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<br /> . . 5. Haz�l•or Propeity tnso�ance. Barrower shall keep the improvements now eus��hereaRer erected on the � < ----,"_'
<br /> ; � .. � � Praperty insured aga�nst lass by fire. Bazards included vrithin the term"extended coverage" and�any other hazards, inctudi�� � • T�=--
<br /> . � ;. ` `.� f` . 'floods oF tlooding.for which Ixnder reqaites iitsurance.'fl�is iasuranoe shall be maintained in the amounts and for tha periods -, ';�."�_
<br /> �`� � ' � • that Lender requires_ The it�suranoe carrier providing the insusartce shall be chosen 6y Borrower su6ject to i.ender's approval � ���e� _:��-
<br /> ,- �� whic6 st�tl!stot bc un;r�sa�sly�withhdd.�tf Bosreswer fails to�naintaia soverage desc7iDed abave. t.eader�y.at ix�der's . G"�� -
<br /> :� optioo,ubtain caverage to protax Ixnder's ri,�hts in the Pruperty in acooNa�e with paragraph 7. � : ,7.:_.�,.s..--�_
<br /> . . . . :� Ati insurance poticies and rea�ewals shall 6e acceptabte to Lender and shall include a standard mortgage clause. Lxnder `>�f`;��'�•-
<br /> ` � sl�Il dave the right w hold tl�e policies mqui �i�raP Y bn P� "`" .�•'}�'=`
<br /> y•' � atid�newals.If Lender res.Horrower s d ve to Lender al�recei of ° �.�f-�..
<br /> . ' , �.T3'_��-....._��___
<br /> �� ' paid premiums and renewal notices.In the eveat of loss.Borrower shall give prompt Qntice to the insurance carrier an�Lsnder. �--��-
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<br /> : . . Leader may make proaf of loss if rroi made ptomptly 6y 6otmwer. � - -_- _-
<br /> � • ' . ` Un�ss Lender and Eorrower attierwise agree in writing.insorance piviceeds shall be applied to restoration or repair of tlie —
<br /> 's.� ' .. Property damaged.if the restaration or repair is economiplly feasibte and Lender's serurity is not lessened.If the resi�ratioti ar - ---
<br /> ,,` . ` . repair is not econnmically feasible or Lender's security would be lesseaed,the insuranae proceeds shall be applied to the sums — i_
<br /> • ' secure� by this Security Iashument, whether or not then due, arith any excess gaid ta Borrower. If Borrower.abandons the =_-
<br /> ' ` � � • Property.or does not answer a+ithin 30 days a nodce from Lender that the insurance canier has offered to seate a claim,then --
<br /> �r . , � Lende*msy coltect the insurance proceads. [xader may use the pmceeds to repair or restotie the Properry or to pay sums
<br /> '� `- `,� ------ _�sred by this Security Iasuumen�wltether or not then due.The 30-day periad will begin when the uotice is given. -- -
<br /> • ' - "� �' Unless Lender and Borrower otherwise agree in rxriting, any appliption of proceeds to principal.shal! not extsnd or • __
<br /> �, ,_ . , postpone ihe due d�e of the monthly paymenu mferred to,in paragraphs 1 and 2 or change the amount of the Qayments. If _
<br /> _ ._ .:. . �. ,.
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<br /> ..� . _..._._.,.... _._�. ..---. - under-patagrapb�21-t��ropertyisacqaired by Ixnder.8orrower's-right ta amr u�surar[�policies and�proce�ds-tesultingfrom----� --� �
<br /> � ,. . damage to the Property prior to tha acqaisition shall pass to Lender to the extent of the sv.r�secured by this Security Instrument —
<br /> . , immediately prior to the acquisition. ' —
<br /> ,'��` 6. Preservatfoa,Maintenaace and Protection of ttte Pi�
<br /> Occapan�y, P pei4y;Borro�ses's Loan Appltcatto�;I.easeholds. �
<br /> ° - _ - � •_ ' Borrower shall oca�y,establish,and use the Property as Sorrower's principal residence within sisly days aRer tbe�x�cution of . —_--_
<br /> ' this 3ecuriry Iasmunent and shall continue to occupy the Property as Borrower's principal residence far at least one year after — —,,:
<br /> � . . -,,. ,. the date of occupancy.unless i.ender otherwise agrees in writing,which conseM sha11 nat be anreasona6ly withheld, or unless �.;
<br /> � . �• exte-^-�ing circumstances exist which are be�road Borrower's cantrol. Horrower sha�!eot desuoy. damage or impair the ��-
<br />' . ...:. ' " _ _ Pra�at�, allow tI-�Fmperty to deieriorate,or commit waste on the Property. Borrower shall 6e in defaWt if any forfeitwe �.
