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<br /> ' ,� ( � ' S. Haasrd or Property Insurance. Borrower shall keep the improvements now eaisting or hereafter erected on
<br /> ` � tha PropercY insured aga�nst fo�by Cre.ha�ards included within the term"extended coverage"and any other hszards, , .
<br /> ` _ including floods or floodiag,for which L.ender requires insurance.This istisurance shali be maintained in the amnunts y .
<br /> ' - . and for the periads that Lendet requires.Th�insurance rareier ptoviding the insurance shall be chosen by Borroner . '
<br /> - � subject to Lender's aPProval which shall not be unreasot�ably withheld.If Bosrower iails to maintain coverage described _.� .. r 4. .t
<br /> ,� ,-.�:'_-:�•-----,� a b ove, Lender ma y,at Lender's option,obtain coverage to protect Lenders rights in the Property in accordance with � ; �` �,
<br /> ' FaraBraPh 7. • .
<br /> � • All insusance policies aad renewals sball be acceptable to Lender and shall include a standard mortgage clause. � �.
<br /> � Lender shall have the rigiit to hold the palicies and tenewala If Lendet requires,, Horrawer sha11 promptly give to F _
<br /> t � •� - ],ender all receipts of paid premiums and renewal notices.In the event oY loss.Borrower shall g'�ve prompt notice to the . _ �
<br /> • f insurance casrier and Lender.I.ender may make proof of loss if not mad�promptly by Bflrrower. ... � •"
<br /> ' . � Unle�Lendet and Borrower otherwiseagree in writing,insurance proceECls shall be applied to restoration or repair +; ...: ,: '._.; ,.
<br /> of the Property damaged,if the seatoratioa or sepair is economically feasible and Leadar's security is not lessened if the :`'ti ;;,__`
<br /> _ , � � , � restoration or repa'sr is not ecoaomically feasible or Lender's secutitY wfluld be le.$ened,the insurance prooe�dg s1�a11 be • ,. f��
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<br /> �; � � applied to the sums secured by thia Secority Instrument,whether ar nat t}�en due,with any egcess paid to Borrower.If '"�:<;;__•
<br /> . (� Borrower abandons the Property,or does not answer within 30 days a notice fmm Lender that the insurance carrier has i_'��_�_'
<br /> �� . . � offered to settte a claim,then Lender may collect the insurance pmceeds. Lender may use the praceeds to repair or
<br /> re�re the property or to pap sums secured by this Security Insttument,whether or not then due.The 3d-daq period will
<br /> • � � begin when the notice is given. t•.. c'�,
<br /> � � � Unless Lender and Borrower othera�ise agree in aeiting,any applicarion of proceeds to principal shall not estend or . ___
<br /> � � � postpone the due date of the monthly payments referred to in paragrapl�s 1 and 2 or change the amount of the payments. �
<br /> ':_"`", If under patagaPh 21 the PropertY is acquired by L.ender, Borrower's right to aay iASUrance policies and proceeds - ;'�,�._
<br /> , resulting fr�man damage to the Property prior to the acquisition shall pass to Leader to the eatent of the sums secured by _ i.�;-
<br /> ��-�a=
<br /> f• . = t h i sS e c uri t y Instrumentimmediately prior to the acqu�sition. �y� • � �
<br /> �; ' 6.Occupancy.Preservation,Maintenance and Protectioa a f t he Pro Borro w e r's L o a n A p p l i e a t i o n; -4 _
<br /> ,z : • : ` . Leaseholds.Borrawer shall occuPY,establish,and use the Property sis Borrower's principal residence within sisty daYa � � -"
<br /> _ ` ;v".., after the egecut�on of t6is Sec�ritq Instrument and aha3l continue to occupy tha Property.as Borrower's principal .. �` ��-.
<br /> . . _.,:wf_:_.i:.t.�=:
<br /> ,:� residence for at least one year after the date of occupancy,untes9 Lender otherwise agrees in wnUng,which cunsesit shall •;;;�;,t�
<br /> not be uns�asonably withheld,or ualess eatenuating circumstances esist which are beyond Barrower's control.Horrower :,.:��;�TM;;
<br /> ;;� . • shall not destroy,damage or impair the Property,altow the Property w deteriorate,or commit waste on the Property , r��,�'
<br /> • � Borcower shall be in default if anq fotfeiture action or ptoceeding,whether civil or criminal,is begun that in Lender's ��;'.
