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<br />_ .., ,� : 5� Hwzard ur Pra�strly Insurance. Borrowcr shall keep the improvements now existing on c�neaftcr crcctcd ou thc
<br /> - � Property ineurcd Agalnst loeq by fire, ha�,arde included within �hc term 'cxtendcd covcrage" and any othcr hazards, including
<br /> ^+>••••���- flobde or ficx�ding, for which Lender reyuire�insurana. This insurance shall bc maintained in the amoumg and for the periods
<br /> � ���'• � th�t L.endor requlre�, The inss�r�nce carrler providing the insurance ehall be chosen by Fiorrower subject to L,ender�S B�PfOVBI
<br />=r-: :-^� which shall not be unreasonably withheld. If Borrowcr falis to malntain covera�e describcd abovc, L.cndcr may, at Lrnder's
<br /> nption,obtain coverage to protac Lcndtr's right�in the Property in nccordance with paragraph 7.
<br /> +;,. � All insurance palicie�und renewals shall t►e acceptable ta l.ender and ehall include n standard mongngc cluusc. l..cncler
<br /> shall havc the right to hald the policics and rencwals. If L.cnder requires,Borrowcr shall prumptly givc to I.cndcr aU rcceipts of
<br />' �';'`' •�' paid premiums and renewal notices.ln the event of lo�s, Borrower sh411 give prompt notice ro the insurance carrier end I.ender,
<br /> � � L.endcr muy makc proof of loss if nat madc pronnptly by Borrower, • _
<br /> s�''�""` Unleas l,ender and Borrowar o�herwise esree in writing, insurance proceeds sheil be applied to restoration or repair af thc
<br />- Propeny damagcd, �f the restoratlon or repair Is economlcally fcasible and L.endcr's security is nut lessenecl, If thc restoratian or
<br /> , � repair is not economically feasible or Lender's securiry would be lrssened, the insurance procecds shall be applled ta the sums
<br /> �, ' secured by this Security lnstrumcnt, whcthcr or not then duc, with any excess paid to Borrower. If Borrower abandons thc
<br /> • �„ Property, or does not answcr within 30 days a notice from L.ender that the insurance carrier has offercd to settle a claim, thcn
<br /> l ' • L.ender may collxt thc insuranc� proceeds. l.ender may use the procads to repair or restore the Property or to pay sums
<br /> ��`�°����'" secured by this Seeurity instrument,whether or not then due. The 30•Aay periocl will begin whcn the nuticc Is given.
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<br />�,:,:•�.��, Unless Lender and Borrower othenvise agreC in writing, any upplication of procecds to principal shall not extend or
<br /> '��� :�s;; postpone the dua date af the monthly payments referred to in paragraphs 1 and 2 or ct�ange thc amount of the paymrnts. If
<br /> a�:: • under paragraph 21 thc Property is acquired by Lcndcr, Borcowcr's right to any insurance policies and proceeds r�eaulting from
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<br />;:_'";;r��,� damage to the Property prior to tho acquisition shall pass to L.cnder to the e�ten¢of the sums secured by this Securiry Instrument
<br />��� ` immedtately priar to tt�e acquisition.
<br /> =�'� 6.Occupancy, Preservat!on, Maintenance and ProtecNon ot the Pro�►erty; Ik►rrower'S I.opn Applicatlun; I.easehold9.
