repair or --
<br /> restore the Property or to pay sums secured by this Security Inetrument,whether or not then due.The 30-day period will ,.��
<br /> begin when the notice ie given. =
<br /> � Unless I.ender and Borrower otherwise agree in writing,any application of pruceede to principal shall not oxtend or
<br /> postpone the due date of the monthly payment�referred to in paragrapha 1 and 2 ar change the amount of the payments.
<br /> If under paragraph 21 the Property ia acquired by Lender, Borrower's right to any insurance policies and proceede
<br /> �� resulting from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by �'�
<br /> thie Security Inetrument immediately prior to the acquisition. -
<br /> 6.Occupancy,Preservation,Meintenance and Protection of the Property; Borrower's Loan Application; �
<br /> y Leaseholda. Borrower shall occupy,establish,and use the Property as Borrower's principal residence within sixty days =
<br /> after the execution of thie Security Instrument and shall continue to occupy the Property es Borrower's principal -
<br /> - r�ider.ce for e*.leas*.one year afrPr the dete�f occupancy;unless Lender otherwise agrees in writing,which consent shall �,
<br /> not be unreasonably withheld,or unless extenuating circumstances exiet which are beyond Borrower's control.Borrower -_
<br /> ahell not destroy,damage or impair the Property,allow the Property to deteciorate,or commit waete on the Property. -
<br /> Borrower ehall be in default if any forfeiture action or proceeding,whether civil ar criminal,is begun that in Lender's
<br /> good fuith judgment could result in forPeiture of the Property or utherwise materially impair the lien createci by thie
<br /> Security Instrument or I.ender's security interest. Bonower may cure such a default and reinstate, as provided in
<br /> � paragraph 18, by causing the action or proceeding to be dism�ssed with a ruling that, in Lender's good faith __
<br /> �, datermination,precludes forfeiture of the Borrower's interest in the Property or other material impairment of the lien
<br /> "' created by this Security Instrument or Lender'e security interest.IIorrower shall also be in default if Borrower,during ��`�
<br /> � the loan application process, gave materially false or inaccurate information or statements to Lender (ar failed to
<br /> . provide Lender with any material information)in connection with the loan evidenced by the Note, including, but not _- __
<br /> limited to,representationa cancerning Borro�ver's occupancy of the Property ae a principal residence. If thie Security --- ---
<br /> - Instrument ie on a leasehold,Borrower shall comply with all the provisiona of the lease.If Borrower acquires fee title to ------
<br /> ' the Property,the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. --
<br /> • 7.Protection oi Lender's Rights in the Property. If Borrower fails to perform the covenant�and agreementa
<br /> - contained in thie Secucity Instrument,or there is a legal proceeding that may significantly affect Lender's rights in the
<br /> :� Property (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture or to enforce lawe or _--
<br /> regulationa), then I.ender may do and pay for whatever is necessary to protect the value of the Property and Lender's _ _
<br /> �� rights in the Property. I.ender's actions may include paying any suma secured by a lien which hes pnarity over thie -_
<br /> Security Instrument,appearing in court,paying reasonable attorneys'fex.s and entering on the I'roperty to make repaira. � ;�----�------ --
<br /> Although Lender may take action under this paragraph 7,I.ender does not have to do so. _
<br /> • Any amounta disbursed by Lender under this paragraph 7 shall become additional debt of Borrower secured by thie .':-,,`v---� _ —
<br /> Security Instrument.Unless Borro�ver and �.ender agree to other terms of payment, these amounta shall bear interest .:.,� . ,. ' ';`
<br /> • from the date of disbursement at the Note rate and shall be payable,with intere.st,upon notice fr�m Lender to Borrower � '
<br /> requesting payment. � �.� .�
<br /> - ;51 ,
<br /> 8. Mortgage Insurance. If I.ender required mortgage insurance as a condition of making the loan secured by thia ,�,:;�.'►�c� '.'.
<br /> Security Instrument,IIorro�ver shall pay the premiums required to maintain the mortgage inaurance in effect.If,for any '.�;:,�,;. .�.�, ..
<br /> i reason, the mortgagc insurancc coverage require d by I,en der lapses or ceases to be in e f fec t, Borco w e r s h a l l p a y t h e • _ ..:;��.
<br /> premiume required to obtain coverage substantially equivalent to the mortgage insurance previously in effect,at a cost
<br /> � substantially equivalent to the cost to Borrower of the mortgage insurance previously in effect, from an alternate ,
<br /> mortgage insurer approved by I,ender. If substantially equivalent mortgage insurance coverage is not available,
<br /> iBorrower st�all pay to I,ender each month a sum equal to one'twelfth of the yearly mortgage insurance premium being
<br /> . paid by Borrower when the insurance coverage lapsed or ceased to be in effect.Lender will accept,use and retain these
<br /> �ayments as a loss reserve in lieu of mortgage insurance. I,oss �•eserve payments may no longer be required,
<br /> i
<br /> Form 30Td{�}'9/�{90
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