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<br /> - , " , S. Ha7ard or Property L�urattce. �orrawer �hall keep the improvements now existing or her�eafter erected oa the � .`" .�`, .� �f-
<br /> ' .``� ... ; Property insured against toss by fire,ha7artls included within the tertn "extended roverage" and any other iea7ards,inctudiag6� "� ? �� �• ~"�
<br /> �������:< �, flaads or ftaoding.for which Lender requires ins�rance.This insurance shall be maintained in the amoeu�ts and for the periods� `�;� `' .�.. ' `
<br />-. , • ` ` ' ': that Lender requires. The in5urance carries providing the insutance shall be chosen by 6orrower subjeci w Lender s approval � .•. ��
<br /> ''; _;� �..�;��.; . which shall not be unreasonably withheld. if 8orrower fails to_maintain cove�age described ahove, L,eader rnay, at Ler►dei s � .. .- .
<br /> ' � °• opuon,obtain coverage to protect Lender's rights in the Property in accordance with para��ph 7. C,! s ��, ° '
<br /> :�: �Y ,`�.�;,- '. .
<br /> ' --�,`' A!1 insurance polities and renewals shall be acceptable ta Lender and shall include a standard mortgage ctause. txnder A
<br /> �` � , �� s h a l l I�ave the right to hold the policies and renewals. If Lender requin�s.Borrower shall prornptly give to i,ender a!!receipts of � -�` .-
<br /> � _-• :•
<br />, • • � paid premiums and renewal notices.In the event of loss.Bomnwer shall give prompt notice to the iasutance rauier and Lender. � �
<br /> ' '``� Lender may make proof of loss if not made pramptly by Borrower. � ' ' •
<br /> ' ` `�,: Unless Lender and Borrower otherwise � . � .�. -
<br /> .� ..� _, ag�e in writing. insurance prac�eds sha11 be appiied to cestoration or repair of the , � . ":
<br /> - -_ ..-. . __. Property damaged,if the restoraiion or repair is economically feasible and I.ender's security is not lessened.If the resYorarion or `'% •�` `:' = -
<br /> �� � � , � �.'�- repair is not a:onamicaUy feasible or Lender s security wouId be lessened,the insurance proce�cls shall be applied to the sums " ' � -�-
<br /> - �'" � secured by this Security Inswmertt, wheiher or not then dae,with any excess paid to Borrower. If Borrower abandons ihe ��.�� -
<br /> . Property,or does not anmer within 30 days a notice fmm Lender that the insurance cazrier has offered to settte a claim, then " `�''-+�':'
<br /> , Lender may colIect the insurance proeeeds. I.ender may use the proceeds to repair or restore the Property or to pay snm5 � '� �y�
<br /> . _ secured by this Secvrity Instrument,whether or not then dae.The 30-day period will begai when the notice is given. �. � �.�`�
<br /> ':���� Unless Lender and Borrower otherwise agree in wriung, any application of pmceeds to principa!shall aot extend or ;,:�,"_�
<br /> � ' postpone the d�te date of the monthly payrrtents nferred to in paragraphs 1 and 2 or change the amount of the payments. If
<br /> �� } ' _. under paragraph 2l tbe Property is acquired by Lender.Borrower's right to�y insurance policies and praceeds resufting from �
<br /> � damage to the Property pdor to the acquisiuon shall pass to Lender to the extent of the sums secured by this Securiry Inst�ument �.�'�:.i..
<br /> -- .. _,;;`. immediately prior to the acquisition. -.� '�_-
<br /> - - ,-- -�. _ 6.Qlccapaucy,Pteservation,Maintenance aud ProtOCtfon of the Propeit3,Borrowe�'s Loan ApplEcation;I,easeholds. - � ,':•��: __
<br /> - � _ _ � �. Borrower shall occupy,establisb,and use the Property as Borrower's principal nesidertce within sixty days after the execudon of ' �" ��_�'
<br /> ,. ' � "� � ''"` this Security Inswment and shall continae to occupy the Property as Borrower's principal residence for at least one year after �` �`� '"
<br /> the date of occupancy,unless Lei.der otherwise agrees in wriring,which consent shall not be unreasonably withhetd,or untess '`'�• '�-�-'��
<br /> r� � .' :a;�^.
