|
� � 1�.i'� 1�4�;ty�.��. ,... .. . .,
<br /> 9s- �������
<br /> S. ti.�zard ar 6'raEsert,v Insut�nc�. Bormwer sh�ll keep the imprr�vements naw ezistit�g nr !;;;reaRer r.*�ci�l on the
<br /> Pmperty insured against lt�ss 6y �re, ha:ard: inc�uci� within ehc tern� "extendeci c�v���ge" ancf any oYtier trazards, in�cluding
<br /> fl;x�ds cr ftooding, far w�ich I.ender sreyuires insu�r�ce. This insuranec sh�ll be maint�ines� in ihs amc�unGs and �`'ar the pzriods ,
<br /> that Lender requires. The insurance:carrier providing tf�e insurance'shal: E�e chosen �y �3arrower su�ject to C.en<1er's s�ppr�val
<br /> which shaii nnt be unrewsc�nsbly with�eld, if Borrower fails to cnaintain coverage ct-,.sccribod abave, �ender may, at l.er+der's
<br /> option,obtain cove:�sge to ps�otect I.erxl�r"s righ:s in thc Froperry in aca7rdance wieh�Aragraph 7.
<br /> AE] insurancc,polic+.es ai:d ren��w�ls shall be acceptable to T_.ender arrti sh$!t includc a standard ntort�u�� cl�usc, Lender
<br /> shall have ttie ri�ht to hold the�lic.ic%a.�d renewals. If Lender rcquire:s, Borrower shail pmrnptly give to Lender all r;�eipts of
<br /> paid pr�miums and rene��a'! notices. In the evant af loss, Borrower shrdl givc prom�t rtotict tn tihe insu►�nec carrier�nd: I.ender.
<br /> Lender may make proof of Ioss if nct made prompily by Borrower:
<br /> Unless I.�nder and Borrower��th�nvise agret in writing, insursnce pr�eeds shall bc applied ta restoration or repuir of the
<br /> Property damage�, it�hc restaratinn,or repair is econ�:tvcalfy fea�i6le and i.er�der's security is not Icsseneri. Tf the re.sr��ration or
<br /> repair is not economically f,:asible or L.ertder's seCUrity wnu[d be lessenecl, the insurance proceet!c shall br appliecf tv tfie su'�ns
<br /> se.cur�d by this Security Iiistrumeni, whettter or ttat then aa�, with aa;� ezc�ss ��id 40 �C:rro��er. If F3c�rrt}wer aba.ndGns tt'�e ,
<br /> Property, ar does nat ans�ver withRn 3p dsys a notice fro�ra I.end�sr that th� insu�'ancr c�.rrier has nffereci to setile a claim, th�n
<br /> i.ender may wI(�ct the insurRnce proceeds. Lender may ��se thc procee�7s to repair or restore th� Praperty nr tu pay su���s
<br /> secured by this Security Instrument,whct9�er ot'nut the�due. The 3Q-day peric�d w:ll�gin whcn thc notite is given.
<br /> Uniess L,er�der and B�rrower otherwise agree in writing, any a�plirrti�n of proceed� ;o prncipal shall not extend nr
<br /> �;<,ipone tt�c due date of the: monchly payxnents referrcd to irr para�raphs i and 2 n� change the amcunt c�f the pa��ments. If
<br /> under par►�raph 21 the Property is acquired by I.ender, Bcrrowcr's right to Any insuranc�po4icies sncl proceeds resu'Iting Crorn
<br /> damage to Yhe Prpperty prior tn tt-ie acquisztian shall pacs t�Y.ratder.o the exteni of the sums securtd hy this Secu�ity 9nstrumer.t
<br /> immediately prior to the acquisition.
<br /> 6. �rupanry, Preservatton, Msi�tehance an��tection nf the I'rop�erty; Borrower's Loan A�plicAtir�n; '�xasehalds.
