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<br /> � 5. HAZerr1 or Property Inaurance. Horrower shall kc.ap the i pr�aments no�r existing or hereaPter erected on �
<br /> tho Property innured ngainst loss by fire,hazerds included within the term"extended coverege" nnd eny other har.urda, '
<br /> ' including [I�uzJs or{loading,tor which Lender requirea insurencc�.'I'his iru3urance ahall bc maintnined in thc are►ount�9
<br /> � = nnd tor tho p.:rioda thet Lender requires. The insurance carrier providing the inauranca Ahall be chosen by Aorrawer :
<br /> subject to I.ender's approval which ehall not be unreasonably withheld.If Borrower Pniln to maintnin coverage described
<br /> ...' shovo, Lender may,at I.ender's option,obtain coverage to protect L.ender's righte in the Property in accordance �vith �
<br /> paragtaph 7.
<br /> . All insurance policies and renewals ehall be acceptable to Lender and shall include a standard mortgege clause. � •
<br /> l,endor ehaU huvc thc �ighi .a :atd the palicies and rene�vals. Ie Lender requires, Horrower shnll pr�omptly� give ta �
<br /> I.ender all receipts of gaid premiums and rene�val notices.In t�e event of loss, Borrower shnU give prompt notice to the "
<br /> • � insuranco carriar and Lender.Lender may make proof of loss if not made promptly by Aorro�ver. „
<br /> , Unless I,ender and Bonower otherwise agree in writing,insurance proceeds sliall be applied to restoration or repair •
<br /> _ .. . of tha Property damaged,if the restoration or repair is economically Yeasible and Lender's security is not lessened.IP the ,
<br />�'� restoration or repair is not economically feasible or Lender's security�vould be lessened,the insurance proceeds ehall be !
<br />,:3� applied to tho sums secured by this Security Instrument,whether or not then due, with any excess paid to Borrower.If
<br /> Borrower absndona the Property,or does not answer within 30 days a notice from Lender that the insurance carrier has ;
<br />�a� oftered to sottla a claim, then Lender may collect the insurance proceeda.Lender may use the proceeds to repair or �
<br /> _ . restore thE Arop�rty or to pay sume secured by this Security Instrument,whether or not then due.The 30-day r�eriod will • ,
<br /> begin when th�natice is given, i .
<br /> • •� - Unle�I,ender and Borrower other�vise agree in writing,any application of proceeds to principal shaU not extend or ' •
<br /> postpona tho due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the paymen�. � , �--=
<br /> -• If under Par��r�ph 21 the Property is ecquired by I,ender, Borrowers right 4o any insurance policies and pmceeds __ .��
<br /> resulting from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by i ��,"��'"!
<br /> , this Security ln�trument immediately prior to the acquisition. , ,,.
<br /> 6. Occups�ncy.Presorvetion,Meintonance and Protection of the Property; Borro�ver s Loan Applicatiun: : �.�
<br /> ,-_____-_IT,r_ �aseholds. IIorcower shall cecupy, esteblish,and use the Praperty as Borrower's principal residence within sixty days � �
<br /> •':.� after tho execution of this Security Instrument and shall cantinue to occupy the Property as BorroNer's principal �<<
<br /> . ��;,��'•�' residence for at least one year afiar E�e date of occu�ancy,unless I.ender otherwise agrees in wc•iting,�vhich consent shall ' � �'
<br /> " �'` ` not be imreasonably withheld,ot un9�ss extenuating circumstances exist which are beyond Borrower's control.Borruwer � �•��.t
<br /> ahall not destre�y,dam���or impair the Property,allow the Property to cieteriorate,or commit waste on the Property. I . �r.�
<br /> • Borrower shall be in de'Fault if any forfeiture action or proceeding,whet�er civil or criminal, is begun 4hat in L,ender'e � ` { '
<br />- � good faith judgment could result in forfeiture of the Property or otherwise muterially impair the lien created by this :t� �
<br /> Security Instcument or Lender's security interest. Bonower may cure such a default and reinstate, as provided in I `
<br /> parngcaph 1£t, by causing the action or procceding to be dismissed with a ruling that, in Lender's �ood faith �"��'`
<br /> dotormination.precludes forfeitute of the Borro�ver's interest in the�'roperty or other material impairment of the lien � �y�`
<br />- created by this Security Instrument or Lender's security interest.Borrower shall also be in default if Barrower,during �s!''
