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<br /> 5. Haz+�rd nr Property In�urRns�. �3urruµ'er sluill keep ihe improvements no�existmg ar horcattcr �rectE:ct on the
<br /> Prep�rty insurcd aguinst lasti 1�y rire, li:irarcly Inc:luds:d withfa ti�o term "extendcd coven�ge" and any ath�r huarcis, includin�
<br /> {loafs or poadin�, far�vbich Le�xler reyulrrs in�urunce. 'Cl�is iasurince shall tx:maintnir_al in the unzuunts und for tl�e pericxls
<br /> �hat t.endcr�yuires. Tl�e inruraitcc curricr ��mviQing titc insiun�ue sitall bc ciiosen by Horrower subjtct t�L,e�xler's appraval
<br /> which shall nAt be unreasonably withi��IJ. IF&yrrower fails tn nu►intain coveragc dcscribut above, Lendcr muy, ut C.e�xle�'s -_'-
<br /> option,ab�ain coverage t�protect I.ci�cler's ragh�s in the Property in nccordance with para�roph T.
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<br /> Ait insurauce policics nnd renewal:�shall tw acc:epuibie tu I.ender and shall include a standard mnrtgage clause. Lerxier
<br /> shail have tlic right to hc�ld th;,policics und r�.nc►�nis. If l..axier requires,Bonower sliull pranptly�ivc to Lerxler all receipts of
<br /> paid premiiums und renewal notices. In ihn i�vent�f lUSS,I3orrawee shall givo prompt notice to the insurance carrier and L.ender.
<br /> Lcnder i��zy makti proof of loss if not mr�dc�Sromptly by�u�rawer. c
<br /> Unles5l.�nder nnd Burrower odtr.twis� :igree in writing, iosur.�n.cc pmceods shnU be npplied to restoration or rcp:ur of tiic
<br /> Propeny daem�c•,d,if the restoration or eep�er i��canamicully fc��sibte nnd L.ender's security is iiot Icssened. If thc restoration or
<br /> eepatr is not cconomicaUy feasible or Lcndcr s security would bc� Icssenod.tl�e insur,vue procceds shali be applicd to thr.sums
<br /> secured by this Securiry Instnnn..iit, whedier or nnt then eiuu, with any excess paid to Bonower. If Barrawer abandrn�s the
<br /> Property,or does not unswcr within 30 days�notics fmni Lendcr tliat the insurance c;inicr h1s ofFcred to settle a cluim,then
<br /> Lr.nder may collect the insucnnce proceeds. Lender may use the proceeds to repair or restore the ProFeny or to pay suma
<br /> sccurcd b}�this Security lnstruntent.whetl�er or not then daa Thc 30•day period will begin vrhan thc notice is given. _ ___
<br /> Ur�tess L.ender and Borrower utherwise a�me in�vriting, any applicntion of procecds to Qrincipal shall not extenrl ar
<br /> postpo►�:the due date of the montBly payments referred to in paragraplis 1 and 2 or change the amount of the paytr►ents. If 4_
<br /> wider p:�ua�rapfi 21 thc Prop.rty is acauira! by E..ender,Borrower's right to eny insi�rance pnlicies and proceeds resulting from `
<br /> damage to the Property pr�or to the ucquisition shall pass to Lender tu the extent of the sums secureci by this Security Instnuttcnt
<br /> imtncdi�tely prior to thc acyuisition.
<br /> 6.Occupan�:y,Pres�ervntion,�tainfe�nance nnd Protectt�n af the Property; Bvrrawer's Loar Applirstion;I.esiseholds.
