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<br /> � 96� i�.�reo
<br /> , S. IiRZArd ur Property InsurAnce. Borrowcr shall kecp the improvements now cxisting an c�rcaRcr crcctcd on thc
<br /> Propeny insured against loss by fire, ha�ards included within the terrn'extended caverage" and any oiher hazarcis, including
<br /> floods or floadtng,for which L.cnder requires insurance. Tl�is insurance shall b� maintained in thc lmounts and for the periods
<br /> that L.ender requires. The insurancc carrier providing the inaurance snell t�chosen by Borrower subject to Lender's approval
<br /> which shall not be unreasonably withhcld. lf Burrower fails to maintain coverage described above, I.ender enay, 1t Lender's
<br /> option,obtain coverage to protect I.ender's rights in the Propeny in accordance with paragraph 7.
<br /> All insurance policies and renewals shall bt acceptable to Lender and shall include a standard mortgage clause. L.eiider
<br /> shall hAVe the right to hold the policies and renewals. If Lender requires,Bonower shall promptly give to l.cnder aU reccipts of
<br /> paid prcmiwns and rencwal notices. !n thc cvcnt of lass, Borrowct shal!give prompt no�icc to thc insurance carricr and Lendec �
<br /> Lender may make proof of loss if not made promptly by Bormwer. �
<br /> Unless Lender and Eiorrower otherwise agrce in writing, insurance proccais shail be applied to restoration or repair of thc
<br /> Propeny damaged,if the restoration or repair is cconomically feasible and Lender's security is not lessened.If the restoration or
<br /> repair is nat economically feasible or L.ender's sccurity would be lessened, the insurance prceecds shall be applied to the sums
<br /> secured by this Security [nstrutnent, whether or not thcn due, with any excess paid to Borrower. If Borrowcr abandans thc
<br /> Property, or does not answer within 30 da,ys a notice from Lender that�he insurance carrier has offered to settle a claim,then
<br /> Lender may collect the insurance proceeds. Lender may use the proceeds �o repair or restore the Property or to pay sum5
<br /> secured by this Security Instrument,whether or not then due. The 30-day period will begin when the notice is given.
<br /> Unless I.ender and Borrower otherwise agree in writing, any applica�ion of proceeds [o principal shall not extend or
<br /> postponc the due date of the monthly payments referred to in pua�zaphs 1 and 2 or change the amount of tt�c payments. If
<br /> under paragraph 21 the Propeny is acquired by Lender, Borrower's righi to any insurance policies and procceds resulting from
<br /> damage to the Property prior to the acquisition shall pass to L.ender to the eaetent of the sums secured by this Security Instrument
<br /> immediately prior m the acquisition.
<br /> 6.Occup�ncy,Preservadon,Mwintenance and Protection of the Proptrty;Borrower's Loan Application;Leasehotds,
<br /> Borrower shall occupy,estpblish,and use the Propeny as Borrower's princip�l residence within sixty days after the exxution of
<br /> this Security Inst�ument nnd shall continue to occupy the Property as Borcow�er's principal residence for at least one year after
<br /> the date of occupancy,unless Lender othenvise agtees in writing,which consent shall noc be unreasonably withheld,or unless
<br /> extent►ating circumstanas exist which are beyond Borrower's wntrol. Borcower shall not destray, damage or impair the
<br /> Property, allow the Propeay to deteriorate, or commit waste on the Prope►ry. Borrower shall be in default if any forfeiture
<br /> action or proceeding. whether civil or criminal, is begun that in Lender's good faith judgmen[could result in forfeiture of the
<br /> Property or otherwisc ttuterially impair thc lien creatal by this Security Instrumcnt or Lender's securit��interest.Borrowcr may
<br /> cure such a default and rcinstate,�c providcd in paragr�ph l8,by causing ttie aetion or proceecling to be dismiss�d with a ruling
<br /> that, in Ixnder's gocxl faith determination, precludes forfeiture of the Borrower's interest in the Property or oth�r material
<br /> �_. o--•^:�. ■ .1 �.:..� • '°: �r ::, r eF�o11 a.l�n � r au t f
<br /> lII1F1iUIlUGIII Vf ttlC Itl:ll L'LGAIG� �y this .�c�.L,uy .iiStTitIii.."tSC Oi�...�.���CI'�S���..� 1.^.ICf.,,.. �0..0 C. !II�_ __ _ !. .
<br /> Borrower,during�he lo�n application prcecss,gave materially false or inaccurate information or statcmeuts to l.ender(or failed
<br /> to provide Lender with�ny material information) in connectian with the loan evidencod by the Note, includin�,but not limited
<br /> to, representatIans conceming&►aower's occupancy of the Property as a principal residence. If this Security Instrument is on a
<br /> leuehold, Borcower shaU comply with all the provisions of the lease. lf Borrower acquires fee title to the Propeny, the
<br /> leasetwld and the fee citle shall not merge unless l.endcr agrees to the merger in writing.
<br /> 7.Protection ot Lender's RiShts in the Property.If Borrower fails to perform the covenants and agrceraents contained in
<br /> this Security Instn►m�n6 or there is a leg�l procteding that may significuztly affect I.ender's rights in the Property (such as a
<br /> procading in banktuptcy. probate, for condetnnation or forfeitun or to enforce laws or regulations), then Lender may do and
<br /> pay for whatever is necess�ry to protect the value of the Property arid l.ender's rights in the Propeay. Lender's actions may
<br /> i�clude paying any sums secured by a lien which has priority over this Security Instrument, app�aring in court, paying
<br /> reasonable attomeys' fas anci entering on the Propeny to make npairs.Although Lender may take xtion under this paragraph
<br /> 7,Lender does nd havc ta do so.
<br /> Any amounts disbuxsed by Lender under this paragraph 7 shall became additional dcbt of Borrowcr secured by this
<br /> Security Instrutrxnt. Unless Borrower and Lxnder agree to othor terms of payment, these amounts shall bear interest from the
<br /> date of disbursement at the Note rate and shall be payablc, with interes:, upon notice from I.ender to Borruwer requesting
<br /> paymrnt.
<br /> 8.Mortgage I�asur�nce. If L,ender required mortgage insurance as a condition of making the loan secured by this Security
<br /> Instrument. Bonower shall pay the premiunu required to maintain the mvngagt insurance in effcet. If, for any reason, the
<br /> mortgage insurance coverage required by Lender lapses or ceases to be in effect, Borrower shall pay the premiums required to
<br /> obt�in covera�e substantially equivalent to the mortgage insurance previously in effect,at a cost substantially equivalent to �he
<br /> cost to Borrower of the mortgage insurance previously in effect,from an altematG mortgage insurer approved by Lender. If
<br /> substantially equiv�lent mongage insurance covexage is not available, Borcow•er shall pay to Lender each month a sum equal to
<br /> one-twelfth of the yearly mortgage insurance premium being paid by Bortower when the insurance r�verage lapsed or ceased to
<br /> be in effect. Lender will xcept,use and retain these payments as a lass reserve in lieu of rnongage insurance. Loss reserve
<br /> Fam 3028 9/90
<br /> (�•6RlNE)ieai s�oa Pay�3 ot6 i�,�iH�.
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