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<br /> � 98- i1���36
<br /> 5, H�zard or Property Irourwnca Barrower shsll keep the improvoments now exisdng or hereuRer crected on the
<br /> Property insured against loss hy fire,h��ards included within the tenn "cxtcndai coverage" und any athcr ha�ards, including
<br /> floais or flooding, for which t,ender rcyuires insuranca Thi�insurance shall I�e maintuined in thc amounts und for the perials
<br /> that Lendor requires. The insurance carrier providing the insurance shull be chosen by Borr�wer suhject to l.c;nder's npprovel
<br /> which shull not be unrea.sonubly withheld, If Borrower fails ta maintnin covcra�e descrit�ed above, Lcndcr may, ut f..ender's
<br /> op►ian,oblain covernge ta protect L.ender's rights in the Praperty in uccordsnce with parugruph 7.
<br /> All insurance policies a�id renewals shall be ucceptable to l.ender und shall include a standard mortgnge cisuse. Lender
<br /> shall hctve the right to hold�he policies And renewals. If Lender reguires,Horrower shull promptly give to l.ender all receipts of
<br /> paid premiums and renewal notices. In the event of loss,Bcxrower shall give prompt uotice to the insurancc carrier and Lender.
<br /> Lender may meke proof of loss if not made promptly ay Borrower.
<br /> Unless Lender and Bocruwcr otherwise ugree in writing, insu�ancc procceds shall bc applicd to restoration or repuir of the
<br /> Propeny damaged,if tha restoration or repnir is economically feasible and Lender's security is not Icssened.If the restoration or
<br /> r�pair is not ecanomically feasible or Lender's security would be lessened, the insurance procceds shall be applied to the sums
<br /> secured by this Security Instrument, whether or not then duc, with any excess pald to Borrower. If F3arrowcr abandons the
<br /> Property,or dces not answer within 30 days a notice from I.ender that thc insuranco carrier has offered to settle a claim, then
<br /> Lender may collect the insur�nce proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums
<br /> secured by this Sei:urity Instrument, whether or izot then due.The 30-day period will hegin when the notice is given.
<br /> Unless Lender and Borrower olherwise agree in writin�, any applicatlon of proceals to principal shall not extend or
<br /> postpone the due date of the monthly payments refen�ed to in puragraphs 1 and 2 or chunge the amount of the puyments. If
<br /> under paragraph 2l the Froperty is acquired by I.ender,Borrower's riglrt to any insurance policies und proceecls resulting from
<br /> daniage to the I'roperty prior to the acquisition shell pass to T.ender to the extent of the sums secured by this Security Instrument
<br /> immediately prior to thc acquisition.
<br /> 6. Occupancy,Preservation, Mwlntenance and Prolectton of the Propercy;liorrower's i.�an AppUcation;i,easeholds.
<br /> Barrower shall occupy, establish,and use the Property as Borrower's principal residence within sixty days after the execution of
<br /> this Sec:urity Instrument and shall continue to occupy the Property us Borrower's principal residence for at least ene year after
<br /> the date of occupancy, unless Lender othe:wise agrees in writing, which consent shall not be unreasonably withheld,or unless
<br /> extenuating circumstances exist which are beyond Borrower's control. Bonower shafl not destroy, damage or impair the
<br /> Property, allow the Propercy to deteriorate, or commit wASte on the Property. Borcower shnll be in default if any forfeiture
<br /> action or proceecling, whether civil or criminal, is begun that in L.ender's good faith,judgment could result in forfeiture of the
<br /> Property or otherwise materially impair the licn created by this Security Instrument or I..cnder's security interest.Borrower may
<br /> cure such a default and reinstate,as provid�in paragraph 18, by causing the action or proceecling to be dismissed with a ruling
<br /> :tt:.i, ;s::.er.der'� ;oM± fa�th d?!erm�nation; nrecludes forfeiture of the Barrower's intecest in the Property or other material
<br /> impairrtxnt of the lien created by this Security Instrument or Len�er's security intcrest, Borcower shall alw be in default if
<br /> I3cirruwer, daring the loan application process,gave materially false or inaccurate information or statements to Lender(or failui
<br /> to provide Lender with any materiul infonnation)in connection with the loan evidenced by the Note, including,but not limited
<br /> to, represantatiuns concerning Borrower's occupuncy of the Property as a principal residence.If this Security Instrument is on a
<br /> leasehold, Borrower shall comply with all the provisions of the leuse. If aorrower acquires fee title to the Property, the
<br /> leasehold and the fee title shall not mcrge unless L.ender agrces to the merger in writing.
<br /> 7.Protection of I.ender's Righls in the Property.If Borrower fails to perform the covenants and agrcements containtd in
<br /> this Security instniment, or there is a legal proceeding that may significnntly affect Lender's rights in the Property (such as a
<br /> procteding in bankruptcy,probate, for condemnation or forfeiture or to enforce laws or regulations), then Lender may do enci
<br /> pay for wMetever is necessary to protect the value of the Property and I.ender's rights in the Property. Lender's actions may
<br /> irx:lude paying uny sums secured by a {ien which has priority over this Security Instrument, appearing in court, paying
<br /> rcasonabla attorneys' fees and entering an the propeny to make repairs. P.Ithough L.ender may take action under thes paragraph
<br /> 7, I.ender does not have to do so.
<br /> Any amounts disbursed by Lendtr under this paragraph 7 shall become additionul debt of Boaower secur�d by this
<br /> Security instrument. Unless Borrower and Lender agrce to other terms of payment, tluse amounts shall bear interest from the
<br /> date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requcsting
<br /> puyment.
<br />— S.Mortgage Insurance.If Lender required mortgage insurance as a co►xiition of making the loan secured by this 5ecurity
<br /> Instrunxnt, Borrowcr shall pay the premiums required to maintain the mortgage insurance in effect, If, for any reason, the
<br /> ntongage insurance coverage required by Lender lapses or ceas�;s to be in effect.Borrower shall pay the premiums requiral to
<br /> obtain coverage subsrantinlly equivalent to the mortgage insurance previously in effect,at a cost subsmntially equivalent to the
<br /> cost to Borrower of the mortgagc insurance prcviously in effect, from an alternatc mortgage insurer approved by Lender. If
<br /> substantially equivalent mortgage insurance coverage is not available,Borrower shall pay to L,ender cach month a sum equal to ;
<br /> or�e-twelfth of the yearly mortgage insurance premium being paid by Bonower when tl�e insurunce coveruge lapsed or ceased to '
<br /> bc in effec:t.Lcnder will accept,usc and retain tliese payments as a loss reservc in lieu of mongage insurance, Loss rescrve
<br /> Fant 3028 9/90
<br /> P�e 3 01 6
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