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<br /> .:`� •'. r • • •. '. 5. Hamsd or Progsrty Insurnme.Borrower sball keep,the improvements now exlsang or hereaRer erected on the �
<br /> `E" ,,'�; . � Prnperty insiued against toss by fire,hazatds incJuded within the term "extended wverage" and any other hazards, includin,g . —_---
<br /> •,,. :<': floods or flooding,for which Leader requires insurance.l�'[us'ivsurattce shall 6e maintain����e am0utlls afld fot the peti0ds
<br /> � .. that Lender requires.The insurance carrier prnviding the insuraace shall be chasen by Borrower subject to I:ender's app�rova! =----
<br /> ''` � � � • which shall not be unreasonably withheld.If Borrower faits ta maintain ooverage described above. �ender may, at Irender's � '
<br /> , , apqan,obta9n ooverage to protect Lender's rights in the Property in aocordance with paragraph 7. � � _--- -
<br /> . All i�surasu;e policies and renewais sha!!�rc acxeptablc to LerEder an�shalt ircclade a standard�vrtga�ctause. i:eiidar
<br /> _!-<_- -
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<br /> . t , � shal!have Xhe right to hold the policies acd renevrals.If Lender reqµires,Borrower st�all prampt[y give to Lender al!ceceipts of
<br /> - . - . � . paid premiums aud renewaf notices.In the event of loss,Borrower shall giye grompt norice to t�e.insurance carrier and I.ender. •
<br /> , `�` �" � ` '� I.ender may r�rake proof of loss if not made proauptty by Boaower. � ' �
<br /> � ` ::' � Uniess Lender and Bonasver otherwise in writin ,insurance roceeds s�all 6e lied to��ation or
<br /> . agree g P aPP cepair of the •
<br /> � � . Propeny damaged,if the restoiarion or repair is eaonomically feasible and Lender's secu:ity is not lesseaed.L�the rsstota�on or
<br /> � ' repair is not economicaily feasibte or I.euder's security wautd be tessened�the insurance proceeds shall be upplied eo the sum.s ,
<br /> �' ' .z.�• � � •:",�• secared by this Security Instrument,whether or not then due. wittt az►p excess paid to Borrower. 1f Borrower abandons ihe
<br /> ', ` , . Property.or does rnot answer withiu 3Q days a notice from I.eader tbat the insarance carrirs f�as affe�ed to settle a cl�iim,thea •
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<br /> , • . Lender may collect the insurance pmcezds. I.ender may u�e the pr►�ceeds to re�air or��oce tfie Prope�t}�or to pay sums
<br />_ . , . `��'" .. � - secured hy this Security Instr�tment.whether or not then due.The 30-day period;will begin u�hen tlte aotice is given.
<br /> .., �<.�= . � Unless I.ender and Borrower othe.rarise agree in writing, any apptication of praceeds to psincipal s6alf not eztend or
<br /> ���� � ne the due daie of the monttil
<br /> . , . •� . P°� Y Payments referred to in paragraphs 1 and 2 or change the�ount of the paymetrts. If •
<br /> �':`% ' under paragcaph 21 the Property is acquired by Lender,Borroaer's right to any insurance policies aad proceeds resw�ing from .
<br /> .. • damage to the Property prior to the acquisition shall pass to Lender ta the extertt of the suttis secured 8y this Security r.mmm�at
<br /> _1 :<� _..• -_
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<br /> ----.._,v��..��.------ --- �- -�-immediatety-prior-to-the-acquisiuon.--- �---- ....---�----- ..-------....... _._....------..._.__.._ _... .
<br /> . . . � 6.Occapancy,Preservatton,Maintenemce and Ptotertion of the Peoperty;Borrower's Loan Ap�catton;Leasehoftls. .
<br /> ..,. .
