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<br /> 98-� '���3
<br /> S. H�urd or Property In�urnnca Bnrrower ehall kap thc improvcmcnts naw cxisiing or ha•eafter erected on the
<br /> Properiy insurod ag�inst loss by firc,hwanis includai within thc term "cxtenda! coverngc" a�xi any othcr ha•r,urds, incluJing
<br /> tlooclv or flc�ding, for which L.erKler rcyuirec insuraixe. This insurance shall bc nu►intaincd in�hc umounts uixl far the pericxis
<br /> that l.encier reyuires.The Insurunee carrier prrniding the insuri►nce shsll be chosen by &�rrower subject to L.enJer's apprnval
<br /> wMch shall not be unreASOnably withheld. !f Bmrower frils t�� maintain coverage de.ceribfxl ahc�ve, l.ei�er nu�y, at Leixler'E
<br /> c�ption,nbtain coveragt to protect Lcnder'fi rights in the Property in accordancc with paragraph 7,
<br /> All insurunce policies ancf renewals shAll be acctptabl� to l.ender and shall include a �ioneiwrrl nx�nguge cluusr.. I�ixler
<br /> shall havc the ri6ht to huld thc policles ar�l rcnewals, If Lcnder nquires,Bo!rowcr shall promptly give to L.ender all reccipts of
<br /> paid premiums and rcnewal notices. In the event of loss, Borrower shall give prompt notice to ihc insuruixC currier and I.eixfer,
<br /> [.endcr muy n�ake prcx3f of loss if nat mude promptly by Borrower.
<br /> Unless l.Gn�ier and Bormwer otherwise agree in writing, insurunce proce�is shull be upplfeci to restoration or ropair of the
<br /> Property dameged, if the restorntion or rcpair is economically faasible And I.er�dcr's�ecurity is not I��senal. If�he restoration or
<br /> repair is not economically feasible nr Lender's security would Ise IGSSe^ed, the insurance prc�cteds shall be appli��i to the sums
<br /> xcursd by this Security Instrument, whcthcr or rx�t then due, with any cxcess paid to Borrower. If Borrowcr abandrnis the
<br /> Property, or does not answer within 30 days a notice from Leixler that the insurance currier has offeral tc►settle u claim, then
<br /> L.ender may collect the insurance pror.eeds. l.ender may use the procoals to repair or restore the Property or to pay sums
<br /> secured by Ihis Security Instrument,whether or not thcn due. The 30-day period will bcgin when the notice is given.
<br /> Unless l.ender ond Aorrower otherwise agra in writing, any application of proceecis to principal shatl not extend or
<br /> postpoix tF�e due datz of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the payments. If
<br /> under pecagraph 21 Ihe Property is aequirat by l.ender, Borrower's right to any insurance policies anci proceeds resulting from
<br /> damage to Ihe Property prior to the acquisition shall pass to I.ender to the extent oi the sums secured by this Securiry Instrument
<br /> immaliatcly prior to tt�e acquisition.
<br /> 6. Occupancy,l'reservAtlon, Mwintenance And Protection ot the Pruperty; Borro�ver's Lonn Applkation;l.easeholds�
<br /> Borrower shsll occupy. establisFi,and use the Property as Borrower's principal residcnce within sixty days uftcr the execution of
<br /> this Socurity inslrument aixi shall cantinue to occupy the Property as Borrower's principal residence for at least one year after
<br /> the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless
<br /> eztenuating circumstances exist whlch arc beyond 13orrower's control. Borrower shali not destroy, damagc or impair the
<br /> Prope:�y. allow the Property to deteriorate, or commit waste on the Froperty. Borrower shell bc in default if any forfeiturc
<br /> action or proceeding, whether civil or criminal,is begun that in l.ender's goat faith judgment could result in forfeiture of the
<br /> Property or otherwise nwterially impair the lien created by this Security Instrument or Lender's suurity interest. Borrower may
<br /> cure such a default and reinstate,as provided in paragraph 18,by causing the action or proceeding to be dismissad with a ruling
<br /> that, in Lender's eood faith deterniinution, pre�:ludcs forfeiture of the Borrower's interest in the Pn�perty or other material
<br /> impairment of the lien created by this Security Instrument or Lender's security interest. Borrower shall al.so be in delault ii
<br /> Borrower,during the loan application process, gave materially false ar inaccu►•ate information or statements to Lender(or failed
<br /> to provide Lender with any material infortnation)in connection with the loan evidence.d by the PTote, including, but not limited
<br /> t�,representations conceming Borrower's occupancy af the Property as a principal residence.If this Security Instrument is on a
<br /> leasehold, Borrower shall comply with sll the provisions of the lease. If Borrower ncquins fce title to the Property, the
<br /> leacehold and the fcx tiHe shall not merge unless L.ender agrees to the merger in writing.
<br /> 7.P�rolectlon ot I.ender's Rights in the Praperty.If Bonower fails to perform the covenartts and agrcements conwined in
<br /> this Security Instrument, or there is a legal proceeding that may significantly affect I.ender's rights in the Property (such ac a
<br />� procceding in bankruptcy, probate, for condemnation or farfeiture or to enforce laws or regulations). 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 /> inelude paying any sums securai by a lien which has priority over this Security Instrument, appearing in court, paying
<br /> reasonable attorneys'fees and cntering on thc Property to make repairs. A,Ithough Lender may takc action under this paragraph
<br /> 7,l.endor docs not have to do so.
<br /> Any amounts disbursed by Lender under this paragraph 7 shall become additiunal ckbt of Borrower secured by this
<br /> Security Instniment. Unless Borrowcr and Lender agree to other terms of payment, thesc arnounts shall bear interest from the
<br /> date of disbursement at the Note ratc and shall be payable, with interest, upon noticc from I..cnder to Borcower requesting
<br /> pay►nont.
<br /> S.Mortgage Insurance. If l.encler requirod mortgage insurance as a condition of making the loan secureci by this Security
<br /> Instrument,Sorrower shall pay the premiums required to maintain the mortgage insurance in effect. If, for any reason, the
<br /> mortgage insurance coverage required by L.ender lapses or ceases to be in effect, Borrower shall pay the premiums required to
<br /> : obtAin coverag.c substantially equivalent to the mortgage insurance.previously in effect, at a cast substAntiully equivalent to tho
<br /> cost to Borcower of the mortgage insurance previously in effect, from an ulternate mongage i��.surer approved by Lender. If
<br /> substantially equivalcnt mortgagc insurance coverage is not available,Borrower shall pay to l�ender each month a sum equal ta
<br /> ' one-twelfth of the yeariy mortgagc insurance premiu►n being paid by I3orrowcr whcn thc insurance coveruge lapsed or ces�sed to
<br /> : be in effec�.Lender will accept,use and re�ain these payments as a loss reserve in lieu of nwrtgage insurance. Loss reserve
<br /> Fam 3028 9/80
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