<br /> Borrower shzll c�ccupy, establish, and use the Property as Borro�:ver's principal resid�nce within sixty days after th�exe�ution of
<br /> this Security Instrument and sha11 cvntinue to o�cupy the Pr�perty as Borrc�wer's principm! resi.�ienee fbr at ieas�c one year after
<br /> the date af oecupancy, ianie�r L.ender ctherwise agrces in writing, which con.sent shall nqt bc unreasonat;ly withheld, ar unless
<br /> extenuating c�rcumstances exisi which are beyond 9arrower's controP. Borrowcr �hall nat destroy, damage or impuir the
<br /> Prnperiy, allaw thE Pro�erty to deteriarate, or commit wast�:on the Praperty. Batrower shall be in defaul: if any forfeiture
<br /> action nr proceeding, whether ci�•il or erirninal, is begun that pn L.cnder's good fnith judgment cauld result in forfeiturc oi the
<br /> I'roperty or oth�rwise matcrially impair the licn created by this�.ecurity Instrument or T.ender's security interest, �3orrower may
<br /> rure such a default and reinstate, xs provided in paragraph 1$, by causing the ac!ion or procceding to be dismis.sed v�•itn a ruling
<br /> that. in (�ender's gooci faith detem�ination, preclude� farfeiture of thr �r,n•nwer's interest in the Prnperty or nther material
<br /> impairment of thc I�en crcateci by this Sec,urity '�nstsvmeni vr Lender's secu�itv interest. &�rrower shall a�so 1� in default if
<br /> Rorm•.�er, during the inan application�roc.e:�s.��ave materially f�lse�r inaccuratP infornsation ar statements to Lende;{nr faiicd
<br /> to prnvide L.cnder with any matnrial infvrnaeion} in connection with the Inan evidenccd by the Note, inclt�ding, but not limited
<br /> to, :-cprescnt��tions concerning Barrower's ccc:upancy csf!he Prt►perty a;3 a prinCipal res:�lencc. lf this Se�uri�y lnstrument is on a
<br /> leasehold, Sorrower shall camply v�ith all th� prcrvis'sc�r.s �F the lcase. If Borrower acqusres fec ti,.le t:� the Property, the
<br /> leaschc�ld and the fee title shall nor,�;[;•g�unless I,zt:der agrc�s to the mer�er in wriPing.
<br /> 7. Protxction nF Lender's Ri�hRs in Rhc�►ro�,erty. If�irrower faifs to perfom�ttre coa�enancs and a�greements contained in
<br /> this Stcuriry Ynstrumen2, or there is a le�;ai procr•eding that m�ay significmntly affect I..endor's rights in t�re Property (such a� a
<br /> prt�ceeding in �Sankruptcy, probate, fnr condemnativn or fnrfeiture or tn enforee iaws or rcgulatians), then I.e�xler m_y da and
<br /> pay for whatever is necessary to peatett the v,zlue af the Property and Lender's righPs in the Property. Lender's actions may
<br /> include pay�;ig ar�.� sums secured by a lien whirh has �riority o�er this Serurity tnsintment, appesring in court, paying
<br /> rFascnah�e attorneys' fees and entering on the Prop�erty to make repairs. Althougl� i..etzd�.r may tako action undec this paragraph
<br /> 7, l,ender does not have to do so.
<br /> Ar�y amounts disbursed by Le�der under thiis parigraph 7 shall beconne aclditional debt of I3orro���cr sec�red by this
<br /> . Security Instrutne:ni. Unless Barrawcr and L.ender�►gree to �,:�aer terms of payment, thcsc-amaunts shatl bear interest from thc
<br /> date of disF��!rsemrnt a! the Nc4e rate and shall bt� payable, �uith inter�t, upon notic�: f�om I.ender tn Borrower rer,uesqing
<br /> paymcnt. '
<br /> ,.
<br /> $. I�Znrtga�e Insurance. Tf Le.r,der required martgage insurnnce as a cn��dition af makirag the loan secureei by thi� Securiry
<br /> Instn:ment, f3orrowc.r shall pay the prerr,iums required to nnaintain the mortgAge insurance in effect. ]f, for any renson, th�
<br /> mortgag;e insurance covcrage required by L.ender lapses or cer�ces to be in efFect, Borr�er shall pay the premiums :eqaireci to
<br /> c�btain coverogc su�,stantially equivalent to Che mort�;agc i�surrance previousl,� in effect, at a cost substantially equivalcnt to thc
<br /> cost to Borrowcr of the rnortgag�° insurtncc pre�iously in cff�rt, from an alternate mortgage insurer nppmved by l...ender. If
<br /> substantially cquiv:�lent rnorcgagc in��srancc coverage�is nnt �v�ilabi�, 8orcc�wer shall pay to [xncler each month a sum equal tn
<br /> nne-twelfth of thc ycarly m�nrtga.ge insuraucc premiuir.being, p�:;id �Sy F3orrower whcn the insuranc.e caverage lapsed or censecl to
<br /> bc in efEect. l,c��dcr will accept, use nnd s�tain these payntents ns u lass res�rvc in lieu of mortg,�ge insuranCe. Loss rescrvc
<br /> �,
<br /> • , Form 3029 n/90
<br /> • �u�o 3 u9 p
<br />
|