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<br /> , 5.Hacard or Property Insurance. Bo1'rower shall keep the improvements now existing or heretttfter crecteci on Ihe Propeny
<br /> � insurcd against loss by Yuc, hazards included within the tecm "cxtended covcrage" and any other ha�.�rds, including floods or
<br /> flooding,far which Lcndcr reyuires insurancc.This insurancc shall be maintained in thc amounts and for�hc periods that Lendcr
<br /> , requires.The insurence carrier providing Ihe insurance shall be choscn by Borrowcr subject to Lender's approval which shaU not
<br /> be unreasonably withheld. If Bonower fails to maintain covcragc dcscribed abovc. Lendcr may, at Lcndcr's opuon, obtain
<br /> coverage to protect Lender's rights in the Propeny in accordance with paragraph 7. �+
<br /> � All insurance palicies and renewels shttll be acceptable to Lender and shall include a standard mortgage clause. Lender shell .. .:
<br /> havc the right to hold the policies and renewals. If L.endcr requires,Borrower shall promptly givc to L.cndcr all rcccipts of paid �;,�.-� . .
<br /> premiums and renewal nopces.In the event of loss,Bonowcr shall givc prompt notice to thc insurance carrier and Lcndcr.Lendcr �� ,���:�.;N�,T=_-
<br /> � ; �:; z,,:�-='�-_
<br /> . may make proof of loss if not madc prompdy by Borrowcr. .. —
<br /> Unless Lender and Bonower otherwise;agree in writing, insurance proceeds shall be applied co restoradon or repair of the � ���
<br /> Property damaged,if the restoratian or repair is economically feasible end Lender's security is not lessened.If the restoradon or �:__
<br /> repair is not economically feasible or Lender's securiry would bE:lessened,the insurance proceeds shall be applied to the sums �
<br /> secured by this Security Insuument, wl►ether or not then duc, with any excess paid ro aormwer. If Borrower abandons the __ _
<br /> . Property,or does not answer within 30 days a notice from L.ender that the insurance carrier has offered to settle a claim,then � .
<br /> Lcnder mny collect the insurance proceeds.Lcnder may use the prceeeds to repair or restore the Property or ta pay sums secured �
<br /> � by this Security Instrument,whether or not then dua The 30•day period wiU begin when ihe notice is given. �
<br /> �� Unless Lender and Boaower otherwise agree in writin8�anY application of proceeds to principal shall not extend or postpone �
<br /> �• ihe due date of ihc monthly payments refened to in paragraphs 1 and 2 or change the amount of the payments.If under paregraph
<br /> 21 the Property is acquired by I.ender,Borrower's right w any insurance policies and proceeds resul6ng from damage to the ^
<br /> �. Property prior to the acquisidon shall pass to Lender to the extent of the sums secured by this Security Instrument immediately
<br /> rior to the acquisidon.
<br /> y p 6.Occupancy,Preservatlon,Maintenance and Protectton of the Property; Borrower's Loan Application;Leaseholds.
<br /> � Borrower shall occupy.establish.and use the Property as Borrower's principal residence within sixry days after the execution of ,
<br /> ? this Security Ins[rumcni w►d�tiail wniiruc io a^.cupy thc ProFrcry as Ro*r^"'�r's princiQal residence for at least one year afcer Ute _ __ _
<br /> date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless .j,.���� ..
<br /> � extenuating eircumstanees exist which are beyond Borrower's conuol.Bonower shell not destroy,damage or impair ihe Property, " c� .
<br /> ti allow thc Property w deteriarau;, or commit wastc on the PropeRy. Borrower shall be in default if any forfeiture acdon or '!�'
<br /> � proceeding,whether civil or criminal,is begun ihat in L.endcr's good faith judgment could result in forfciture of tha Property or r
<br /> ., otherwise materially impair the lien created by this Security Instrument or Lender's security interesG Borrower may cure such a x�
<br /> � default and reinstate, as provided in paraEraph 18,by causing the action or proceeding co be dismissed with a ruling that, in ;-
<br /> Lender's good iaith detcrminapon,prccludes forfciture of the Boaower's intcrest in the Property or other materixl impairment of
<br /> •� thc lien createcl by this Security Instrument or Lender's security incerest�Bonower shall also be in default if Borrower,during the �,�
<br /> loan application proccss,gave materially false or inaccurace information or statcments to I.endcr(or failed to provide Lender with ____
<br /> any material infarmadon) in connecdon with the loan evidenced by the Note, including, but not limited to, representadons ��-_
<br /> conceming Borrower's occupancy of the Y'roperty as a principal residence.If this Securiry lnstrument is on a leasehold.Borrower ���A
<br /> � shall wmply with all the provisions of the lcasc.If Borrowcr acquires fec title to the PropercY�che lcasehold and the fee titic shall �,��
<br /> not mcrge unlcss L.cnder agrecs to the mergcr in writing. �.'�??�`�T
<br /> � 7.Proteetion oP Lender's Rights in the Property. If Bonower fails to pecform the covenants and agreements contained in �,f�yg,���-, -
<br /> "�f`i��.�..
<br /> � this Security Instrument,or there is a legal proceeding that may signi�candy affect I.ender's rights in the Property (such as a ., "t,.
<br /> proccecling in bankruptcy,probate,for condemnation or forfeiture or w enforce laws or regulations),then Lender may do and pay �``:,.;�r•.s _�
<br /> s� for whatever is necessary co protect the valuc of the Property aRd L�ender's righu in the Property.Lender's ac6ons may include +��:;.
<br /> in court, paying rcasonablc ::,;r, "
<br /> . paying any sums secured by a lien which has priority over this Security Insurument, appearing _ _�
<br /> T � � `',;---.
<br /> attomeys' fces end cntcring on thc Property co m�kc repairs.Although Lendcr may talcc action undcr this paragraph 7,Lcndcr _.�;,��__�_
<br /> does not havc w do so. � �+�::��''�
<br /> � Any amount�disbursed by Lender under this paragcaph 7 shaU become additional debt of Bonower sceured by this Sc�urity • �• � - �
<br /> � InswmenG Unlcss Hoaower and L.ender agrec to othcr tcrms of paymcnt, these amounts shall bcar incerest from the datc of `
<br />- j disburscment at the Note ratc a��d shall be payable,with intcrest,upon nutice from Lcnder to Borrower rcqucsting paymenG ,.
<br /> , � 8.Mortgage Insurance. If Lender required mortgage insivance as a condiqon of making the loan secured by this Security ,��
<br />� � Inswment, Barrowcr shall pay thc premiums required to maintain chc mortgage insurance in cffecG If, for any rcason, the
<br /> � mortgage insurance coverage rec�uired by Lender lapses or ceases to be in effect,Borrower shall pay the premiums required to �
<br />' obtain coverage substnntially equivalent to the mortgagc insurancc previously in effect,at a cost substantially equivalent w thc
<br /> cost to Borrower of the mortgage insurance previously in effect, (rom an altemate mortgage insurer approved by Lender. If
<br /> � substantially cquivale�t mongage insurance coveragc is not available, Borrowcr shall pay to Lender each month a sum cqu�►1 to
<br /> � one-twclflh �f Ihe yearly mongage insurance premium being paid by Borrower when the insurance coverage lapsed or ceased to
<br />- bc in cffcc� Lcndcr will acccpt, usc and retain thcsc paymcnGS as a loss rescrvc in licu of mortgagc insurancc.�.oss rescrvc
<br /> � Form 3028 9/90
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<br /> ' ' Iml�als: . .
<br /> -. i (�•6V(Nt)IB2121.OI . • "'._ r .
<br /> O 793-3 I•
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