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193- 110891 periods that Lender requires. The insurance carrier providing the insllfance shall be chosen by Borrower subject to Lender's approval which shall not be unreasonably withheld. If Borrower fails to maintain coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender'3 rights in the Property in acccrdance with paragraph 7. All insurance policil;S and renewals shall be acceptable to Lender and shall include a standard mortgage clause. Lender shall have the right tu hold the policies and renewals. [f Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree itl writing, insurance pfC.'ceerls shall be applied to restoration or repair of the Property damaged, if ti,e restoration or repair is economically feasible and Lender's security is not lessened. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. If Borrower abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim. then Lender may coller:t the insuranc!" ::,roceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secured by this Security Instrument, whether or not then due. The 30-<lay period will begin when the notice is eiven. Unless Lender and Borrower other\l,'ise agree in writing, any applicatiCrn of proceeds to principal shall not extend or postpDne the due date of the monthly paymems j"eferred to in paragraphs I and 2 or change the amount of the payments. If under paragraph 21 the Property is acquired by L:'nder, Borrower's right to any insurance policies and proceeds resulting from damage to the Property prior to the acquisitiol i shall pass to Lender to the extent of the sums secured by this Security Instmment immediately prior to ihe acquisition. 6. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Lonn Application; Leaseholds, Borrov,er shall occupy, establish, and use the Property as Borrower's principal residence within sixty days after the executior~ of this Security Instrument and shall continue to occupy the Pro~rty as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which <:onsent shnll not be unreR~onabJy withheld, or unless ~xter.uatil1g circumstances exist which are beyond Borrower'l' contrl\1. 11-Jilower shull not dest~(IY, damage or impair the Property, albw the Property to deteriorate, Of commit waste on the Property. Borrower shall !Je in default if any forfeiture action or proceeding, whether cj./il or criminal, is begun that in Lender's good faith judgment could result in forfeiture of the Property or otherwise materially impair the lien c,...aied by this Security Instrument or Lender'~; ~ecurity interest Borrower may cure such a default and reinstate, as provided in paragraph 18, by causing the nction or proceeding to be dismissed with a ruling that, in Lender's good faith ddermi!l:<iion. precludc~ forfeiture of the Borrower~<; interest in the Property or other material impairment of the lien created by this Security Instrument or Lender's security :n,~rest. Borrower shall also be in default if Borrower, during the . loan application process, gave materially false or in"tcurate infonnation or sl.atements to Lender (or faikd to provid(~ Lender wi1n any materia! information) in connection with the loan evidenced by the Note, including, but not limited to. represen':llions concerning Borrower's occupancy of the Property as a principal residence. [f this Security Instrument is on a le:>,seh.lid. Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leJsehold and the fee title shall not merge unless Lender agrees to the merger in writing. 7. Protection of Lender's Rights in the Propert)'. If Borrower fails to pcrfornl the covenants and ngreements \:ontained in this Security Instrument, or there is a legal proceeding that may significantly affect Lender's rights in the Property (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture or to enforce laws or regulatinns), then Lender may do and pay for whatever is necessary to protect the value of the Property and Lender~., rights in the Property. Lender's action:; may include paying any sums secut'ed by a lien which has priority over this Security Instrumen!, appearing in court. paying reasonable allomeys' fees and entering on the Property to make repairs. Although Lender may take action under this paragraph 7, Lender does not have to do so. Any amounts disbursed by Lender under tl.l~: paragraph 7' shall become additional debt of Borrower secured by this Security Instrument. Unless Borrow'~r and Lender agree to other tenns of payment, these amounts shall bear interest from the date of disbursement at the Note rnt ~ and shall be payable, with interest, upon notice from Lender to Borrower requesting payment. 8. Mortgage Insurance. If Lender n.:quired mortgaee insurance as a condition of making the loan secured hy this Security Instrumem, Borrower shall pay the premiums required to maintain the mortgage insurance in effect. If, for :my reason, the mortgage insurance coverage required by Lender lapses or ceases to be in effect. Borrower shall pay the premiums required to obtain coverage substantially equivalent to the mortgage insurance previously in effect, at a CO"! sub"tantially equivalent to the co"t to Borrower of the mortgage IOsurancc previously in effect, from an altemale mortgage insurer approved by Lender. If substantially equivalent mortgage insurance coverage is not available, Borrower "hall pay 10 Lender each month a sum equal to one~lweffth of the yearly mortgage insurance premium being paid by Borrower when the insurance coverage lapsed or ceased to be in effect. Lencer will accept. use and retain these payments as a loss reserve in lieu of mortgage insurance. Loss reserve paymerlts may no longer be required, at the option of Lender, if mortgage insurance coverage (in the amount and for the period that Lender requires) provided by an insurer approve(j by Lender ag.,jn becomes avaiiablc and is obtained. Borrower shall pay the premiums required to maintain mortgage insumnce in effect, or to provide a loss reser'.'e, until the requirement for mortgage insurance ends in accord,mce with any written agreement between Borrower and Lender or applicable law. 9. Inspcc:tion. Lender or its agent may make reasonable entries upon and inspections of lhe Property. Lender shall give Borrower n<)tice at the time of or prior to an inspection spec!fying reasonable cause for the inspection. 10, Condemnation. The proceeds of any award or claim for damages. direct or consequential, in connection with any Single Family n Fannie Mae/Freddie Mac UNIFORM INSTRUMENT n Unifonn Covcnllnls 9/90 (raKr 3 "In f'agrs) r.""'1 w.., lIuoln_ FOIl1"". Inc. . To Ordt.t ealt 1-800-5.11).93930 PM, 616-791-1131 '.