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<br /> 5.Hazard or Property Insurance. Borrowcr shall kecp thc improvemcnts now exisung on c�rcaftcr crccteci on thc Property ' ,,j"'
<br /> insurcd against loss by Cuc, haxards includcd within thc tcrm "cxtendcd wvcragc" und any othcr ha•r.ards, including t7oods or
<br /> ; flooding,fpr which Lcndcr requires insurancc.This insurancc shall be maintxined in thc umounts and for the periods that Lendcr
<br /> requ'ues.'Ihe insuranee carrier praviding the insurance shall be chasen by Borrower subject to Lender's approval which shall nat C s 7 _
<br /> : bc unrcasonably withheld. If Bonower fails to maintain covcragc dcscribed above, Lcndcr mAy, at l.endcr's option, obtain C;J -_
<br /> ' covcragc to pratect Lcndcr's rights in thc Property in accordancc with pazagraph 7. � � __
<br /> AI!insurance policies and renewals shall be acceptable w Lender and shall include a standard mortga�e clause.Lender shall ,� -°
<br /> ; havc thc right to hold thc pollcies and rencwals.If Lender requires,Borcowcr shal!prompUy givc to Lender all rcccipu of paid �. _-_``a."`� � .
<br /> premiums end renewal notices.In the event of loss,Borrower shall give prompt noticG to Ihe ins�uance carrier and Lender.Lender � -
<br /> • may make proof of loss if not made prompdy by Bonower. t� :=
<br /> ! Unlcss Lcndcr and Borrowcr othcnvisc agrec in writing, insurance proceeds shall bc applied to restoradon or repair of thc N ,,; --
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<br /> • Property damaged,if the restoration or repair is economically fcasible and Lcndcr's sccuriry is not lessencd.I f t he restoration or Q„" ��g'
<br /> � repair is not economically feasible or Lender's security would be lessened,the insurance praceeds shall be applied w the sums
<br /> � securcd by this Security Instrument, whethcr or not then due, with any excess paid to Borrowcr. If Borrowcr abandons thc
<br /> Property,or daes not answcr within 30 days a notice from Lendcr that the insurance carrier has offcred to setdc a cleim, then �
<br /> Lender may copect the insurance proceeds.Lender may use the proceeds to repair or reswre the Property or to pay sums secured
<br /> by this Security Instrument,whether or not then due.The 30•day period will begin when the notice is given.
<br /> Unless I.ender and Borrower othenvise agree in writing,any applicadon of procceds to principal shaU not extend or postpone
<br /> the due dute of ihe monthly payments referrcd to in paragraphs 1 and 2 nr changc the amount of the payments.If undcr paragraph
<br /> � 21 the Property is acquired by L.ender, Borrower's right to any insurance policies and proceeds resulting from damage to the '�
<br /> Property prior to the acquisidon shall pass to L.cnder to thc extent of Ihe sums sccurcd by this Security Instrument immcdiately �r�°=— -
<br /> prior to the acquisition. .'!�__��
<br /> 6.Occupancy,Preservation,Maintenance and Protection of the Property; Borrower's Loan Application;Y.easeholds. ----- _
<br /> Borrower shall occupy,establish,and use the Property as Borrower's principal residence within sixty days after the execudon of Y
<br /> this Seciuitv Instrun►ent and shall continue to occupy the Property as Borrower's principal residence for at least one year after the �`•��„��,
<br /> date of occupancy, unlcss Lcnder otherwise agrees in wriung, which consent shall not be unreasonably withheld, or unless - ���:n
<br /> extenuating circumstances exist which nre beyond Bonower's conuol. Borrower shall not destroy,damage or impair the Praperty, .�, ��:�
<br /> ' allow the Property to deteriorate,or cc�mmit waste on the Property.Borrower shall be in default if any forfeiture acdon or :�:":,��,�;.'',
<br /> proccedirtg,whether civil or criminal,�s begun that in Lender's good faith judgment could resul[in forfeiture of the Property or .,�,:
<br /> otherwise materially impair the licn created by this Security Instrument or Lender's security interesG Borrower may cure such a �
<br /> default and reinstate, es provided in paragraph 18, by causing ihe acuon or procceding to bc dismissed with a ruling that, in •'��
<br /> Lendcr's goad faith detecmination,prcxludes forfciturc of thc Borrower's intcrest in the Property or othcr material impairment of •��• �
<br /> thc licn created by this Sccuriry Instrumcnt or Lcnder's security interes�Borrowcr shall also be in default if Bormwer,during the =''�`4••;�,�
<br /> loan application process,gave materially false or inaccurate informaaon or statements to Lender(or failed to provide Lender with �-`�'+� °-
<br /> any material information) in connection with the loan evidenced by the Note, including, but not limited to, reprc�sentations ;;.�%`a. � -
<br /> conceming Borrower's accupancy of the Property t�.s a principal residence. If this Securiry Instrument is on a leasehold,Borrower •��� � �"
<br /> shall comply with all the provisions of the lease.If Honowcr acquires tee titic to the Property,the Icasehold and the fee pdc shnli •.e Yr:. :;�
<br /> not merge unless L.ender agrees to the mcrger in writing, �"�:"�� ` -
<br /> . 7.Protection of Lender's Rights in the Property. If Borrower fails to pedorm the covenfu►ts and agreements contained in ' _
<br /> this Security Instrument,or there is a legal procecding that may significandy affcct Lender's rights in the Pcoperty (such as a s`—
<br /> � proceeding in bankruptcy,probate,for condemnaaon or fodeiture or to enforce laws or reguladons),then Lender may do and pay
<br /> for whatever is necessary to protect the value of the Property and Lender's rights in the Property.Lender's acdons may include
<br /> paying nny sums secured by a licn which has prioriry ovcr this Scxurity Instrument, appearing in court, paying rcasonable ' ''`'=-`"'°"�`—
<br /> ' auorneys' fccs and cntering on the Property to make repairs. Although L.ender may take action under this pa��agraph'l,Lender : f-�"`
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<br /> docs not havc w do so.
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<br /> � Any amounts disbursed by Lender under this paragraph 7 shall become addidonal debt of Borrower secured by this Secu.-ity , .
<br /> InstrumenG Unless Borrower and L.ender agree to other terms of payment,these amounts shall bcar interest from thc date of
<br /> . disbursement at the Notc ratc and shall bc payablc,with intcrest,upon nalice from Lender w Bonowcr requesting payment. . �
<br /> 8.Mortgage Insurance. If Lender required mortgage insurance as a condidon of making the loan secured by this Security , � � �
<br /> Instr�mcnt, Borrowcr shall pay thc prcmiums rcquircd to maintain �hc mongagc insurancc in cffcct. If, for any rcason, the �
<br /> mortgage insurartce cc�verage rec�uired by Lender lapses or ceases to 6e in effect,Borrower st�ali pay the premiums rec{uired to
<br /> obtain coverage substantially cquivalcnt to thc mongagc insurance prcviously in cffcct, at a cost substantially equivalent to thc I
<br /> cost to Borrower of the mortgage insurance previously in effect, from an alternate mortgage insurer approveci by Lender. If I �
<br /> substantially cquivalent mortgagc insurancc covcragc is not availablc,Borrowcr shall pay to L.cndcr cach month a sum cqual to 4
<br /> one-twelfth of the yearly mortgage insurance premium being p�id by Berrower when the insurance coverage lapsed or ceased to
<br /> be in effect. I.ender will accept, usc and retain ihese paymenu as a loss reserve in lieu of monguge insurance. Loss reserve
<br /> Form 3028 9r90
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<br /> 793-3
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