<br /> - . - extenuating circumstances exist which are beyond Borrower's control. Bomower sha!} not destroy. damage ar uapair the -
<br /> , � Property,allow the Property to deteriorate, or commit waste an the Propeny. Borrower shali be in defaait if any forfeiture .. '
<br />_ . � .'. action or prooeeding, whether civil or crimiaal, is begun that in Lender's good faith judgment watd result in forfeiture of the � • =---
<br />;:..ti•, ,_ Property or otheswise materially impair the lien created by this Security Instrument or Lender's security interest.Borrower may ���i�-�
<br /> _ cure such a default and reinstate,as provide�in paragraph 18,by causing the action or procxeding to 6e dismissed wi�h a niling ��„ --
<br /> , . .� that, in Lender s good faith determination. preciades forfeiture of the Bor�awer's interest in the Property or other material • .�. t�:-
<br /> � �r': impairment of the lien created by this Security InstrUment or Lender's security interest. Borrower shall also be in default if � � _
<br /> ,;. . , _ Borrower,during the loan applicatian process.gavc matcrialty falsc or iitaccuratc iaformation or statements to Lender(or GiiteJ = _
<br /> • . , to provide Lender with any materia!information)in connection with the loan evidenced by the Note.including,but not.limited �
<br />_ f� � ta,representations conceming Borrower's occupancy of the Property as a principal residence.If this Security Insuumeni is on a - -
<br /> � ' , leasehotd. Borrawer shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the � ' '_;;:�;�
<br /> _ . . leasehoJd and the fee tide shall not merge unless Lender agrees to the merger in writing. - A_�_:
<br /> �� ,. • ;,� 7.ProtectIon of l.ender's Ri ts In the Pro e ' ; ��J
<br /> l�h p rty.If BoYrower fails to perform the cavenants and agreements contained in : �;;!;'...,�....
<br /> � • this 5ecurity Instrument,or there is a legal proceeding that may significantly affect Lender s rights in the Property (such as a • --
<br />_ '. ,. �' ; praceeaiing in bankruptcy,probate, for candemnation ar forfeiture or to enforce laws or regulatioc�s),then I.ender may do and � •
<br /> . �.�.j pay for whatever is necessary to.protect the value of the Property and Lender's rights in the Property. Lender's actions may -� —
<br /> ^ � � include paying any sums secured by a lien which has prioriry over this Security Instrument, appearing in wun. paying
<br /> _ " • •�.�; reasonable attomeys'fees and entering on the Property to make repairs. Althaugh Lender may take aciion under this paragraph -
<br /> . °.- � • •t 7.l.ender does not have to do so. , A_,;
<br /> �� Any umounts disbutsed by Lender under this paragraph 7 shall become addiuonal debt of Borrower secureA 6y this '�., :.�.�;
<br /> Security Instrument. Unless 8orrower and Lender agree to other terms of payment,these amounu shall bear interesi from the . .i•• '
<br /> � • datc of disbursement at the Note rate and sha}l bc payable, with interest. upon notice from Lender to Borrower roquesting � . �. "
<br /> ,. Payment. .
<br /> �'' � 8.Diortgege Insurence,lf Lender required mongage insurance as a condition of making the loan secured by this Security : . �
<br /> � • Instrument. Borrower shall pay the premiums required to maintain the mortgage insurance in effect. If, for any reason, the• � "
<br /> ` . mortgage insurance wverage required by l.ender lapses or ceases to bc in effect, Borrower shall pay the premiums required to � �
<br /> obtain coverage substantially equlv�lent to the mortgage insurance previously in effect,at a cost substantially equivalent to the `
<br /> . . . wst to Borrowcr of the mortgage in�urance previously in cffect, from an altemate martgage insarer approved by Lender. If .
<br /> substantially equivalent mortgage insurdnce coverage is not available. Borrower shaU pay to Lender euch month a sum equal to-'
<br />� ��� one-twelRh of the yearly mongage insurance premium being paid by Borrower 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 mortgage insuranee. Loss reserve • ..
<br /> � Form 3028 9/90 � �
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