<br /> ° Borrower shali occupy,establish,azcd use t5e Property as Borrower's principal residence with3n sixty days after the eacecution of '
<br /> • .�. �" this Security Instrument and shall wntinue io accupy the Propeny as Borrower's principal re�idence for at least one year after
<br /> �� � ' ` the date of oecupancy._nntess_Lender othenyise agees in writing,whi�h consenl s6a11 not 6e.u�ueasonably withheId,or anIess
<br /> �. . . , ext�nuating circumsstances exist which are 6eyond Borrower's controf. Borrower shalt not destroy, dama�s or impair the
<br /> ; ' Property, allow the Ptoperty to deteriorate.or commit waste on the Property. Eorrower shall be in defattlt if any forfeiture "-
<br /> . � - . action or proceeding,whether civil or criminal.is 6egun that in Lender's gaod faith judgment could msult in forfeittire of the
<br /> . . , ..__. Praperty or otherwise materially impair the lien created by this Secarity Instcument or Lender's security interest.Borrotver u�y
<br /> I. "" cvre scc�a default and reinstate,as provided in paragraph 18,by causing the action or proseeding to be dismissed with a ruling .
<br /> - that, in Lender's good faith determination,precludes forfeiture of the Borrower's interest in the Property or other material � ��_�
<br /> ' . impairment of the lien created by this Security Uistrument or Lender's security interest. Borrower sha3l also be in defavlt if �„_
<br /> • � . ' '. . Borrower,during the toan applicatitsn process.ga��e materially false or inaccc.�te inforn�ation or statemauts to Lendsr(or failed �.�
<br /> . '. _ .. to provide L�ender with any material information}ia connectIon with the!oan evidenc�ed by the Note.including.but not timited
<br /> � � � ' to,representarions conceming Borrower's occupancy of the Property as a principal_residence.If this Security Instrument is on a .
<br /> � . . . leasehold, Borrower shall aomply with al1 the provisio� of the l�tse.�If Borrower acyuires fee dde to the Property, the �`
<br /> , ' �_ . . � leasehold and the fee tide shall not merge unless Lender agrees to the merger in wridng. "�=_—
<br /> - • . � , 7.Protection os I.ender's Rights in the Property.If Bonower fails to perform the covenants and agreements contained in . °� a==
<br />- . this Security Inshumeni. or there is a legal proceeding that may significantly affect Lender's righ�s in the Property(such as a
<br /> ;. . " , proceeding in bankniptcy.probate, for condemnation ar forFeimre or to enforce laws or regulations),then Lender may do and �^�'
<br /> - ,..
<br /> . . : , pay for whatever is necessary to protect the value of the Property and Lender's righu in the Property. Lender's actions may ��
<br /> - ' . .. inclade paying any sums secured by a lien which has priority over this Security In.mument, appeating in court, paying °
<br /> `' ., - reasona6le attorne s'fees and enterin on the Pro
<br /> . Y � perty to make repairs.Altkough Lender may take acrioa under this pazagraph -
<br /> .�r.�-r.,
<br /> : • 7.LendeT does not have to do so. • �_ _ —
<br /> °;,,`� Any amounu disbursed by L,ender under this paragraph � shail become additionz3 debt of Borrower secured by this ��,
<br /> � ;�� • Security Instrument. Unless Borrower and Lcnder agree to other terms of payment.these amounts shall bear interest from the •--.�,.:.-�,.�.-_�i:
<br /> ;: .{� .� � � . ; date of disbursement at the Note rate and shall be payable. with interest, upon notice from Lender ta Borrawer requesting �'"'`�!��
<br /> ; 4�... . payrmnt. :.,�`'�. ..�
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<br /> � . 8.Mortgage Insurance.If Lender required mortgage insurance as a condition of making the loan secured by this Security � �. �
<br /> - � • ��. �._.� . Instrument. Borrower shall pay the premiums required to maintain the mort�ge insarance in effcct.If, for any reason. the �
<br /> '`���� . � . . mortga$e insurance coverage required by Lender lapses or ceases to be in effect, Borrower shall pay the premiums required to ` � . �
<br /> ���' • obtain coverage snbstantially equivalent to the moR�age insurance previously in effect,at a wst substantially equivalent to the
<br /> ' - wst to Borrower of the mortgage insurance previausiy in effect. from an altemate mortgagc insurer approved by Lender. If �
<br />-` '� � �• � su6stantially equivalent martgage inswance coverage is not avaitable.Borrower shall pay to i.ender each month a sum equal to .
<br /> _ '+: ' one-twelfth of the yearly mortg�e insurance premium being paid by Borrower when the insurance coverage Iapsed or ceased to � � � � }
<br /> be in effect. Lender will a t use and retain thesc a ments as a loss reserve in lieu of mort a e insurance. Loss reserve •� ,;. .'��;
<br /> . .-�;. . . �� PY � � 3
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