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<br /> S. Hn•r�ard nr Property l��suri�nce. Borrowcr shull kecp the improvements now existin� or hercni'ter crccted on the
<br /> Pro��crty insw•cd abninst loss by firc, hntairds includcd wfthin thc tcrm "cxtendr,d covcrugc" m�d tmy uthcr hnrairds, including
<br /> tlacids�ir flouding, for wliich Lcndcr rcyuires insurnnrc. This insurunce shnll be muintuincd in ihc mnuunts nnd for the peri��ds
<br /> thut I.cndcr rcc�uires. 'I'hc insurancc curricr prnviding thc insurnncc shidl l�c cltosen by Dorrcnvcr suhjcct tu l.cndcr's upprovnl
<br /> which shnU nat bc unrci�sonuhly withhcld. If Borrowcr fuils to mt►intain covcrngc dcscribcd n6ovc, I.endcr►nuy, ut l..cnder's `
<br /> nption,ohtuin coveruge tu protect Lender's rights in the Property in uccordnnce with paragrnph 7.
<br /> All insurunce policies cmd rene�vuls shull be acceptable ta I,ender und shall include a �tmidurd martguge cluuse. I,ender
<br /> shall huvc thc right to hotd thc p�licics nnd rencwuls, if Lendcr requires,Dorrowcr shull promptly give to I.ender all reccipts of
<br /> paid premiums and renewal notices.In the event af loss,Barrower shnll give pmmpt natice to the insurnnce carrier and Lender.
<br /> Lcnder mny n�ake proof of loss if not made pmmptly by Borrower.
<br /> Unicss Lender and Botto�vcr otherwise agrcc in writins,insurance procceds shall be appliod to restoration or repair of the
<br /> P�operty dama�ed, if the restoration or repair is economicully feasiblc and Lender's security ls not Iessened. If the restoration or
<br /> repair is not economicully feasible or Lender's security would be lessened, tiie insurunce procecds shall be applia!to tha sums
<br /> secured by this Security Instrument, whether or not then due, with any excess paid to 8orrower. If �ormwec abtmdons the
<br /> Property, or docs not answer within 30 days a notice from I.ender that the insurance carrier has offcred to scttla a claim,then
<br /> I.ender may collect the insurar�ce proceed�. Lender may use the praceeds to repair or restore the Praperty or to pay sums
<br /> sccumd by this Security Instrumc;nt,wh�:ther or n�t then duc.The 30•dny period will begin when the notice is�iven. .
<br /> Unless I.ender and 8orrower otherwise agree in wiiting, any applicution of prucceds to principal shall nat extend or
<br /> postpone the duc date of the monthly payments referred to in parnsruphs 1 nnd 2 or chunse the amount of the payments. if
<br /> under paragraph 21 the Property is acquired by Lender, Horro�ver's right to any insurance policies and proceeds resulting from
<br /> damage to the Property prior to the ncquisition shall pASS to Lender to the extent of the sums secured by this Security Instrument
<br /> immediately prior to the acquisition.
<br /> 6.Occupancy, Preservetlon� Malntenunce snd Protection of the Property; Borrower's Luan AppUcation;I.ease�holds,
<br /> Buno�ver shall occupy.establisfi, and use the Prope►ty as Borrower's principal residcnce within sixty duys ufter the execution of
<br /> this Security Instrument and shall continue to occupy the Property as Bottower's principal residence far ut least onc year after
<br /> the datc of occupancy, unless Lender othenvise agrees in writing, which consent shall not be wireasonably withheAd, or unless
<br /> extenuating circumstances exist which are beyond Borrower's control. Bonower shall not destroy. damage or impair the
<br /> Praperty, allow the Praperty to dcteriorate, or commit waste on the Property. Borrawer shall be in default if nny forfciture
<br /> uction or proceedins,whether civil or criminat,is begun that in Lender's go«i fuith judgment could result in forfeiture of the
<br /> Propeny or othenvise materiully impair the licn createci by this Securjty Instrument or Lender's security intemst. Bonower may •
<br /> cure such a default and reinstate,as provided in parasraph 18,by causing the action or proceeding to be disinissed with a ruling
<br /> th�t, in Lender's good faith determinatlon, precludes forfeisure of the Borrower's interest in the Property or other muterial
<br /> impaiRnent of thc lien creuted by this Scturity Instrument or Lender's security interest. Borrower shall also be in default if
<br /> Bqrrower,during the loan application pnxcss,gpvc mutcrially false or inaccurate information or statements to Lender(or failed
<br /> ; to provide Lender with any materinl information) in connection with the loun evidenad by the Note,including, but not limited
<br /> to,representations concerning Bonower's occupancy of the Property as a principal residence. If this Security instrument is on t�
<br /> leasehold, Borrower shall comply with all the provisions of tlie lease. If Borrower acquires fe,e title to the Property, the
<br /> leasehold and thc fee title shall not merge unless L,ender agrees to the merger in writing.
<br /> 7.Protection ot Lender's RtRhts in the Pmperty.If Barrower fails to perforni the covenants and agrcements contained in
<br /> this Security Instmment. or there is a legal proceeding that may significantly affec:t I.ender's rights in the Property(sach ns s+
<br /> procecding in bankruptcy, probate,for condemnaYion or forfeiture or to enforce laws or regulati�ns),then L.ender may do amd
<br /> pay for whatever is necess�ry to protect the vnlu�e of the Property and Lender's rights ln the Property. lsrnder's Actlons cnay -
<br /> include pnying nny sums securod by n lien which has priority over this Security Instrument, appearing in wurt. paying
<br /> reasonable attorncys'fces and entcring on the Property to makc mpairs. Although Lender may take action un,7er this parpgraph
<br /> 7,I.ender does nat have to do so.
<br /> _ Any nmounts disbursed by [rnder under thIs paragraph 7 shall become additional debt of Bono�ver secured by thls
<br /> Srxurity nnstrurnent. Unless Borrower and Lender agree to other terms of payment.these amounts shnll bear interest from the
<br /> dute of disbursement nt the Notc rate and shall be�ayablc, with interest, upon notice from Lender tu Borrower reyuesting
<br /> payment.
<br /> , 8.Mortgaqe Insurance. If Lender requirod rnortgage insurance as a condition of makin� the loan secured by this Sccurity _
<br /> Instrument, Borrower sludl pay the premiums reyuired to maintain the mortgnge in;urance in effect. If, for any rcason, the
<br /> mortgage insurance covemge requiral by Lender lupses or ceases to be in effect, Borrower shall pay the premiums re.e�nirtd to
<br /> : obtain coverage substantially equivalent to the mortgage insurance previously in effect, at a cost substantinlly eyuivalen4 to the
<br /> . cost to Borrower of the mortgage insurance previously in effc;ct, from an nitemate mortgage insurer approveJ by Lender. If
<br /> substantially equivalent mortgage insurance coverage is not available. Borcower shall p�ay to Lender each month a sum equal to
<br /> � one-twclfih of the ycarly mortgage insurance pmmeum being paid by Borcower when the insurance coverage lapsed or ceased to
<br /> ' be in effect. Lender will accept,use and retain these payments as a loss reserve in lieu of mongage i�surance. Loss rcrve
<br /> � Form 3020 8/90
<br /> � Pape 3 0l 6
<br /> � •
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