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<br /> S. Ha�wrd or Prnpert� I�surAnce. Borrowcr shall keep thc improvemenis now existing on c�rcaftcr c:rccted on thc
<br /> • Property insurcd against loss h,y firc, hazards included within chc term "extondccl covcragc" :►nd any athcr h��r.ards, includfng
<br /> floods or flooding, for which Lencier requires insurance. This insurance shall be maintained in tha�mai►nts and t'or�he periats
<br /> that l..ender requires.The insurance carrier providing the insurance shall he chosen by Borrower sub}rct to l.ender's appraval
<br /> which sh�ll not be unrcasonably withheld. If Borrower fails to malntain covcr:►gc dcscribcd atxwe, l.ender may,at l.cnder's
<br /> option,obtain coverage to protect Lender's rights in the Property in accordance with paragiaph 7.
<br /> All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. Lender
<br /> shal{have�hc right to hold the policies and renewals. If L.cndcr requires,Borrower shall promptly give tu l.cnder all rcccipts of
<br /> paid premiums and renewal notices.ln the event of loss, Borrower shall give prompt notice to the insurance carrier�iid Lender. �_
<br /> L.ender may makc proof of loss if not made promptly by Borrowcr.
<br /> Unless Lender and Borrowcr othcrwise agree in writing, insura�uc procecds shall bc applied to restoratian or repair of thc
<br /> Propeny damaged, if the restoration or repair is economically fcasible and Lender's security is not Iessened, If thc reseoration or
<br /> repair is not economically feasible or Lender's security would be lossened, the insurance proceeds shall be applied to the sums
<br /> secured by this Security Instrument, whether or not then due, with any excess paid [o Borrower. If Borrower abandons the
<br /> Property, or does not answer within 30 days n notice from I.ender that the insurance carricr has offered to settle a claim, then
<br /> Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums
<br /> secured by this Security (nstrument,wliether or not then due.The 30-day period will begin when the notice is given,
<br /> Unless Lender and Borrower atherwise agree in writing, any application of procceds to principal shall nnt extend or
<br /> postpone the due date of the monthly payments refcrred tc� in paragraphs 1 and 2 or changc thc amount of thc payments. If
<br /> under paragrapl�21 the Property is acyuired by Lender, Borrower's right to any insurance policies and proceeds resulting fron�
<br />- damagc to the Proptrty prior to the acquisition shaU pass to I.ender to thc extent of the sums secured by this Security Instrutnent
<br /> immediately prior to the acquisition.
<br /> 6.OccupAncy,Preservatlon,Maintenance ond Protection ot the Property;Borrower's Loan Appllcntion;Les�seholds.
<br /> Borrower shall occupy. establish,and use the Property as Borrower's principal residence within sixty days after the execution of
<br /> this Security Instrument a�id shall continue to occupy the Property as Borrower's principal residence for ac 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 /> extenuating circumstances exist which are beyond Bc�rrower's concrol, Borrower shall nat destroy, damage or impair the
<br /> Property, allow the Property to deterioratc, or commit waste on thc Propeny. Borrower shall be in default if any forfeiture
<br /> action or proceeding, whether civil or criminal, is begun that in Lender's good f�ith judgment could result in fodeiture of the
<br /> Propeny or otherwise materially impair the lien created by this Securi[y Instrument or Lender's securicy interesc.Borrawer may
<br /> cure such a default and reinstate,as provided in paragraph 18,by causing the accion or prceeeding to be dismissed with a ruling
<br /> that, in Lendtr'c �cx�d faith detennination, precludes forfeiture of the Borrower's interest in the Property or other material
<br /> lmpairment of the lien creaced by this Security Instrumcnt or Lender's security interesi. Bu�iuwer s�ai� a;s� �in"�fae!! if
<br /> Borrawer,during the loan application process,gave materially false or inaccura[e informatiun or statem�nts to L.ender(or failed
<br /> [o provide Lender with any material information)in connection with the loan evidenced by the Note,including.but not limitest
<br /> to,repr�sentations concerning Borrower's occupancy of the Property as a principal residence. if this Securi[y insirurnent is on a
<br /> leasehold, Borrower shall comply with all the provisions of the lease. If Borrowcr acquires fee title to the Property, the
<br /> leasehold and the fce titic shall no[merge unless I.ender agrees to the mcrger in writing.
<br /> 7.ProtecNon of Lender's Rights In the Propetty.If Borrower fails to perform the covenants and agrec�neNs contained in
<br /> this Security Instrument, or there is a legal proceeding that may significantly affect Lender's rights in the Propeny(such as a
<br /> prceeeding in bankruptcy, probate, for condomnation or forfeiture or to enforce laws or regulations), tlien Lender may do and
<br /> pay for whatever is necessary to protect the value�f the Property and L.ender's rights in the Property, L.ender's actions may
<br /> include paying any sums securcd by a lien which has priority over this Security Instrumcnc, appearing in coun, paying
<br /> xeasonable atcorneys' fces and entering on the Property to make rcpairs. Aithough Lender may take action under this paragraph
<br /> 7,L,ender dces not have to do so.
<br /> Any amounts disbursed by L.ender under this paragraph 7 shall Uecome additional dcbt of Borrower sxured by this
<br /> Security Instrument. Unless Bonower and [.ender agree to other terms of payment, thesc amaunts shall bear ia�erest from the
<br /> date of dlsbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting
<br /> - payment.
<br /> S.Mortgage Insurence. If L.ender rcquired mortgage insurance as a condition of making the loan secured by tl�is Secunty
<br /> instrument, Borrowet shall pay the premiums required to maintain the mortgage insurance in effect. If, for any reason, the
<br /> mortgage insurancc coveragc required by L.cndcr lapses or ccascs to be in cffect, Borrower shall pay the premiums requircd to
<br /> obtain coveragc substantially equivalcnt to the mortgagc insurance prcviously in effect, at a cost substantially equivalent to the
<br /> cost to Borrower of the mortgage insurance previously in effect,'from an alternace mortgage insurer approved by I.ender. If
<br /> substantialiy cquivalent mortgagc insurance coveragc is not available, Borrower shall pay to Lcndcr cach month a sum equal to
<br /> one-twelfth of thc yearly mortgagc insurance premium bcing paid by Borrower when thc insurance coverage lapsed or ceased to
<br /> be in cffcct. Lcnder will aceept,use and rr.tain thesc payments as a loss reserve in licu of mortgage insurance. l.oss reserve
<br /> For�3028 9/90
<br /> Pegn 3 of 6 IniUds:_
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