<br />.�:`t �' � ; gaod faith judgment could result in Yorfeiture of the Pmperty or otherwiss materia]ly impair the lien created by this , ,�.-=F---�
<br /> ^� Security Instrument or Lendes's security interesc. Borcower may cuYe such a default and reinstate,as provided in �.;�;a�
<br /> ' ' . paragraph 18, by causing the action or ptoceeding to be dismissed with a ruling that� in Lender s good faith . ,, _:
<br /> " � determination,precludes for4eiture of the Borrower's interest in the Pcoperty or other material impairment of tlae lien ,,�«�:
<br /> � created by this Security Instcument or Lender's securiry intereat.Borrawer ahall also be in default if Borrower,during - '.��Y,�;�
<br /> � ' the loan application proces. gave mateciatly false or inaccurate information or statements to 1.eitder (or failed to • _.:�n,;:;
<br /> �� provide Lender with any matetial information�in connection with the loan evidenced by the Note,including,but not .�::�r�
<br /> � � �_;; limited to, represes►tations concerning Botrower's occupancy of the PropertY as a principal tesidence.If this Secarity . � ,':.i�;�;
<br /> Instrument is on a leasehold,Bosrower ahaU comply with all the provisions of the lease.14 Borrower acquires fee title to _;^,�
<br /> � • '� the Property,the leasehold and the fe8 title shall not merge untess Lender agees to the merger in writing. . : ••:��:
<br /> � , . � ; 7. Protection of Lender's Rtghta in the Property. If Borrower faits to perPorm the wvenants and agreements : ��
<br /> '` ` � contained in this Security Instrumen t.or t h e r e i s a l e g a l p r o c e�d i n g t h a t m a y s i g n i f i c a n t l y affect Lender's ri g hts�n the . +" .'"
<br /> ' � � � . Praperty (such as a proceEding in basilwptcy. probate. for condemnation or forPeitute or to enforce laws or �:�„':
<br /> � ,��% regulattons),then Lender may do and pay for whatever is necessary to protect the value of the Property and Lender's , --_.
<br /> � � rights in the Property.Lender's actions may include paying any sums secured by a lieti whieh has priority ovet this
<br /> • � �� Se�urity Instrument.appearing in court,paying reasoaable attomeys'fees and entering on the Property to make repairs. ,
<br /> " . " Although Lender may take actson under this pasagaph 7,Lender does not dnava to do so.
<br /> .. ; � Any amounts disbutsed by Lender under this parageaph 7 shall become additiona]debt oi Borro:�er secured by this .
<br /> �' '" Security Instrument.Unless Borrower snd Lender agree to other terms of payment,these amounts shall bear interest
<br /> � '� � from the date of disbursement at the Note rate and shall be payable.wiih interest,upon noiice irom Lendet to Bosrower . .
<br /> � � requesting payment. ; .
<br /> .,��� � 8.Mortgage Insurance.If Lender sequired mortgage insucance as a coadition of making tha toan secnred by thia
<br /> • � Se�urity Instrument,Bonower shall pay the premiums required to maintain the mortgage insurance in effect.I4,for any
<br /> ' reason.the mortgage insurance coverage required by Lender lapses or ceases to be in effect, Borrower shall pay the •
<br /> ���•.s • � premiums required to obtain wverage substantiaily equivalent to the mortgage insurance previously in effect,at a cost
<br /> . . substantially equivalent to the cost to Borrower of the mortgage insurance pteviously �n effect,from an alternate
<br /> � ' mortgage insurer apptoved by Lender. If substantially equivalent mortgage insurance coverage is not available, , . .
<br /> Borrower shall pay to Lender each month a sum equal to one-twelfth of the yearly mortgage insurance premium being .
<br /> � paid by Bortower when the insutance coverage lapsed or ceased to be in effect.Lender will accept,use and retain these
<br /> � payments as a loss reserve in lieu of mortgage insurance. Loss reserve payments may no longer be required,
<br /> t . .
<br /> . Form 30 9 0 , �
<br /> .. ��spINEJ19712A01 v.9.a o+o Initial9: . ,
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