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<br /> S, tiiz�rd or property 1rourAnce. Borrawer shaU kecp tho improvements now existing on c�reafter erected on the
<br /> Properry inaured against losa by fire, hazard� included within thc tcrrn"extended coveragc" and any ather hazards, including
<br /> flnods ar Qaoding,for which I.ender requirea inaurance. Thie insurancc shall be malntaincd in Ihc amounts and for the periods
<br /> Ihat I.er�der rcquires. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval
<br /> which �h�U not be unre�snn�bly withheld, If Borrower fails t� maintain coveruge descrilxd abovc, Lender m�y, at Lcnder's
<br /> optfon,�bt�in coverage to prolect l.ender'a rights in the Property in accordance with paragrapl�7.
<br /> All insurance policles u�d ronewals ahall be acceptable to Lender and shall include a standard mortgage clause. I.ender
<br /> chall hRVe the right to hold the pollciea und renewala. It Lender requlres,Bonower shall promptly give to I.onder all iecelpts of
<br /> paid prcmiwiu and re�ewal notices. In Ihe event of lo�s, Borrower shall give prompi notice to the lnsurance carrier and L,ender.
<br /> Lender rt►�y mQce prcwf of loss if not made promptly by Borrower,
<br /> Unle��l�endet and Borrower othenviu agne in writing, insurance procoeds�hall be applied to restoration or rcpatr of the
<br /> Property demsged,if the restoratlon or repair is xonomically[casible and Lender's security is not lessened, If the restoration or
<br /> repair is not economically feasiblo cr L.ender's securi[y wauld be lessened, the insurance proceeds shali be applied to the sums
<br /> secured by thls Securlty Instn►ment, whether or not then due, wlth any eacess paid [o Bonower. If I3orrowar abandons the
<br /> Propeny, or does not answer within 3U days a notice from Lendor that the insurance carricr has offere� to settle a claim, then
<br /> L,ender r►�ay collect the Insurance proceeds. L.ender may use the proceeds t� repair or restore the Property or to pay sums
<br /> secured by this Sceurity Instsument, whcther or not then due.The 30-clay periud wlll begin when tl�c notice is given.
<br /> Unless Lender and Bortower otherwise agree in writing, u►y application of prce�eds to principal shall not extend or
<br /> postpone the due date of ihe monthly payments referred fo in pazagraphs 1 and 2 ux change the amount of the payments.If under
<br /> paragraph 21 the Propeny le acquired by Lendec, Ronower's right to any insurance policies and proceeds resulting. from
<br /> damage to the Property prior to the acquisttion shall pass to Lender co the eatent of the sums sxured by this Security Instrument
<br /> imcaediately prior to the acquisition.
<br /> 6.Occup�ncy,Preaerv�tioa,Malnterrance and Protection ot the Peoperty;Borrower's Lo�n Applicatioa;Lauiel�oldv.
<br /> Bc�nower shall occupy,establish,and use the Property as Borrower's principal residence within sixty days efter the execa►tion of
<br /> this Soeudty lnstcument and shall continue to occupy the Property as Borrower's principal residence for at least one year after
<br /> the date of occupancy, unless Lender ocherwise agreas in writing,which consent shall not be unreasonably withheld, or unless
<br /> eztenuating circumstances exist wbich are beyond Borrower's control. Borrower shall not destroy, damage or impuir the
<br /> Property, allow the Peoperty to deteriorate, ar cammit waste on the Property. Borrower shall be in default if any forfeitun
<br /> a�tion or proceating, whather civi[ or eriminal, is begun that in Lender's good faith judgment could result in forfeiture of the
<br /> Proper�y or othenvisc materially impair the licn croated by thls Security InstNment or Lender's securiry interest.Bonower mxy
<br /> cure such a default and reinstate,as provided in paragraph 18,by causing the action or proceeding to be dismissed with a tuling
<br /> that, in Lender's good faith determination, precludes forfeiture of the Borrower's luterest in the Property or other material
<br /> impair�rxni oi un iicr��reate3 by ih:s �»::; Ir.s!�meni er T r�,der'c �ecurity interest. Borrower shall also be in default if
<br /> Borrower,during thc laan application process,gave matedally false or inaccurate information or statements to I.ender(or fdled
<br /> to provide Lender with any material inf�rmation)in connxtion wlth the laan evidenced by the Nota,including,b�t not licnited
<br /> to,npnsentation�conaming Borrower's occupancy of the Pro�rty as a principal residei�a. If this Security Instrument ia on a
<br /> leaschold, Borrower shall comply with all the provisions of the lease. If Bonower acquires fee title to the Property, the
<br /> leaschold and the fee tide shdl not mcrge unless i..ender agrces to the merger in wricing. _
<br /> 7.Protection of Leada's Rlghts in the Property.If Borcower fails to perform the wvenants and ag�esnxnts contained in
<br /> this Security fnstn�ment,or there is a legal prceesding that may significantly affxt Lender's rights in the Propeny (such aa �
<br /> proceeding in bankzuptcy. probate. for condemnation or forfeiture or to enforce laws or regulations),then Lendar m�y do and
<br /> pay for wh�tever is neassary to protxt the value of the Property and Lender's dghts in the Properry. Lender's actiona cnay
<br /> include paying eny sums secured by a lien which i�as priority over rhis Sccurity [nstrument, appearing in court, paying
<br /> ressenable attorneys' fas aid entering on the Propeiiy to malce repair�.Although Lender may[ake action under thla puagraph
<br /> 7, Lender does not have to do so.
<br /> a�y �nouncs disb�rsed by Lender under tl�is paragraph 7 shall become additional debt of Borrower secured by thia
<br /> Security Instrurneat. Unlese Bonower and L,ender agree to other terms of pay�mnt, these amounts sh�ll bear interat from the
<br /> date of dlsbursement at the Note rate and shall be payable, with interest, upon notice from 1.ender to Borrower requesting
<br /> paym�nt.
<br /> 8.Mortgage�nsurana. If Lender required mortgage insurancc as a cor.dition of making the loan sa:urcd by this Socurity
<br /> Instrument, Borrower shall pay the premiums required to maintain the mortgage insurance in effect. If, for any ceason, the
<br /> mortgage insurance coverage required by Lender lapses or ceases to be in effect,Borrower shall pay the premiums requical to
<br /> obtaiii coverage substant[ally equivalent to the mongage insurance previously in effect,at a cost substantially equivalent to[he
<br /> cost to Bonower of the mattgrge insurance previously in effect, from an alternate ►nortgage insunr approvc� by Lender. If
<br /> substantially equiv�lent mortgagc insurance coverage is not available,Borrower shall pay to Lender each month a sum equal to
<br /> one-twelfth of the yeazly morcRage insurance premium being paid by Borcower when thc insurana coverage lapsai or ceased to
<br /> be in effcet.Lender will accept,use and retain thcse payments as a loss reserve in lieu of mortgage insurana. Loss reserve
<br /> Fam 302 9 �
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