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<br />;-_, } Boaower shall occupy,establish, and use the Pruperty as Borrowcr's principal residence within sixty days after thc�xecution of
<br /> �� ;.qT this Securiry Instrument and shall wntinue to occupy the Propeny es Borrower's principal residence for at least one year after
<br />=�;�: °'` the date of occupancy,unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless
<br />=�.�,� extenuating circumstances exist which are beyond Borrower's control. Borcower shall not destcoy, dsunage or impair the
<br /> ��'�`'�� Propeny, allow the Propeny to deterioratc, or cummit waste on the Propeny. Borrower shall be in default if any farfeiture
<br /> --- actian or proceeding, whether civil or criminal. is Uegun that in L.ender's goad faith judgment could result in forfeiture of the
<br />�°''��'�--R+�w'� Property or otherwise materially impair the lien created by this Secudry lnstrument or I..ender's security interest. Iiorrower may
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<br /> ,,t_• cure such a default and re9nstate,as provided in pazagrapb 18, by causing the ac[ion ur proceeding to be dismissed with a ruling
<br />��=�� that, in Lender's good faith determination, precludes forfeitwe of the Barro�ver's intcrest in the Propeny or other material
<br />�"�;;:��� impairmen[of the lien created by this Securiry Instrument or L,ender's security interest. Borrower shal! also be In default if
<br />—"'%�`�`�_t.- �n..w�r,�i�irir�o the Inan annlication process: eave n�aterially falsc or inaccutate information or statements to L.ander(oc failal
<br /> �'� to provide Lender with any matcrial information)in connection viith the loan evidencr.d by the Note, including,but not limited
<br /> -----'"�'=' to, repnsentations wnceming Borrower's occupancy of the Property as a principal residencc. If this Security Instrumait is on a
<br /> �___ — leasehold, Borrower shall camply with all the provisions of the lease. If Bonower acquires fa title to the Property, the
<br />—_--°_°- leasehold and the fee tide shall not merge unless Lender�grees ro the merger in writing.
<br /> --°°°� 7,Pn►tection ot Lender's Rights in the Property. If sorrower fails to perform the covenants and agrxments contained in
<br /> ___— this 5ecarity Instrument, or there is a legal proceeding that may significantly affcet Lender's rights in the Property (such as a
<br /> �-- procceding in bankruptcy, probate,for condemnation or forfeiture or to enforce laa�s or regulations), then Lender msy do and
<br />- ___. _ pay fur wha[ever is neccssary to protect thc value of ihe Praperty and Lender's rights in the Property. Lendor's action�may
<br /> _�--�--� include paying any sums secured by a lien which has priority over this Secudty Instrument, appearing in court, paying
<br /> — reasonable attomeys' fees and cntering on the Property to maDce repairs.Although Lender may take action under this pazagraph
<br /> 7,L.ender does not have to do so.
<br /> Any amounts disbursed by Lender under this paragraph 7 shall become additional Jeht of Borrower secured by this
<br />__��� Security Instrument. Llnless Borcower and Lcnder agrce to other terms of payment, these amounts shall bear interest from the
<br /> --��'��— date of disbursemcnt at the Note rate and shall be payable. with interest. upon notice from Lender to Bonower reqaesting
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<br /> n-:�� paytnent.
<br /> -��„�;� �.MortgAge Insurance�If�,ender required mortgage insurance as a condition of making the toan secured by this Securiry
<br />� Instrument, Bonower shall pay the premiums required to maintain the mongage insurance in effxt. If, for any reason, the
<br /> � mortgage insurance coverage required by I..ender lapses or ceases to be in effect, Borrower shall pay the premiums requira3 to
<br /> -..,.,..�._.::�„ obtain covcra�e substantially equivalent to the mortgage insurance prevlously in effcct, at a wst substantially equivalent to the
<br /> __ =�'°!'�� �ost to Bonower of the mortgage insurance previously in effect, from an alternate mortgage insurer approved by Lender. if
<br /> ` substantially equivalent mortgagc insurance coverage is not available, Horrower shall pay to Lender each month a sum equal to
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<br />!::�;;r� . one-tH�elfth of the yearly mortgage insurance pre�nium heing paid by Borrower when the insurance coverage lapsed or ceased to
<br />;rj. '. ,-�; ,� be in effect.Lender will accept,use and retain these payments as a loss rescrve in lieu of moiYgage insurance, Loss •reserve
<br />= . Fam 3028 9/90
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