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<br /> 9$- 112539
<br /> LOAN #: 9396055
<br /> UnleFS l.crtider and Borrower otherwise agree in writing, insuraixe p�•oceeds shall be applied to restoration ar repair of the
<br /> Property damaged, if thc restoration or repair is ecotamically feasible and Lender's security is not lessened. If the restorution or
<br /> repair is not economlcally feasible or L.encler's security would be Icssened, the insurunce proceeds shall he applicd to the Rums
<br /> secured by thia Security It�trumcnt, whether or not then due, with any excess paid to Borrower. If Bor.rower abundoru tho
<br /> Propeny, or does nat s�nswer within 30 days a notice from I.endtr that the in�urancc carrier has offered t� se[de a claim,then
<br /> Letxkr may collect the insurance proceeds. Lend�r may use tl�e proceeds to repair or restore the Property or to pay sums secured �
<br /> by this Securlty Instnunent,whcther or not then due.'I7�e 30-day periad wip beRin whan the notice is given.
<br /> Unle��L,ender and Borrower otherwise agr�e in writing,any application of proceeds to principal shall not axtend or poscpone
<br /> the due date of the tr,unthly paymcnts referred to in paragraphs 1 and 2 or change the amount of thc payments.If under paragraph
<br /> 21 the Propeny is acquired by I.ender, Iiorrower's right to any insurance policies and prceeeds resulting from damage to tha
<br /> Property prior to the acquisition shall pass to l,ender to the e;ctent of the sums secured by this Security instniment immediately
<br /> prior to the acquisition.
<br /> 6,pccuponcy,Preaervation, Mnintenitna and Protection of the Property; Borrower's i.oAO Application; I.eASeholds.
<br /> Borrower ehall occupy, establish, and use the Property as Borrower's principal residenee within sixry days after the execution of
<br /> this Securiry Instnunent and shall continue to occupy the Property as Borrower's principal residence for at least one year after the
<br /> date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasanahly withheld, or unless
<br /> eatenuating circunutances exist which are beyond I3orrower's control.Borrower shall rwt destroy,damage or impair the Property,
<br /> a11ow the property to deteriorate, or commit waste on the Properry. Borrower shall be in default if any forfeiture action or
<br /> pcoceeding,whether civil or criminal,is begun that in Lender's goal fai�h judgment couid result in forfeiture uf U�e Property or
<br /> otherw(se mat�rially impair the lien created by this Security Instrument or I.ender's security interest. Borrower may cu�e such e
<br /> clefault and reinstau,as provided in patagraph 18, by causing tlte action or proceediug to be dismissed with a ruling that. in
<br /> Lender's good faith determination, precludes forfeiturc of the Borrower's interest in the Property or other material impairnient af
<br /> the lien created by this Security Instrument or L.ender's se;.uriry interest.Borrower shall also be in default if Horrower, during the
<br /> loan application proce�s,gave cnaterially falsc or iaaccurate information or statements to l.ender(or failed to provide Lender with
<br /> any materiel infortnadon) in conrKCtion with the loan evicfenced Uy the Note, including, but not limited to, representetions
<br /> concerning 8oaower's occupancy of the Property as a principal resid�nce.If this S•curity Instmment is on a leasehold,Bonower
<br /> shsll comply with aU the provisions of the leasa.If Burrower acquires fee title to the Properry,the leasehold a�xl the fee titte shall
<br /> not merge unless Lender agrees to the merger in writing.
<br /> 7,Protecdon ot i,ender's RigMts In the Property. If Borrower fails to perform the covenants and agzeements contained in
<br /> chis Securlry lnsuument. or ihere 15 il 1C�ifI NI1/1:2G�iti� tt�lat �„ay SI�,^riii�carst;y af:,�i I.;.rw�:'s rig.h�w i.�h� Pro�*i; ;s�!ch aR^_
<br /> proceeding in banlauptcy,probate,for condemr�ation or forfeiture or to enforce laws or regulations),then l.er�der may do and pay
<br /> for whatever is rccessary to protect the value of the I'roperty and Lender's rights in the Property.Lender's xtions may include
<br /> p�ying any sums secured by a lien which t�as priority over this Security Instrument, appearing in court, paying reasonable
<br /> ettorneys'fees and entering on the Property to malce repairs.Although Lender may take action under tlus paragraph 7,Lender da.s
<br /> not have to do so.
