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<br /> 5. Haznrd m• �•operty lu�u►•nnce. Dorrawcr siudl kccp thc improvcments nnw existing or I�crcafter erectul on thc —
<br /> Pruperty insured a�;ainst loss by firc, hiU�irds ittcludcd withio U►c tcrm "extcnded covcragc" und any othcr hauirds, iucludin� _--
<br /> flnnds or ilocxfing,foi•which I.ender requires insurance. Tl�is in`u�•nnce sha11 be maintaineJ in the umc�unts and for the periods
<br /> thut l�:iidcr requires, Tho insurance curriee providing the insurance shull be chosen hy Dormwer subject to l.ender's uppravnl
<br /> �vhich sh�dl nut he u��re;�sc�nnbly withhcld. If E�orrower tidis to maint.�in cuverage described �iUove, l.ender may, ttt l.ender's
<br /> ��ption,obtnin c�.vcrngc tU protect Lcndcr's rights in thc Prop�:ety in uccardi►ncc with parngruph 7.
<br /> All insarnnce policies and renev�uls si�all bc acccptablc ro Lcndcr nnd shull includc i�sti►ndnrd n�ort�;agc cl�use. I.ender �
<br /> shull huvc thc right to hold thc pcdicics und rencwGls. lf Lcndcr rcyuircti,Dorrowcr shall promptly givc to l.endcr ull rccciptr of
<br /> puid premiums und renewni notices. In the cvent of loss, Borrower shall give prompt notice to the insurunce enrrier nnd Lender.
<br /> [.ender muy in;ik�pravf af loss iF not made prompUy by Borruwer.
<br /> Unless l,endcr und Borrower otherwisc agrcc in writing, insurancc procceds shall bc upplicd to restomtion or repair af the
<br /> Property dumuged,if the restoration ar repair is economically feusible und L.ender's securlty is not lessened. If►he restoration or
<br /> repair is nat economically fcusible or Lcnder's security would be Icssened, the insurnnce proceeds shali be applied to tlie sums
<br /> sccurcd by tiiis Security Instrument, whether or not then due, with any exccss paid to aarro�ver. If Horrower nbandons thc
<br /> Propeny, or does not answer widiin 30 days u notice from Lender thnt the insurance carrier has offered to settle a claim, then
<br /> l.ender may collect die insurance proceeds. L,ender muy use the proceeds eo repair or restore the Property or to pay sums
<br /> sccured by thls Security Instrument, whether ar not then duc.The 30•day period will begin wlien the notice is given.
<br /> Unless Lendcr A►rJ Hon•awer othcrwise a�ree in writin�, �ny application of proceeds to principal shall noc cxtend or
<br /> postpono the duc date of tl�c monthly�paymcnts referrec! to in pstragraphs 1 and 2 or cY�a��ge the umount of the p�yments. If
<br /> under paragraph 21 t}tc I'toperty is acquired by Lender, Borrower's right to�ny lnsurnnce policies nnd proc�;eds resultin�from .
<br /> dumnge to the P¢opetty prior to the acquisition shaU pass to Ixnder to the ertent of the sums secured by this Secuciry Inst�ument
<br /> immediately prior t�the acquisition.
<br /> 6.(kcupancy,Preservatton,Malntenance nnd Protectton of the P�•operty;Borrower's Loun Appf3r.ation;I,cascholdg.
