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<br /> K;��'..',.��,. � • S..H�rd or Propecty Insnrance. Borrower shall keep the improvements now ekh�t��r hereafter er� on the • -. .
<br /> :c:� . '•Y''•.�' , '
<br /> '�F=' � .,� • � Property ituqred against loss by fire,hazards included within the term"exten@ed rnverage"and any other harards.inctuding .. • :
<br /> . . . � f�oods or flooding,for tivhich Lendet requires insutance.This insurance shall be maintained ir►the amounts and fot the periads ' ` �. .�
<br /> that Leader requires. The insurance carrter providing the insurance shall be chosen by Bor�wer subject to Lender s agprov�l �, • '`
<br /> -- ' wluch shall not 6e unreasonably withhetd. If Borrower fails to maintain coverage described above. Lender may, at Lender s ;-=_--"_-:�-.=_,:�•=':
<br /> _.. ��„�-�_,.;' . opriun.obtain ccsverage to protect�.encter's rights in thc Pro�fserry in axordance tivith patagraph 7. -- =- --
<br /> � ' .. All insv�tce policies and renewais shall be acceptable to Lender and shall include a standard mortgage cla�se. Lender � '
<br />- � ,`,r. � sha!!havc the right to hold the policies and renewals.if Lender requires,Borrower shall prompdy give to IB�er all receipts of '. ; .;.
<br /> ;� � • • paid premiutris and renewal notices.In the event of toss.Borrower sfiall give pmmpt nodce to the insurancc carcier and Leader. � -• , �-:
<br /> - .:���:'��. L,ender rney make proof of loss if not made pmmpdy by Borrower. -- � , '
<br /> �; ';. ' " • Unless Lender and Borrower otherwise agree in writing,ins��*an�pmceeds shall be applied�to restorution or repair of tlte ' . ' . °
<br />- .�., . •"�:,'�', �. Propetty damaged,if the restoration or repair is ecnnomically feasible and Lender's se,curity is not lessened.If the restoration or , ' u
<br /> ` � ,' repair is not economi�Ily feasible or Lender's security would be lesseued. the�insorance procxeds shall be applied.to the sums� ' . � .�`•�� •
<br /> - y.: � �ecared 6y this Sesurity Instrument, whether or not then due. with any excess paid to Borrower. If Borrower abandons the '. � ��
<br /> �ec �
<br /> , �_�',...'�'• Property,or daes not answer arithin 30 days a notice from Lender that the insutance carrier has offered w settle a claim,then - : . <, c> '.
<br /> � ' ` " ` Lender may collect the insurance proceeds. L�nder may use the proceed�to repair or restore the Propert}r or to pay sums , - �... � := .°
<br /> ' secured by this Security Instrument,whether or not thes due_The 30-day period will begin when the notice is given. • � • �. , � _
<br />� • � � "� Unless Lender and•Bormwgr otlierwise agree in writing, any application of proceeds to principal shall not extend ar � ' ��
<br /> ' , ; postpone the due date of the mo�tfily payments referred to in paragraphs 1 and 2 or change the amount of the paymetrts. If '- ���,' �' 't�'"''�,
<br /> � '' � •• • umder paragraph 21 t6e Property is acquired by Lender, Bortower's right to any insurance policies and proceeds resulting from -
<br />__ ,_ �___�._ 1 —
<br /> � .` .. _� .. . ;-`-- --- �t�the�Pro e riur-to-tl►z-a ' �tion-shatl- ass-to-Lxnder-to-theextent of the sums-secured b -this'Securi -instrurnent-- ' = -"'
<br /> �$ P rtY P � F Y i5+ ......._ ,` �:c,,; •�'.
<br /> : ,� iromediately prior to the acquisition. ' ,` :�`-
<br /> �f. y:�� . , r. . � . .
<br /> . ' 6.Occapaacy,Preservattoa,Mainteaance and Protect�on of the FroPerty;Borrower's Loan ApplIraHon;Leasehotds. � ' .. �- ;,y�-. . -
<br /> �. • ' � • ��: � Borrower shall occupy.establish,and use the Property as Borrower's principal recidence within sixty days after the execution af �: ,;� �r��"
<br /> �" - ' " ' `� "-"` ' this_Security Imtcument aad shall coadnue to occupy the Property as Borrower's principal residec�ce fos at teast m�e year after _ . . . �
<br /> • ' . � � �' the date of accupancy.unless Lender otherwise agrees in wriUng. which consent shall not be unreasonably withbetd,or unless . :;�. ,. �j��.
