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<br />�?� S. Hwz�rd or Property [nsurwnca Borrower shall keep the improvements now existing or hercaftcr erec►ed on �hc
<br /> Property insi�red against loss by fire, hazards included within the term "extended coverage" and any other hai.ards, including
<br />-����-�� ffoods or floaling, for which I..ender requires insurancc.This insurance shall bc maintained in the amounts and for the periods
<br />-,_-.�___� that l.ender requires, The insuranee carrier praviding the insur.�nce shall be chosen by Borrower subject to Lender's approval
<br />-----_= which shall not be unreasonably withheld. !f Borrower fails to maintain coveragc describcd above, �cndcr may, at Lcnder's
<br />� ���� option. obtain coverage to pratect Lender's rights in the Propeny in accordance with paragraph 7.
<br />-- - AU insurazue {wlicies and renewals shall be aceeptable to I.ender and shall ioclude a standard mortgage clause. Lender
<br />.,,..�;�,� shall have thc right to hold the policics and renewals. If Lender requires, Borrou�er shall promptly give to L.cndcr all rcccipts of `
<br /> -- paid pr�mivais and renewal notices. In thc cvent of loss, Ilorrowcr shal!�ivc prompt noticc to the insurance c�rricr and Lcndcr.
<br /> � - I.ender may makc proof of loss if not madc prnmptly by Rorrower. .
<br /> :�,,,e(�'�� Unless Lender and Borrower othenvisc agree in writing, insurance prce�eds shall be applied to resroration or repair of the
<br /> ;� Propeny darnaged, if the restoration or repair is economically feasible and I.ender's security is not Iessened. If[he restoration or
<br />_� repair is not econo�nically feasible or Lender's security would be lcssened,the insurance proceeds shall be applicd to the sums
<br />.:.:�� secured by this Securiry Instrument, whcther or not then due, with any exccss paid to Borrowcr, If Borrower abandons thc
<br /> _-_____—� Property,or does nut answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim, then
<br /> ._—.;. L.ender may collat the insurance proceeds. l.ender may use the proceeds to repair or restore the Property or to pay sums
<br /> - -��� secured by this Securiry Instrument,whether or not then due. The 30-day period will begin when the notice is given.
<br /> _�mQ.� Unless Lender and Borrowcr otherwise agrec in writing, any application of proceeds to principa! shall no[ cxtcnd or
<br /> postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the payments. If
<br />- ' under paragraph 21 the Properry is acyuired by L,ender, Borrower's right to any insurance policies and proceeds resulting from
<br /> ----� damage to tlie Proper[y prior to the acquisition shall pass to i.ender to the extent of the sums secured by this Security lnstrument
<br />_ — __� -
<br /> --- —,� immediately prior to the acquisition.
<br />- = 6. Occupancy, Preservation,Maintenance and Protection of the Property; Borrowcr's Loan Appllcation; I.easeholds.
<br /> -_—�� BaYOwer shall occupy, establish,and use the Property as Borrower's princlpal residence within sixty days after thc execution of
<br /> - this Security Instrument and shall continue to occupy the Property as Barrawer's principal residence fur nt least one ycar after
<br /> _ the date of accupancy, unless Lender otherwise agrees in writing, which consen[ shall not be unreasonably withheld, or unless
<br /> extr,nuating circumstances exist which are Ueyond Borrower's control. Borrower shall not destroy, damage or impair the
<br /> = Property, allow the Propeny to deteriorate, ur commit waste on the Nroperty,Barrower shall be in default if any forfeiturc
<br /> ___ _ action or proce�ding,whether civil or criminal, is begun that in Lender's good faith judgmcnt could result in forfeiture of the
<br /> -___ Property or othenvise materially impair thc lien crcated by this Security lnstrument or Lcnder's security interest. Rorrowcr may
<br /> -- cure such a default ancl refnstate,as provided in paragraph 18,by causing the aciion or proceeding to be�dlsmissed with a ruling
<br /> that, in Lcnder's goai faith detcrmination, prccludes forfciture of thc Aorrowcr's in�crest in thc Property or othcr material
<br /> impairmen[ of tne iien created 'ny ci�is 5ccuri�y L��i�ui�ici�i vi Z..vD��l'�o o"w"wT��j ir:C:CS:. q0:rt,.w_� c�ajj �Icn hr in �1�fauli if
<br /> Borrower, during the loan application process,gave materially false or inaccurate information or sta[ements to L.ender(or falled
<br /> to provide Lender with any material information) in connection with the loan evidenced by che Nate, including, but not limited
<br /> to,reptesentations conceming Borrower's occupancy of the Property as a princlpal residence. If this Security Instrument is on a
<br /> leasehold, Borrower shall comply with all the provisions of the leasa (f Borrawer acquires fee title to the Property, the
<br /> leasehold and the fee titic shall not merge unless Lcnder agrces to the mergcr in writing.
<br /> 7.Protectlon ot L,ender's Rlghts in the Property.If Borrower fails to perform the covenants and agreements contained in
<br /> this Security Instrumcnt, or there is a legal proceeding that may significantly 3ffect Lender's rights in the Property (such as a
<br /> praceeding in bankruptcy, probate, for condemnation or forfeiture or to enforce laws or regulations), then Lender may do and
<br /> pay for wl�atever is necessary to protect the value of the Property and I.ender's rights in tlie Property. I.cnder's actions may
<br /> include paying any sums secured by a lien which has priority over tt►is Security [nstrument, appearing i�i court, paying
<br /> reasonable attorneys'fees and entcring un the Property to make repairs. Although Lender may take action under this paragraph
<br /> • 7�I.ender dces not have to do so.
<br /> = Any amounts disbursed by Lender under this paragraph 7 shall becomc additional dcbt of E3orrower secured by this
<br /> Security[ns�rument.Unless Bortowcr and L.cndcr agree to other terms of payment, these amounts shall bear interest from the
<br /> date of disburscment at the Notc rate and shall bc payable, with interest, upon notice from l.ender to Borrowcr requesting
<br /> - -- paymcm.
<br /> - � 8.Mortgs�ge Insuronce. If Lender required mongage insurance as a condition of making the loan secured by this Security
<br /> Instrument,Bottowcr shall pay the premiums required to maintain the mortgage insurancc in effect. If, for ;my reason, the
<br /> mortgnge insurance coverage reyuired by Lender lapscs or ccases to be in effcct, Borrowcr shall pay the prcmiums required to
<br /> ___ � obtain wverage substantially equivalent to the monga�e insurance previously in effect, at a cost substantially equivalent to the
<br /> -- cost co Borrowcr of the mortgagc insurancc previously in effcct, from an alternate mortgagc insurer approved by L.cndcr. lf
<br />,;.;.�'°',:�� substantially equivalent mortgagc insurance coverage is not available, Borrower shall pay ro Lender each month a sum equal to
<br />-A Y,,��� one-twelfth of the yearly mortgage insurance premium being paid by Borrower when the insurance coverage lapsed or ceased to
<br />-:;�"��"'_� be in effect.Lender will accept,use and retain these payments as a loss rescrve in lieu of mortgage insuran�e. Lvss reserve
<br /> L,,�"�t.�� Form 3028 9/90
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