<br /> , the loan application process, gave materially fals� or inaccurate information or statements to Lender (or failed to '.x
<br /> ' .. provido I.dnder with any material information) in connection with thc loan evidenced by the Note,including,but not :n.;�'�+s`�
<br />- • limited tv, representetions concernine Dorrower's occupancy mf the Property as a principal residence. If this Seeurity -�•;:/�,
<br /> Instrur:a�at is on a leasehold,Borro�v�r shal l comply with al]t�,E provisinns of the lease.If Borrower acquires fee title to ''�%;;Sr�-�
<br /> tho Pro�nert ,the lepsehold and the fee title shall not mer e unless I.ender a rees to the mer er in writin , f�''
<br />- � Y g B g g I r-.,._.
<br /> � ' 7. 1°rotection o� Lend�r's Rights in the Property. If Borrower faile to perform the covenants and egreements I ,. �
<br /> . contaic�ed in this Security Instrument,or there is u legal proceeding that muy significantly affect Lender's rights in the
<br /> `3 PropF,-*r.y (such es a praceeding in bankruptcy, probate, for condemnation or forfeiture or to enforce laws or • :
<br /> rogulations),then I.ender mey do and pay for�vhatever is necessary to protect the vA1ua of the Property and Lender's
<br />_ ' �i4�,;,�1� ri�ht� in the Prop�rty. Lender'� a�tions may include paying any sums secured by a Iien which has priority over this ��`;�`:., •
<br /> �"�'�•`Y` Security Instrument,appearing in court,paying reasonable attorneys' fees and entering on the Property to make repairs. �
<br />- , t'��'�
<br /> •�•" Although Lender may take a�tion under this paragraph 7,Lender does not have to do so. �
<br /> ;�t;;��t� An amounts diebursed b Lender under this ara ra h 7 shall become additional debt of Borro�ver secured b this �
<br /> .•:t��{.• Y Y P L P Y �
<br /> � � Security Instrument.Unless $orr�ower and I.e�ider agree to oLher terms of payment,these amounts shall bear interest • �
<br />-- .1';r�' from the date of disbursement at tlhe Note rate and shall be payable,with interest,upon notice from Lender to Borrower I
<br /> • requesting payrnent. � � � '
<br /> 8. Mortgage Insa�rance. If I.ender required mortgage insurance as a condition of making the loan secured by this i�
<br />,_- • Security Instrument,k�arrower shall pay the premiums required to maintain the mortgage insurance in cfiect.If,for any
<br /> = r�ason, the mortgago insurance coverage required by Lender lapses or ceases to be in effect, Borco�ver shnll pay the �
<br />= • pramiums required to obtein co�-erage substantially equivalent to the mortgage insurance previously in effect,at a cost •
<br />- . substnntiully equivnlent to the cw-t to Bonower of the mortg�►ge insurance previously in effect, from an alternate
<br />_ � mortgage insurer upproved by Lender. If substantially equivulent mortgage insurance coverage is not available, ;
<br /> Borrower shall pay to L,ender each month a sum eq«al to one-twelfth ot the yearly mortgage insurance premium being
<br /> -_ �• i paid by Borrower when the insurance covera�e lapsed or cea�sed to be in eftect.Lender�vill accept,use and retuin these
<br /> ..:, •
<br /> � � payments as a loss reserve in lieu of mortgage insurance. I.oss reserve payments may no longer bc: required,
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<br />_ �erm 902A 9/90
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