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<br /> � � "'�` � 5. HAZiu�d or 1'roperty Insur%nce. fiorrower shnll keep the in�provements nuw existing or hereafter crectcd on Uie °
<br />��,;:��'•:_.:.�,�" Pmperty insurcd ugninst luss by firc, I�azards includc<I tivithin thc tcrm "extcndcd covcragc" and uny othcr haznrd,, including ' '
<br /> �'"'"��� '' '`�* ' flnocis or flaoding, for which I.cndcr rquires insur,mcc. 'Phis insuruncc shnll bc m��inta�incJ in thc amounts imd for ihc periods
<br />� ' � U�at Lendcr rc uires. Thc insurancc curricr rovidin thc insurancc shal l bc rhuscn b Dorrowcr sub cct to Lcndcr's a rovnl
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<br />_ ��'= `�s"' which sh�ll not bc unrcascmably withhcld. If Borrowcr fails to mnint�in covcragc d�scribcd ai�i�vc, Lcndcr may, at Lr.ndcr's r� � ~
<br />�;- .; , optian, obtoin cuveruge w prutect Lc�udtir's rights in thc Prapeny in accord;uice with paragrnph 7. . „ ° —
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<br /> •,,��� .` All insumnee policles and renewuls shall be acceptable to Lender nnd shull include u standard mortgnge clnuse. l.ender � �
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<br /> t � shall hnvc thc ribht ta hold thc policics nnd renewals. If I.cndcr rcquircs, Borrowcr shall promptly givc tu L.cndcr all rcccipts of �.
<br /> �� • • ,,,;; ••. pnid prcmiums nnd renewal no�iccs. In thc event of loss,8orrowcr tihall�ivc prompt noticc to thc insurancc carricr and Lcndcr.
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<br />_ (.cndcr may make proof of loss if not madc promptly by Borrowcr. " � ��°
<br />�;: , .: .�°."_; Unlcss Lcnder and Borrower otherwisc agrce in writing,insurnnce procecds shall he�pplicd to restoratian or repair of the . �
<br />�:�, , . Pr�perty damasGd,if the restoratian ur rcpuir is cconomically fcasiblc und Lcrtdcr's sccurity is not Icssened. If thc restoratian or . -•��t_
<br />�' �:�,+. . .�.' rcpair is nnt ccanomicnlly fcasiblc or Lendcr's security would bc Icsscned,the insurnncc procceds shall bc applicd to thc sums . ,,;'+P
<br />�` , . � sscured by this Sccuriry Instn�mcnt, whethe�• or not then due, with nny exccss paid to Borrowcr. lf Borrower abandons the �.
<br />� • , , Property,or docs not answcr within 30 days a nuticc from Lcndcr that thc insuruncc carricr has offcrcd to scttic u claim, then � ,.� "
<br />�ir� �. Lcndcr may collect the insurance p�ncecds. l.cndcr may use the prncceds to rcpair or restore the Property or tu pay sums �
<br />=' • �'+ secured by this Sccurity Instrument, �vhcthcr or not then duc. Thc 30•day period will bcgin whcn thc noticc is given. • �
<br />�, _� _ Unless Lender and 8orro�ver c�thenvise agrce in writing, any applicatiou of proceeds to principal shall not extend or ' __.
<br /> — � , ' ., postpone thc due datc of thc monthly payments refcrred to in par.�graphs 1 and 2 or chunge thc amount of thc payments. If � '' "-`""`,�;;;,��.
<br /> „ under paragraph 21 the Property is ucquired by Lender, Borrower's �ight to uny insurance policies and proceeds re,ulting from �. . ••�
<br />-` �� damage tu the Prop�rty prior to the ncquisition shall pass to Lcnder to the cxtcnt of thc sums secured by this Security[nstrument �" ?;
<br /> immediatcly priar to thc acquisitiun. �
<br />=-� ' � 6.Occupancy,I'rescrvutton,Malntennncc and Proteriion nf thc Property; Bnrrowcr's LoAn Applics�tion; Lenseholds. � � '�'t`4,
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<br /> � . Donower shall occupy,es[ablish, und use the Properry as Borrower's principal residence within sixty days after the executian uf �" +-,•• .r
<br /> -� ' ' this Sccurity lnstrumcnt and shall continuc to occupy thc Nroperty as Borrowcr's principal residcncc for ut Icast unc ycar;�Rcr �. ;r`,•► ��;,..
