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� . 99 107096
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<br /> 5. �azard or Property Insuranee. Borro'wer shall keep the improvements now existiny, or he�eafter erecud on the
<br /> P%p�xty insured against loss by fire, hazards inc]uded within the te�m "exunded cova�age" and eny other he�ards, including
<br /> floods or flooding, for which �nd�r requires insurance. This insurance shall be m�intained in �he amo�nts and Por the periods
<br /> t�u�t Lendex rzquir�s- The insurance carricr providing the insuranc� shall be chosen by Barrower subject [o Loncie,r's apprpval
<br /> which shell not be urareasonsbly wirhheld. �f Bor,rower fails to maintaia covera�e descri'bed s�bove, Ler►der may, at Lender's
<br /> �option,obtain cove,rage to protoct Lcndcr's righrs in rhe Property in accordancc v�nth paragraph�. � .
<br /> All insurance polieies and renewals shall be acceprable to Y,ender and sha,ll indude a srandsrd mortgage cleuse. ,F,ender
<br /> shall havo th�z�6t to hold the policics and ret►ewaLs. If Lender rcquires, Barrpwer shall promptty give rn L�n.der a11 receiprs pF
<br /> psid premiums and renewa�nodces. Ir� the event of loss, Borrower shau,give prompt nod�e to the inswrancc catrier and 1.endes.
<br /> T.endea roay mal:e proof of loss iF not made promptly by Borrower.
<br /> ' � Un�ess'Le,�dar and Borrower o[henvise a�ree in wrldng. insurance proceeds shatl be applied to restoration ar repair of the
<br /> Propexty damaged, if the restoraaon or repair is economicelly feasible a�d Lendor's sxurity is not lessened. IF rhe restoradon or
<br /> repair is not economicalky feasTble or I.ender's security would be lessened, the insurance ,procoeds shall�be applied[o the sums
<br /> securcd by this Security Ins�ument, whether or not then due, wxth any pccess psid b� Borrow�r. If Borrower a'bandons the
<br /> Property, or doa�s not answer within 30 days a nodce £�om Lemder thac rhe insurence carric�r has.offerod to actde a claim, then
<br /> Lender may colleet ttre insurance proceeds. Lender may nse the proeeeds to repair� �r restore,the or to;, �u��,,� ,
<br /> secured by this Securiry Instr�unont,whethcr or not k6en due,T'he 30-day period will b�gin when thc poRCe�i��n .{'`�� , +
<br /> Unless�Lender and �orrower oth�zwise agree in wri6ng, any appucation af proceeds t�.principal shell not extemd or
<br /> postponc tho duc dau of tlae monrhly payments referred W in paragrapbs 1 and 2 or change the amount of che paymcnts, If
<br /> un�da paregt�aph 21 [he Pcoperry is acquimd bY Irender, Bozrower's right to any insurence policies end proceeds resulting ;ftom
<br /> damage rA the Property pzior w the�quisiriun shall pass to Lendcr to the eyctcnt of rhg sums secured by this Sccurity Instrwner►� �
<br /> immediately priof tb the acqu�sition. � ,
<br /> 6. Occupancy,Preservat3on, Maintenance and Protectton of t�e Propelty;Borrower's Loan A,pplicatio�;Lea��olds.