<br /> Any unounts di.sbursed by I.ender under this puagraph 7 shall become additional debt of Borrower secured by this Srxuriry
<br /> Insuument. Unless tionower and Lender agra to other terms of paymcnt, these amounts shall bear interest from the date of
<br /> dLstwrsement at the Note rate and shall be payable,wi�h interest,upon notice from Lcnder to Bonower requesting payment. �
<br /> g,lbdw�t� Iasurance. If Lender required morcgage insurance as a condition of making the loan socured by this Security
<br /> Instiument, Hon�wer shall pay the premiums required to maintain the mortgage insurance in effect. If, for any nason. the
<br /> mortg�ge inaurnnce covenge requind by Le�er lapses or ceases to be in effect,Bonower shall psy the premiums nquirai w
<br /> obtain coverage substantially equivalent to the mortgage insurance previously in effect,at a cost substentially equiv�lent to the cost
<br /> to Boaower of the mortgage uuurance previauly in effect,from an alurnate mortgage insurer approved by Lender.If substantially
<br /> equiv�lent mortgage insurance coverage is not available,Borrower shall pay to I.ender each month a sum equai to one-twelfth of
<br /> tbe yearly mortgage insurance premium beii:8 Paid by Fbnowcr when tha uuurance coverage lapsed or ceased to be in effect.
<br /> Lender will accept,use and retain th�se payments as a loss reserve in licu of mortgage instuazre. Loss reserve paymen�s may no
<br /> longer Ue roquired,at the option of I.cnd�r,if mortgage inswance coverage(in tt�e amount uxl for the period that Lendcr requira) �
<br /> provided by aa iacurer approved by Lender again becomes available and is obtained. Borrower shall pay the prenvucns required tn
<br /> maintain mortgage insurance in effect,or to provide a loss reserve,�u►til the requirement for mortgage icuurance ends in accordance
<br /> with any written agreement between Borrower and Lendcr or applicabl�Iaw.
<br /> 9. Impection. Lender or its agent may make reasonable entrics upon and inspections of the Ptoperry. Lenc!er shall give
<br /> Borrowec notice at the time of or prior to an inspection specifying reasonable cause for the inspection.
<br /> 10. Condemaatlon. The proceeds of any awazd or claim for damages, direct or coc►Sequential, in connection wAth any
<br />= condemnation or other taking of any part of the Property,or for conveyance in lieu of condem�wtion, are l�ereby assigned and shall
<br /> be paid to I,e�xkr.
<br />— In tLe event of a total taking uf the Property,thr.proceeds shall be applied to the sums secwed by this Securiry Instrument,
<br /> whet�er or noc then due,with any excess paid to Bonower.in tl�e event of a partial taking of the Property in which the fair mazket
<br /> value of the Properry im�cxdiately lxFore the taking is equal to or greater than the amount of the sums s�cured by chis Securiry
<br />= Instrument immediately before the taking, unless Borrower and Lender otherwise agree in writing, the sums sccurcd by this
<br />: Securiry Instivment shall be reduced by the amount of the prceeeds multiplied by the following frac►ion:(a)the total umunt of the �
<br />: sums secured�diately before t�e taking,divided by (b) thc fair market value of the Froperty immediately before the taicing.
<br /> = Any balance stiall 6e paid to Rorrower. In the event of a partial taking of the Properry in which thc fair market value of the
<br />` property immediately before the taking is lese rhan the amount of the sums secured inuncdiatcly before the ta�ing,unless Burrower
<br />•s _.�__.a__ .. .,.:�:..., ... �.,,t,.« �nnlirahl� 1aw ntherwice nrrnides. du nroccedc shall be annlied to the sum5
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<br />� secured by tbis Securit}�Instrument whether or not the sums are then due.
<br />° If the Property is abazxbned by Borrower, or if,after natice by Lender to Borrower that the condemnor offers to malce an
<br /> award or settic a claim for damages,BorroweY fails to respond to I.erxler witliin 30 days after the date thc noticc is given, L.en�er is
<br /> - authorized to collect and apply the procceci�,at its option,either t�restoration or repair of the Propeny or to the sums secured by
<br /> this 5ecurity lnstrument,whethcr or not then due.
<br /> �W„�,: ��1'rt� �,���
<br /> w ,..6H(NE) �vwu.oi CHL(OL4'� �,ae�orn Form 30?� 9/90
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