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<br /> 9S-1i2•�48
<br /> S. Hpzard nr Pr�perty Insuranca Borrow�r shall kcep thc improvcments now exititing on c�rcuftcr erccted on �hc
<br /> Property insw•cd against loss by firc, hn•r.ards inchidecl'ariihin the term "extended covcruge" und uny othcr huzurds, including
<br /> floocl5 or flcx�ding, far which [.cndcr rcquires insurancc. This fnsuruncc shull be muintuii7ed in thc umounts und i'or thc periods
<br /> that Lcndcr requires.Thc insuranc�curricr �roviding the insurancc shnll bc cl�oscn by Borrowcr subjcct to Lcndcr's upproval
<br /> which s��al1 not bc unreasonably withheld. if Borrower fuilc to maintuin covcragc dc�cribcd alxivc, L.cndcr muy, ut L.cnder's
<br /> option,nbtain caverage to protcct I.ender's rightti in tbe Property in uccordance with p�ragraph 7.
<br /> All insurance Jwlicies urxi renewuls shall be acceptable to I.ender and shall inciude u stunda�d mortgage cleuse. I.ender
<br /> sball liave thc right cohold the policies und rencwals. If[.endcr requires,Borrowcr shull promptly bivc to Lender ull rcccipts of
<br /> paid premiums and renewal notiees.In the event of lo,s, Aorrawer shull give prompt notice�o the insurance carrier and Lencier.
<br /> L.ender may m�kc praof of loss if not madc promptly 6y Horrower, ,
<br /> Unless L.cnder and Aorrower otherwise agree in writing.insurance proceects shall be npplied to restoration or repair of the
<br /> Property dan�aged, if the restoration or repair is economically feasible und Lender's security is not lessened. If the restoration or
<br /> repair is not r,conomically feasible or L.ender's security would be lessened, the insurance proceeds shall be applied to the sums
<br /> sacured by this Security Instrument, whether or not then due, with any excess pnid to Borrower. If Bonower abandons thc
<br /> Propcny, or docs not answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim, then
<br /> Lender may collect the insuranc� proceeds, [.ender may use the proceeds to repair or restore the Property or to pay sums
<br /> secural by this Security Instrument,whether or not then due. The 30-day period will bcgin when the natice is given,
<br /> Unless L.ender end �3orrower otherwise agree in writing, any application of proceeds to principal shall not extend or
<br /> postpone the dua date of the manthly payments referced to in paragraphs 1 and 2 or change the amount of the payments. If
<br /> under paragraph 21 �he Propeny Is Acquired by Lender, Borrowcr's right to uny insurance policies and proceeds resulting from
<br /> damage to the Propeny prior to the acquisition sbali pass to Lender to the extent of the sums secured by ttiis Security Instcument
<br /> immediately prior to�he acquisition.
<br /> 6.Occupancy, Preservation,Maintenance and Protection ot the Property;Borrower's Loan AppUcsitlon;L.eASeholds.
<br /> Bonower shall occupy, establish,and use the Yroperty us Borrower's principal residenc:e within sixty days after thc executlon of
<br /> this Sacurity Instrument and shall continue to occupy the Property as Borrower's principul residence for at least one year after
<br /> the dete af occupancy, unless L.ender otherwise agrus in writing, which consent shall not be unreASOnubly withheld,or unless
<br /> extenuating circu.�ns�ences exist which are beyond Borrower's control. Bonower shall not destroy, damage or impair the
<br /> Property. allow the Property to deterioratc, or commit wastc on the Property. Borrower shall bc in siefault if any forfeiture
<br /> action or proceuling,whether civil or criminal, is lxgun that in L.ender's good faith judgment could result in f4rfeiture of the
<br /> Prope►iy ar otherwise rneterially impair the lien creataf by this Security Instrument or l.ender's security interest. Eiorrower may
<br /> cure cuch a default and rcinstate,as provided in paragraph l8,by causing the action or proceeding to bc Jismissed with a ruling
<br /> tnat, in icrider's �axi ('rltii 3cie�iiiiiLtiiiati, pr.�ludt� fe:f^_ih.�.CL' �f ihw �,n�wer'r incerest in the Property or other material
<br /> impaim�cnt of the lien creatod by this Security Instrument or Lender's security interest. BQrrower shall alFO be in dofault if
<br /> Borrower,during the Ic�n application process,gave matedally false or inaccuratc informatlon or st�temcnts to Lendr,r(or failed
<br /> to provide Lender with any metarial inforniation)in connection with the loan evidenced by the Note, including. but not limltod .
<br /> to, representntions concerning Borrower's accupancy of the Property as s principal residenct. If this Security Inst�unxnt is on a
<br /> �eaae►wld, Borrower shall camply with all the provisions of the lease. If Borrower acquires fee tide to the Propercy, the
<br /> leasehold and ttie fa title shall not merge unless L.ender agrees to the merger in writing.
<br /> 7,Protectlon ot Lender's Rights In the Property.If Borrower fails to perform the covenants and agraments containod in
<br /> this Secucity Instrument,or there is a logal prceceding that may significantly affxt Lender's rights in the Property (such as a
<br /> procealing in bankNptcy, probate, for condemnation or forfeiture or to enforce laws or reguiations), then Lender may do and
<br /> pay for whatever is necessary to protect the value of the Property and Lender's rights in the Property. Lender's actions may
<br /> include paying any sums secured by a lien which has priority over thi� Security Instniment, appearing in court, paying
<br /> reasonable attomeys'fees and entering on the Property to make repairs. Although Lender may tuke action under this paragraph
<br /> 7, Lender dces nat have to do so.
<br /> Any amounts disbursed by L,ender undcr this paragraph 7 shall become additional debe of Borrower secural by this
<br /> Security instrument.Unless Borrowcr and I.ender agree to other terms of payment,these amounts shnll bear interest from the
<br /> date of disb�rscment at the Note rate and shall bc payable, with interest, upon notice from Lender to Borrower requesting
<br /> payn�ent.
<br /> 8. Mortgnge Insurxnce.If L.ender required rnortgage insurance as a condition of making the loan securai by this Security
<br /> Insttwncnt, Borcower shall pay the premiums required ta maintain the mortgage insurance in effect. If, for any reason, the
<br /> mortgage insurance coverage required by Lender lapses or ceases to be in effect, Iiorrower shall pay the premiums requirod to
<br /> obtain coverage substantially eyuivalent to the mongage insurance previously in effect, at a cost substantially equivalent to the
<br /> cost to Borcower of the mortgage insurance previously in eifect, from an alternate mortgage insurer s►pproveci by Lender. If
<br /> substantially equivalent mortgage insurance coverage is not available,Borrower shall pay to Lender each mnnth a sum equal to
<br /> one-twe.lfth of the yearly mortgage insurance premium bei�ng paid by Bo�rower when the insura�ice coverage lapsed or ceased to
<br /> be in effect, Ltnderwill accept, use and retain these payments as a loss reservc in lieu of mortgage insurancc. Loss reserve
<br /> Form 3028 9/90
<br /> Pip�J o1 6
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