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94-1 104710 periwis that Lender requires. The insurance carrier providing the insurance shall be chtl scn by Bonaw•er subject to Lender's approval which shall not be unreasonably withheld. If Borrower fails to maintain coveml;c described above. Lender may. at Lender's option, obtain coverage to protect Lender". rgh s in the Property in accordance with paragraph 7. All insurance policies and tent!wals shall be acceptable to Lender and shall include r standard mortgage clause. Utl r shall have the right to hold the policies and renewals. If Leader requites, 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. Gender may make proof of loss if not made promptly by Borrower, Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If the restoration or repair is not economically feasible or Lendcrt 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 collect the insurance proceeds. Lender may uw the proceeds to repair or restore the Property or to pay sums secured by this Security Instrument, whether or not then due. The 30-day period will begin whcn the notice is given. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the monthly payments referred to in paragraphs I and 2 or change the amount of the payments. If under paragraph 21 the Property is acquired by Lender. Borrowers right to any insurance policies and proceeds resulting from damage to the Protxrty prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instnttnent immediately prior to the acquisition. 6, Occupancy,' Preservations, Maintenance and Protection of the Property; Borrower's Loan Application: Leaseholds. Borrower shall occupy, establish, and use the Property as Borrow'er's principal residence within sixty days after the execution of this Security Instntment and shall continue to occupy the Property as Borrowers principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which ape beyond Borrower's control, Borrowcr .shall not destro,., damage or impair the Property, allow the Property to deteriorate, or commit waste on the Property. Borrower shall be in default if any forfeiture action or proceeding, whether civil c-r criminal, is begun that in Lenders good faith judgment could result in forfeiture of the Property or otherwise materially impair the hen created by this Security Instrument or Lender's security interest. Borrower may cure such a default and reinstate, as provided in paragraph 18: by causing the action or proceeding, to be dismissed with a ruling that, in Lender's good faith determination, precludes forfeiture of the Borrower's interest in the Property or other material impairment of the lien created by this Security Instrument or Lenders security interest. Bormwer shali also be in default if Borrower, during the loan application process. gave materially false or inaccurate information or statements to Lender (or failed to provide Lender with any material information) in connection with the loan, evidenced by the Note, including, but not limited to, representations concerning Borrowers occupancy of the Property as a principal residence. If this Security instrument is on a leasehold. Bout ever shall comply with all the provisions of tlm lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 7. Protection of Lender's Rights in the Property. If Borrower fails to perform the covenants and agreements contained in this Security instrument, or there is a legal pmceeding that may significantly affect Lender's rights in the Property (such as a proceeding in bankmp;cy, p. o`mte, for condemnation or forfeiture or to enforce laws or regulations), then Lender may do and pay for whatever is necessary to protect the value of the Property and Lender's rights in the Property. Lender's actions may include paying any sums secured by a lien which has priority over this Sc: arity Instrument. appearing in court, paying rcasonablc attorneys' fees and entering on the Property to make repairs. Although Lender may take action under this paragraph 7, Lender dr-s not have to Flo so. Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Bormwer secured by this Security Instrument. Llnless Borrower and Lender agree to other terms of payment. these amounts shall bear interest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting payment. 3. Mortgage Insurance. If Lender required mortgage insurance as r, condition of making the loan secured by this Security Instrument, Borrower shall pay the premiums required to maintain the mortgage insurance in effect, If. for any reason, the mortgage insurance coverage required by Lender lapses or ceases to be in effect, Borrower shall pay the premium- required to obtain coverage substantially equivalent to the mortgage insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the mortgage insurance previously in effect, from an alternate mortgage insurer approved by Lender. If substantially zquivaient mortgage insurance coverage is not available. Borrower shall pay to Lender each month a sum equal it, ono-twelfth of the yearly mortgage insurance premium being paid by Borrower when the insurance coverage lapsed or ceased to be in effect. Lender will accept, use and retain these payments as a loss reserve in lieu of mortgugc !nsurance. Loss reserve payments may no longer be required. at the option of lender, if mortgage insurance cover ge (in the amount and for the period that Lender requires) provided by an insurer approved by Lender again becomes available and i : of .-Tined. Bormwer shall p,,the premiums required to maintain mortgage insurance in effect, or to provide a loss rvnt nve, unts; t-c i, Sgoirem,_-nt for mccigage insurance ends in accordance with any written agreement between Borrower and Lender or appii _ ruble law. 9. In pectiorr. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall give l3ormwer notim at the time of or prior to an inspection specifying reasonable cause for the inspection. 10. Conr1t"mnation. The proceeds of any award or claim for damages. direct or consequential, in connection with any Single Family Fannie %1WFreddle11sc t,^YiFORM INSTRUMENT— Uniform Covenants 4190 (paqr? of R pages) reear. tales BW-A-6 Farms. Lx. M , To Order VW. 141001530 9393 Q FAX 6M791 m171 ' i.