<br /> �'. � actinn or praceedia�, ahether civil or criminai,is 6e�ua that in Lender s g�od faith judgment coutd result in forfeiture of the �':.4°
<br /> . � . Property or oiher�x:materiaqy impair the lien created by this Security I��zent or L.ender's security imeres� Boaower may ""
<br /> � • cure such a default and reint�ate..s provided in paragaph 18,by causing the action or�roaz�cling to Ge dismissed with a niling . �
<br /> �. . . that. in Lendet's good faith Qeter�-ination. precludes forfeihue of the Eoaower's intets�t �n the Property or other material ,,.';, .
<br /> � � � - - - impairment of the lien created by this Security Instrument or Len�er s security interest.Sorrower shall also be in default if
<br /> , �� . ' .. Borrower.during the loan appliration process,gave materially false or inacc�ate infartnadon or stztem..�u to Lender(or failed i
<br /> , • � to provide Lender with any material informauon)in connection with the loan evidenced by the Note,ir�sI�ding,but not limited
<br /> ' � . '. to,re�resentations conceming Borrawer's occupancy of tfie Property as a principa!residence.If this Secarity Inctrument is on a ;'�y ; �:
<br /> . � �. . .� lease�c!d, Borrower shall camply with all the provisians of the lease. If Borrower acquires fee title ro the Property. the _�`'��
<br /> . . leasehold and the fez title shall not merge untess Lender agreES to the merger in writing. =
<br /> .;,� • • 9.Protectlan a6'l.ende�'s Rights in tiie Property.If Borrower fails to perform the covenants and agreements contained in •�, �'"�"�---
<br /> . _.�. _4. .; this Securiry Instrwr,�t, or there is a legal proceeding that may significa�ut}affect Lender's rights in the Property(such as a -y����`��`�-
<br /> oceedin in b � robate.for condemnation ar forfeiture or to enfarce laws ar " 7!•+
<br /> • .. . � Pr S� ��Y.P ce�ulations).then Lender may do and • - ��'-`.-
<br />' , ,'. . pay for whatever is necessary to protect the vatue of the Property and Lender's ri ts ia the Pro e Lender's actions ma ' �.. '"" �'`""
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<br /> �.'+ . .. . inctade paying any sums secun�3 by a Iien which has priority over titis Security [c�strument, app�rirtg in wurt. paying '� �'���`�
<br />- " • � reasonable attomeys' fees and er:ering on the Property to make repairs. Although Lender may take acti�n under this paragraph �
<br /> ���;_:.
<br /> �.� ' ' . ' . 7.Lender does not E�x;:e to do so. =
<br />'`�_�e , • . Any amounu d:sbursed By Lender under this paragraph 7 shall become additional debt of Besrower secured by this •�. � ��
<br /> - � '• Securiry Inswment. Unless Borraa�er and I.ender agree to otrer terms of payment, these amounts shall bear interest fmm the ,' '`�""`'j; ' '_
<br /> • . • ' , date of disbursement at the Note rate and shall be payable, with interest, upon notice from l.ender to Borrower requesting � .. � .'
<br /> .�'.1:.�: � payment. � . f:
<br />•� r �'�`, . � S.Mortgage[ns�-ance.If Lender required mortgage insurance as a cor.ditian of making the loan secured by this Security � � ' ��
<br /> f � • instrument,Sanower shall pay the premiums required to maintain the mortgage insuranoe in effcct. if, for any reason. the
<br /> �.• .. .. ,
<br /> . � �. mortga,ge insurance coverage required by Lender lapses or ceases to be in effect.Borrower shall pay the premiums reguired to �;
<br /> obtain ooverage substantially equivaient to the mortgage insurance pr�viously in effect. at a rnst substantially eqaivalent to the � ' �
<br /> ,, ��`.�.� �. � .. • . .
<br /> _ • • � . cost to Borrower of the mortgage insurance previously in effect. from an altemate mortgage insurer approved by Lender. If ,
<br /> substantialty equivalent mortgage insurartce ooverage is not available.Borrowcr shafl pay to Lender cach month a sum equal to
<br /> '.� : .� : . one-iweifth of the yearly mortgage insurance premium being paid by Bonower�vhen the insurance covetage lapsed or ceased to •
<br /> b e i n e f f i x t.L e n d e t wi l l acce p t.use an d re t ain t hese payments as a toss reserve in lieu o f mortgage insurance. Loss reserve , ' � '
<br /> � �� - � Farm 3028 9/80 .. „
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