<br /> � •s ' • � '` extenuating circumstances exist which are beyond Borrower's control. Borrower shafl nat destroy, damage or impair the .
<br /> °'•� . L " property, allow the Property to deteriorate.or commit waste on the Property. Bonower shall be in default if any forfeiture � �" :
<br /> '. action or procceding. whether civil or criminal, is begun that in L.ender s goa�faith jadgment could,result in forfeiture of the , :,;'�
<br /> 7'�'' ' .. Property or otherwise materially impair We lien created by this Security Instrument or Lender's security interest. Borrower may . .�
<br /> . � •� ` � cure such a defauIt and reinstate,as provided in paragraph 18,by caysing tlie action or proceeding to be dismissed with a niling . , �'�
<br /> V-- � .• that, in Lender's gaod faitb determination. precludes focfeiture of the Boaawer s interest in the Property or other material
<br /> � � impair�scent of the lien created by this Security.Instrument or Lender's security interest. Borrower shall atso be in default if , .
<br />- '` � '� : • � Borrower,during the loan application process.gave materially false or inaccurate information or statemenu to L.ender(or faited _ '
<br /> � • � to provide Lender with any material informaaan)in connection with the loan evidenced by the Note,including.but not limited . � .`�" `�•^ �
<br /> •� i W,representadons wnceming Borrower's occupancy of the Property as a principal residence. If this Seeuriry Instn�ment is on a �� , •'•z r
<br /> ' . _ j leasehold, Boaower shall comply with aq the provisions of the lease. If Bonower acquires fee title to the Property,`ihe `,= ".��•; ���
<br />" leasehotd and the fee titig si�all not merge unless l.ender agrees to the mergec in writing. � ���..
<br />�. - ' . �.�' ` 7.Protertfon of Lender's Etights in the Peoperty.If Borrower fails to perform the covenanu and agreements cont�ined in ' ` ;:��_,,_.
<br /> this Security Instntment, or there is a tegal procePding that may significantly affect Lender s rights in the Property (such as a -�'A ''
<br /> ��, ..".�_ , . ' i -
<br /> ;A.'_,t_�:. �.?�.,: i proccedir►g in bankruptcy, probate, for condemnauon or forfeiture or to enforce laws or regulations). then I.ender cnay do and ,'��' �4
<br /> . �. •. ! pa y for whatever is neces s a ry to protect the value of the Pro pe r ry and Lender's ri g hts in the Pro pe rt y. l.ender's aaions ma y . �.�'r�
<br /> ' • . �.. ���- ( include paying any sums secured by a lien which has priority over this Security Instrument. appearing in court, paying � '
<br /> � ! reasonable attorneys' fees and entering on the Property ta make repairs.Afthough Lender may take action under this paragraph • •`�•�����
<br /> ° �- �. �'� ! T,Lender does not have to do so. • �`w;``''`
<br /> - • � '� � An amounts disbursed b Lender under this ara ra h 7 shall become additiona! debt of Borro�ver secured b this � �t•� ��
<br /> . • Y Y P � P Y }; -°.-.-�:.
<br />_ . Security lnstrument. Unless Borrower and l.ender agree to ather terms of paymem. these amounts shall bear interest from the • '�
<br /> • • � date of disbursement at the Note rate and shall b� payable. with interest. upon notice from Lender to Borrower reyuestin� � . ,.
<br /> - . � payment. .
<br /> � ' S.Mortgage Insurance.If Lender.required mortgage insurance as a candition of making the loan secured by this 5eeurity • �. .
<br /> . Instrument. Borrower shall pay the premiums required to maintain the mortgage insurance in effect. If, for any reason, the
<br />- ` � . mortgage insurance coverage required by Lender lapses or ceases to be in effect.Borrower shall pay the premiums required to . -
<br /> r obtain coverage substantially equlvalent to the mortgage insurance previously in effect,at a cost substantially equivalent to the , . .
<br /> • � � cost to Borruwer of the mongage insurance previously in effect. from an altemate mortgage insurer approved by Lender. 1f ' . -
<br /> '�' ' � � � _ substantially equivalent mortgage insurance coverage is not available,Borrower shall pay to I.ender each month a sum equal to � .' • �• '
<br />- �:.. . . .
<br />� � " � one-twelftfi of the yearly mortgage insurance prenuum beins paid by Borrower when the insurance coverage lapsed or ceased to
<br /> � . �'t. be in effect.Lender will accept,usc and retaia these payments as a loss reserve in lieu of mortgage insurance. Loss reserve �-
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