<br /> , the date of occupancy,unless L.ender othenv9,c agrees in writing, which consent shall not be unroasonably withheld, or unless ^
<br /> extcnuating circumstanccs cxist which arc bcyond Borrawcr's concrol. Borrowcr shall not dcstray, damagc or impair thc ' � � �� c
<br /> , � Property, nllaw thc Aroperty to dctcrioratc, or commit wastr, on thc Pr��perty. Borcowcr shall bc in default if any forfciturc `
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<br /> attion or procceding. whether civil or criminul, is begun that in Lender's good f;►ith judgment could result in forfeiture of the � "'•=�� �
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<br /> . - ` ° Froperry or otncrwisc matcrialty �mpair mc licn crcatcd by this Securiry Instrununt or Lcndcr's sccurity intcrest. Borrowcr may � � --
<br /> '" cure such u dcfiutlt nnd reinstatc, as providcd in paragiaph 1 R,by causing thc action or procccding ai bc dismis�c�i with a ruling �,I • , .
<br /> � that, in Lcndcr's good fuith detcrniination, prccludcs forfciturc of thc I�rmwcr's intcrcst in thc Property or othcr matcrial �* : ; '
<br /> impairment of the lien created by this Security Instniment or L.ender's security interext. Borrower shall Also be in default if •° '
<br /> Bonower,during the loan application proress,gave materiully fulse or inaccurate inforniutiun or statements to Lender(or failed �"
<br /> • to provide Lcndr.r with any material information) in conncction with the loan evidenccd by the Notc, including, but nat limited � ��, �
<br /> , . . to, rcpresentations eoneerning Borrower's oceupancy of the Prc�perty as n principal residence. lf this Securiry(nstrument is on a -�'•� .
<br />_. ., . lcaschnld, Borrowcr shall contply with all thc provisions of the Icasc. If Rorr��wcr acyuires fcc tiNc to thc Property, thc ,p� ,
<br /> . . Icaschold and thc fcc titic shull not mcrgc unless Lcndcr ngrecs ta thc mcrgcr in writing. -�=r�+'�•� �
<br />--• � „ 7.Protectton of I.ender's lZlghts In tlie Property. If Burrowcr fails to perti�rm thc ruvenants and agrcements containcd in � ��
<br /> • this Sccurity Instrumcnt, or Ihcre is n Icgal pr�ccding that may significantly affcrt Lcndcr's rights in thc Property (surh as a
<br /> �. • • •�• procceding in bankn►ptcy, piubatc, for condcmnation ur forfciturc ur to cnforcc la�vti c�r regulations). thcn L�:ndcr may do and � '� f �_==-
<br />_ , ., , pay for whatevcr is necessary to protect t6e vulue of the Property cind L.ender's rights in the Propeny, Lender's actions miry - • . °�• �'
<br /> . include paying :u�y sums securcd by u lien �vhich has prioriry vver this Security Instn►ment, nppearing in coutt, paying �.=•�'
<br /> ` rcasonuble zttorneys' fees uud entering on the Property to makc rcpair.. Although Lcnder may tuke action undcr this puragraph �`
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<br />_� .. 7,Lendcr docs not havc to do so.
<br />_ _ �''�'
<br />-!� Any umounts disbursed by Lc�iJcr undcr this parisraph 7 sh��ll bcco�n� :��iditional dcht of Bonc�wcr sccurcd by this •,••+�
<br /> -- , , Security Instrument. Unlcss Rorrower and Lender agrec ro uther tcrms ot'paytncnt, thesc amounts shiill bcar interest from thc �+�` �
<br /> _ • datc of disbursement at thc Notc ratc und shall bc payablc, with intcrest, upon noticc from L.endcr �o Borrower rcqucstin� '----�` �� a.
<br /> ' . . payment. ,�`• , `
<br /> 8. Mortgnge Insvrance.If Lender n:quired mortga�e insurance as a cunJition of making the lo�n secured by this Security j �' �
<br />� •���`�' Instrument, Borrower shull pay thc premiums rcyuireJ w maintain thc mortgagc insur.►nce in cffect. lf, for an rwson, thc '�
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<br /> _; - mortgagc insur.►ncc covcragc requircd by Lcndcr lapseti ar cratics to bc in cffect, Borrower shall pny thc prcmiums rcyuired to
<br /> ."` ' obti�in covcrngc saibstantially�quivulent to thc mongagc insurancc prcviuusly in cffcct, at u cust substanticilly cquivalcnt to thc � .
<br /> •. cost to Borrower of the mortgage insur.�mc rrevi��usly in cffcct, from.m alternatc nwrtg:�;c insurt�r approvcd by [.endcr. If a
<br /> suGstnntially cquivalent mortgaFc insurancc covcragc is nut av;�ilablc, Uorruwer shall pay to L.cndcr cach ntonth a sum cqual to � �
<br /> � �'�:•..�-,•"' �ne-twelfth uf thc yearly moctFnge insuranee prcmium being paid by B��rrc�wer when die insur.�nce cover.�gc lapsed ur ceased to �,
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<br /> 6e in effect. I.ender wiU accept,use and retain these payments as a loss reurve in lieu of mottgage insurance. L.�ns reserve .. "
<br /> q{ Form 3028 9/90 ,
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