<br /> Borrower shall occupy,establish,and use tt:e Property as Borrower's principal residence within sixty days nfter th�exe:.ution of
<br /> this Securtty Instrument and shali continue to occupy the Property es F3orrower's principal residence f�r ut least one year after
<br /> thc date of occupancy,unless Lencter otherwise ngrccs in writing. which consent shall not be unre�lsonably withhold,or unless
<br /> extenuuting circumstances exist which are beyond Burrower's control. Horrower shall not destroy. darnage or impair the
<br /> Propeity, ullow Ihe Property ea deteriorate, or commit waste on the P.roperty. Bonower sha!1 be in default if any forfeiture
<br /> nction ar proceeding, whether civil or criminal,is begun thut in Lender's good faith judgment could result in farfeiture of the
<br /> Property ar otherwise materially impair the lien createci by d�is Security Iastrument or Lender's security interest. Borrower may
<br /> curc�u�h s def�u:3Sl�iP2nS[Et�n��c�,rnv��1��1 in�arnvrn�h 1 R,by cuusic�e the action or pror,cedinR to be di�rnissed with s ruling
<br /> thut, in [.ender's good faith detem�inntlon, precludes forfeiture of the Borrower's interest in the Property or other material
<br /> impaimient of the lirn created by this Security Instrument or i.ender's s�curity interest. Bonower shall also be in default if
<br /> Borrower,durir�g the loan appfication pTOCess,gave muterinlly false or inaccurate information or stntements to I.ender(or fuiled
<br /> to provide Lendcr with any muterial lnfonnation)in connection with the loan evidenced by the Note, including, but not limtted
<br /> to,representations conceming Bonr�wer's occupancy of the Property as a principal residenee. If this Security Instrument is on a
<br /> leasehold, Borrower shall comply with all the prov[sions of the leasc. if Banower acquires fee title to the Property, the
<br /> leaschold and chc fec tltle shall not mcrge unless Lender agrees to the mer�er in writing.
<br /> 7.I'rote�tlon o!I.ender's RighGg in the Property.If Boi�rower fails to perform the cmvenants and agreements containcd in
<br /> this Security Instrument, or there is u lcgal proceeding that muy significantly affect Lender's eights in the Property(FUCh as a ,
<br /> prucaxiing in bankruptcy,probate, for condemnution or forfeiture or to enfore�luws or�egulations). then Lender may do anci
<br /> pay for whatever ic necessary to protect the value of the Property and Lender's rights in the Property. Lender's actions may
<br /> include paying eny sume secured by a lieu whlct� has priority over this Security Instrument, appearing in wurt. paying
<br /> reasunable attorncys'fces und entering or�the Property to make repaics.Although I.ender may take action under this paragraph
<br /> 7,i,ender does not hnve to do so.
<br /> Any amounts disbursed by L.ender under this p:u�graph 7 shall become additiu��l de�t uf �orrc,:ver sccaral by tttts
<br /> Sccurity Insuument. Unless Bonower and Lr:nder egree to other tcrms of payment. thesc ainounts shull bear intcrest from the
<br /> date of disbursement at the Notc ratc and shall bc paynblc. with interest, upon r.otice from I.cnder to Horcower requcstin�
<br /> payment.
<br /> tI.Mortgage Insurunce.If Lender rc�uireci mortgage lnsurance as a conditiun of makins the loan secured by this Securiry
<br /> Insirument, Bonower shall pay the premiums required ta maintuin the mongage insurancc in effect. If. fur any rcason, tha
<br /> mortgage insuranec caverage required by Lender lapses or ceases to be in effect,Borrower shall pay Uu premiwns cequired to
<br /> obtain cov�erage substantially equ[valent to the mortgage insurance previovsly in effect,at a c�st s�nbstantially equivalent i4�he
<br /> cost to Borrowtr of the mortgage insurance previously in effect,from an alternatc mortgage iraurcr approvcd by Lender. If
<br /> substanttally equivalent mortgage insuru�ce coverage is noi�vailable. Borrowcr shall pny to I..ender e:ich rnonth a sum cqual to
<br /> one-twelfth of the ycarly mortgnge insurance premium bcing paid by Borcower when ttie insurance coverage lupsed or ceased to
<br /> be in effect.L.ender will accept,use nnd retain these payments as a loss reserve in lieu of mortga�t insurunee. Loss reserve
<br /> -- Fam 3028 9/90
<br /> P�ge 3 010 �
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