<br /> Horrower shalt occupy,establish.and use the Prope►ty as Borrower's principal residence within sixty days after the executior►of
<br /> ehis Security Instrument and shaU continue to occupy the Property as eorrower's princi�al residence for a�leas�one year aRer °
<br /> the date of uccupancy.unless Lender otherwise agrces in writing, �vhich consent shall not be unreasonably �vithheld, ar unless -
<br /> exteauating circumstances exi,t �vhich are beyond Borrower's control. Borro�ver shall not destroy, damage or impair the
<br /> p�t�:*„�!!n� r�� Prnnrrfv �n de�crinra�e_ or cammit wnstc on the Propeny. Borrowcr shnll be in dcfault if any forfeiture
<br /> actian or pw:ecding, whether civil or crim3nal, is begun that in Lender's good faith judgment could result in forfeiture of the
<br /> PropeRy or othcnvise materially impair thc licn crcated by this Security Instniment�r L�:ndcr's securir.y interest. Bonowcr may
<br /> cure such a default and reinstate,as provided in paragraph I S, by causing the action or prott^eding to be dismissed with u ruling
<br /> that. in Lcnder's good faith deterniination, precludes forfciture of the Borrower's intcrest in thc Propeny or othcr matcrial
<br />— impaimient of the lien creatcd by tliis 5ecurity Instnunent or Lendcr's security interest. 8onower shall Also be in defuult if __
<br /> Borrower,during the loan application proccss,gavc matcrially false or inaccurate information or statcments to Lender(or fxiled e�
<br /> to provide Lender witt�any material information>in connection with the toan evidenced by the Note, including,but not limited
<br />— to, repr�sentations conceii�ing Bon-ower's occupancy of the Property as a principal residence. If this Security Instrumenc is on a �'���
<br /> leasehold, Burrower shall comply wi[h all the pmvisions of the lease. If Borrawer ncquires fce title to the Property, the ���a
<br /> leasehotd and thc fec tide shall not merge unlas Lcnder agrees to the merger in writing. -
<br />— 7. Protectfon of I.ender's Ri�hts in the Property. If Borruwer fails to perform the covenants and agmements contained in -
<br />- this Security (nstrument, or there is:s legal proceaiing that may signiticantly affect Lender's rights in the Praperty(such as a —
<br /> }�roceoding in bankruptcy,probate,for condemnation or forfeitum or to enforce laws or regulations), then I.ender may do and
<br />— pay for ahAtever is necessary to protcet the value of the Property and L.ender's rights in the Property. L.ender's actions may �;
<br />— include paying any sums sccured by a lien which has priority over this Security Instrumcnt, appe��ring in court, paying • •":
<br />— reasonablc uttorneys' fxs and entering on thc Property to muke repairs. Although L.cnder may take action under this paragraph _
<br />= 7,Lender does not havc to do so. ,_
<br />= Any umnunts disburscd by Lcnder unJcr this p.ragraph 7 shall bccomc additional dcbt of Borrower secured by this :
<br />- Securiry Instrumcnt. Unless Borrowcr and [.cndcr a�;mc to other terms of payment, thesc:unounts shall bcar intemst from the
<br />— date of disbursement at thc Notc ratc und shal l be payubte, with interest, upon notice from Lender to Boerowcr requesting
<br />= payment. .
<br />- S. Mortg:tge Insurance. If Lender requircd mongage insurance as a condition of making the loan secureci by this Security
<br />— [nstrument, Borrower shall pay ihe premiums rcyuired to maintuin the mortguge insurance in effect. If, for xny reason, the
<br /> mortgage insurance cover•rge reyuireci by Lende�•lapses or ceases to be in effect, Borrower shall pay the premiums required to
<br />- obrcain coverage substanti:illy eyuivalent to che rnun�;age insurance previously in effea, at a cost substantially equivalent to the
<br /> cost to Borrowcr of the mortgagc insurancc previously in effcct. from an altcmate mortgage insurer approved by Lc�nder. If
<br />� substantially equivalent mortgage insurance coverage is n�n available. Horrower shall pay to Lender each nionth a swn equal to
<br />,= one-t�velRh of the ye;irly mortgage insuranee premium being paid by Burrower�vhen the insurance coverage lapsed or ceased to
<br />� be i n effect.L.ender�vill accept, use 3nd ret:►in tfuae peryments•rs a luss reserve in lieu of mottgage insuranee. Loss reserve
<br /> �y Porm 3028 9/90
<br />,..� Pagu 3 01 6
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