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<br /> 98� s�.��so
<br /> S� H�zwrd or Property Inaurance. Borrowor shall kcep the improvcmcnts now cxisting or hereafter erected on ihe
<br /> Propeny insurtd aguinst IQSS by fire, hazards includal within the tcrm "extcndal covernge" and any other hazards. including
<br /> floods or flocxling, f�r which I.endcr requires insurance. This insurunce shall be maintuined in the amounts and for the pedods
<br /> that Lender requires. The insurance carrier providing the insurance shall tx:chosen by Aorrower subject to[.ender's approval
<br /> which �hall not he unrc�sonebly withheld. If&ttrower fails to maintnin coverag�dcscrit►ed abave, L.ender may, at Lender's
<br /> option,obtain cc�verage to protcet L.cnder's rights in tho Propeny in accordance with pnragrupfi 7,
<br /> All insurance policies and renawuls shall be acceptable to f,e�xler anci shull include n s�andard mortgage clwse. [,erder
<br /> shall havc tho�ight to hold the policies ancl rcncwals. If Lender rcquias. Borrower shall promptly give to Lendcr all receipts of
<br /> paid prem9ums and renewal riotices,ln tl�c event of loss,Boerower shall give prompt noticc ta,the insuranee carricr and Lcndtr.
<br /> Lendtr may make proof af loss it not made promptly by Aorrower.
<br /> Unless Lender and Borcower othenvise agree in writing,insurance procceds shall be applied to restorntion or repair of thc
<br /> Property damagai,if the restoration or rr,pair is economicnlly feaslble and Lender's sccurity is not lessenod,lf the rcstoration or
<br /> repair is not economically feasible or Lender's security would be lessenod, the insurance procceds shall be applied to lho sums
<br /> secured by this Security Instrument, whether or not then due. with any excess paid to Borrower. If Borrower aba�ndons the
<br /> Praperty, or dces not answer within 30�days a notice fram I.ender that the insurance carrler hus offered to settte a claim, �h�n
<br /> Lender may collect tho insurnnce procceds. Lender may use the proceeds to repair or restore the Property ar to pay sums
<br /> secured by this Security Instrument,whether or not then due.The 30-day period will begin when the rwtice is given.
<br /> Untess l.ender ¢nd Borrower otherwise agrce in writing, any application of procculs to principal shall not extend�fr
<br /> postpone the due dats of the monthly paymants refened to in paragraphs 1 end ?. or change the amount of the payments, If
<br /> under paragraph 21 the Property is acquired by I.ender,Bonower's right to any insurance policies and proccods resulting from
<br /> damage to the Propeny prior ta the acquisition shall pacs to Lender to the sxtent of thc sums securai by this Security Instrument
<br /> immediately prior to tl�e acquisition.
<br /> 6.4ccupancy, Preservallon, Maintenance and Protection of the Property;Borrower's Loan Appllcation;I.easeholds.
<br /> Borcowcr shall occupy,establish,and use the Property as Aorrower's principal residence within sixty days efter tl�e execution of
<br /> this Security Instrument and shall continue to occupy the Property us Borrower's principll residence far at least one yeur after
<br /> the date af occupancy,unlaes Lender otherwise agrees in writing, v�hich cor�sent shall not be unreasonably withheld. or unless
<br /> � extenuazing circumstances exist which are beyond Borrower's control. Borrower shall not destroy, damage or impair the
<br /> Propeny. allow the Propeny to deteriorate, or wmmit waste on the Property. Borrower shall be in dcfault if any forfeiture
<br /> action or praceoding,whether civil or criminail, is begun that in L.ender's good faith judgment could result in f�rfeiture of the
<br /> Property ar otherwise muterially impair the licn created by this Security Instrument or Lender's security interest. Hc�rrower may
<br /> cure such a default and roinstate,as provided in paragraph 18,by causing the action or proceecling to be dismissed with a ruling
<br /> that, in Lender's good faith determination, precludes forfciturc of the Borrower's interest in tt�e Property ur other material
<br /> impairment of che iien created 'ny [his �ocuriry tnscrumenc or I.cndcr's sa;urity iuiCrrat. Fwr�uwei 5ii61I n�so i,e i�. �efau�c :f
<br /> Borrou•er,during the loan application pracess,gave mnterially f;�lse or inaccurate information or statements to I.endar(or fdlod
<br /> ta prov:de Lender with any tnaterial information)in connection with the loan evidenced by the Note,including, but not limitod
<br /> to, representations concerning Barrowcr's a;cupancy of the Property as a principal residen�e. If this Security Instrument is on a
<br /> leasehold, Borrowcr shall comply with all the provisions of the lease. If Barcower acquires fee title to the Property, the
<br /> leasehold and thc fea title ahall not merge unless C.ender agrexs to the merger in writing.
<br /> T.Protection oi I.ender's Rlghts in the Property.If Borrower fails to perform thc covenants and agramen[s contained in
<br /> � this Saurity Instrument, or there is a legal p�roceeding that may significantly uffect L.ender's rights In the Property (such t� a
<br /> prceeeding in bankruptcy, probate, for condemnation or forfeiture or ta enforce laws or regulations), then Lender may do end
<br /> pay for whatever is necessary to protect the valuo of the Property and Lender's rights in the Property. Lender's actions may
<br /> include paying any sums secured by a lien which hns priority over this Security Instrument, appearing in court, paying
<br /> i reasonable a[torneys'fas and entering on the Property to make repairs. Atthoagh I.ender may take action under this paregraph
<br /> ' 7,L,ender does not have to do so.
<br /> Any attwunts disbursod by Lender under this paragr•rph 7 sliall bccomc additional debt of Borrower secured by this
<br /> Security Instrument. Unless Barrower and Lender agree to othcr terms of payment, these amounts shall bcar interest fr�m the
<br /> date of disbursement at the Note rate and shall be payable, with intcrest, upon notice from Lcndcr to Borrc�wer requesting
<br /> payment.
<br /> 8.Mortg�ge Insur�nce. If Lc�xler reyuired n�ortgage insurance as a condition of making the loan sccuttxl by this S�curity
<br /> Instrument. Borrower shall pay the premiums rcquired to maintain the mortgagc insurancc in effect. If, for any reason,the
<br /> mortgege insurance caverage require,�i by Lender lapses or ceuses to be in effect, Borrower shall pay the premiums required to
<br /> obtain covernge substantially equivalent to tl�e mortgage insurance previously in cffect, at a r.ost substantially equivalent to the
<br /> cost to Borcower of thc mortgage insurance prcviously in effect, from an ulternate mortgage insurer approved by I.ender. If
<br /> substantially cquivalcnt mortgagc insurancc covcrage is not availablc,�3orrowcr shall pay to Lendcr cach munth a swn equal to
<br /> one-twelfth of the yearly mortgAge insurancc premium being nnid by Borrower wl�cn the insurance coverage lapsed or ceased to
<br /> be in effect.L.ender will accept,use and retain tlicse payments as a loss reserve in lieu of mo�Ygage insurance. Loss rrserve
<br /> Fam 3026 9/80
<br /> P�pe 3 0l 6
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