<br /> ' Borrowea shall oecttpy, establish, and use the Prop�ny as Bottpwet's principal reside�lCC within siary days afteA'the exeCUnon of
<br /> this Seeurity Instrument,end sh�ll conpnue to occupy the Properly as Bp�xpwer's pz�cipal residCnce far at kast one year,aftar
<br /> the date of oec�tpancy, unless Lendcr otherwise agzees In vuriting, which consent shall not be unreaspnably withheld, or unless
<br /> exccnuating circumstanccs exist which are beyoad Borrowez's control.� Borrowcz shall not desa�oy, damage p� irupair the
<br /> Propexty, a11ow the Proncrty to d�teziorate, or commit waste on the Properry. $oaowcr shall be in defauit if anY farfext�e
<br /> aefion or Proceeding, whether civi2 or criminal. is bogun tl�at in LEncler's good faith judgment could result in fonPeitune�of the
<br /> Property or oth�rwise z�naberially impair the litn created by this S�ceu�ty Insmyment or Lender's security intcresL 8omowCr may
<br /> cure sueh a default�and reinstue, as provided iun par$graph 18, by eausing•che acbion ar pro�eedfng�ro be discnlssetl with a ruling
<br /> that. i� Lender's good faith determinadon, precludes forfeiture of the Borrower's int�rest in tbe Property or other mate�ial
<br /> impaixmant of the lien created by this Security Ynstrvmenc or x„ender's secvrity tnwrest Borrov�cr shali also be in default If
<br /> Borrower, dudng the loan applicetioa pmcess, gave mat,eriaUy false Qr it�accurate information or stat,�ments to Lende�(or failed
<br /> � to pnovide I.ender witta any matEriai informaapn) in conneetion with the loan evidenced by the Note, ineluding, but not limited
<br /> to> r�presenrations concorning�orrower's occupency of the Property as a priecipal resiQence. If�his SecurItq Instrumont is on�a
<br /> leasehold, Borrowa sha11� comply wxth a11 the provisions of the leese. If Borrow+eT�acquires fee dde to the Property, the
<br /> le�asehold snd the fee a[le sha11 not merge unless Len�der agree9 to�e mcrg�in writing. �� � ,
<br /> 7.Protedlom of Lender's Rights in the Propert�.If�oxrower fails to perfprm the cavenantc and agreements eontained io
<br /> this Stcurity Instiwnent, or there !s a�egal proccediu�g that may s�gnifica�dy at�fect Lend�'s ri��u in rhe Propeny (such as a
<br /> � proceeding in banlQUptcy, proba[c, for condemn��on or for,feituro or w enforcc�ws,or regu�ations), rhen Lender may do ar�d
<br /> pay for whatever i� necessary co pror�ea rhe v�,1ue of the Properry ac�d Lendcr's ng6ts in the Property. Lender's acrios�s xnay �
<br /> include paying any sums seewtcd by a lien which has priority over this SeCuriry Ins�umenr, appearing in court� paying
<br /> � reasan�abie accorneys' fees s�d enteting on the Pmpprty to make repairs, qlthough Le�der may tak� acuon undea�this para�aph ��
<br /> 7,I.ender does Aot have to do so.
<br /> Any air►ouz�ts �disbur�d by Lender under this paragraph 7 sheil become eddi�bional debt of Bon�owtr secured by this
<br /> Security Insaument,Unless Borrower and Lender a�ree to other tcrms of payment, [6ese ar�ounm shall bear�inteissc frorq the
<br /> dace of disburscmbnc u rhe No�e ratc and shali be payab�e, wish �ntatis[, upon notic.� $cpm I.e�dPx t0 BprrOwer requesting
<br /> payment. �
<br /> 8.Mort�age Insurance.If Lender roquired nnort.gage inisurance as a condiaon of malcing the,loan secureq by rhis Saeurity
<br /> Instrument, Boxxowrx sl�all pay thc premfums required co �naintain che mortgage inswtancc in effecc. If, for any reason, d�
<br /> .tnozt�a�e ins�ance coverage reqwired by Y.enda lap9es or ceasos to be in e,f�ect, Bormwer shall pay thc premiums require�i to
<br /> obtain cover�e su,bs�ntiatly equivalent co the mortgage insuranco proviously in e;ffect, at a cost substantially equivaleat to the
<br /> coat to Bonower of the morcgage insurxnce p�ev�iously in offect, from an alc�au mortgage insw�er npp�oved by Lcnder. If
<br /> subsG�fntially equivalent�tort�age ins�uanco coverage is not aveilablC, B�rrower shall pay m Lenfler each month a sum cqua] to
<br /> onatwaifrh of the�ycaraY mortgage inaurance pr�anium being paid by Borrowa�whcn the insuranca covc�'a�e lapsed or ceased to
<br /> be in offecG I.endcs will accept, use and zetain these paymena as a loss reserve ia lieu of mortgage insurance, Loss raservo
<br /> form 3G28 9/�0
<br /> ��eRlNel ios�s�.o, a.y�o or e i��.�,�_ e�D
<br /> MFN�3111-02/97 10264680 �
<br /> E'd 6L6'ON �llIf1�3 213Sf1tiH�131,3M WdLZ:6 666ti'SZ'Ntii'
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