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<br /> , , S. �rd or ptop�sty Insueance- Borroeer shali keep the impro�•ements now ezisting or hereafter erected on the � . , ____
<br /> < Property iruured againtii loss by fire, t►3aards included within the �erm "et►ended eovera=e" and an} �iiher hazards, including . �`«' •,.'�'''
<br /> .:.� . � •..s
<br /> floods or flooding,for uhich Lender requires insurance. This incuranre shall be muntained in the:unuunts anJ fur the periods � . � �.
<br />` � that Lender requires. The insurance carrier providing the insurance shall be chu�en by� Barrowrr:ubj�tit to L.ender'�approvat - • . ---
<br /> �� which shall �ot be unmasoaably withheid. if Borrower fails to maintain �overage des�ribc�i abuve.Lender may, ac Lender's . � � .. .
<br /> option.obtain covera�e to protect Lender's righis in the Property in acconlanre with paragraph 7. _ `^y '�' ?- •
<br /> ^� All insurance policies and renewals shall be acreptable to Lender:uid shall include a standard mortgage clause. Lender —:=��=���_���
<br /> sha11 have the right to hold the policies and renewals. If Lender requires. Borrower shaJl promptly give w Lender all receipts of _ _ •.�
<br /> -- gaid premiums and renetva! notices.In the event of lo*s. Bnrrower shall give prompt notire to the insurance carrier and Lender.
<br />" l.ender may make praof of loss if not made promptly by Borrower. ",��, �'�'.� _ H
<br /> �. . Unless Lender and Borrower otherwise agree in wriung,insurance proceeds shall be a�plied to restaration or repair of the , _ � �'
<br /> � : Property damaged.if the restoration or mpa�r is economically feasible and Lender's security is not lessened.If the restoration or ?t„. ,,', '� _`•� ._
<br /> • repair is not economically feasibie or Lender's security u�ould be lessened,the insurance proceeds shal! be applied to the sums � '"�'�-•-�•�y`;=_°�
<br /> _�� e-.,y�,-
<br /> secured by this Security Instrument, whether or not then due. with any excess paid to Borrower. If Borrower abandons the •_:_"�
<br /> ::� ���K�•�-.
<br />�,��;; Property. or does not answer within 3fl days a notice from l.ender that the insurance carrier has offered to settle a claim, then ��,�.,�
<br />. Ixnder may collect the��+=•�*�nce proceeds. Lender may use the proceed, to repair or restore the Property or to pay sums _ --";`__
<br /> ' s�cured by this Security Icsirument,whether or not then due- The 30-day period will begin when the notice is givea.
<br />-, Unless Lender and Borrower otherwise agree in writing. any apgliration af proceeds to nrincipal shall not extend or ~�_,..�-.;��.,*: I
<br /> ... ,7' postpone the�e date of the monihly payments referred to in paragraphs l and 2 or change the amount of the payments. If y;�
<br /> ��` under paragr.�,-s-'_! the Property is acqaired by Lxnder. Borrower's right to any insurance policies and proceeds resulting f:am ��f.• '
<br /> `�.{~' �rffAf n 81lafi`•'"'.
<br /> �'r.�f� damage to the r roperty pri�r to the acquisition shall pass to I.ender to the extent of the sums secured by this Security lastrument .�y= ;=:,,�,;a_ - ,, _
<br /> � i.:.rs:ediately prior to the acqaisition. '�`�
<br />_�;;; 6.Qccupancy,Prescr�-��n.Malnteoance aad Protertlon of the Prnperty;�orrower's Loan AppHcation;Leasehol�s. � ' _
<br /> ���z -�-._;.
<br /> =`4;;�, Borrower shatl occupy.�taEL�.•=i.and use tl:e Property as Borrower's principal residence within sixty day s after the execarion of ry �;�:
<br /> �'se�!;� this Security Instrument ar::�i-�all condr�s:to accupy [he Property as Borrower's principal residence for at least one yea:aft� , ; —•..-. -
<br />: '-��� the date of occupancy,unI�Lender e�h-�wise agrees in writing, wluzh caasent shall not be unreasonably withheld,or un1,�s ��-r- •*�'=�
<br /> ' , extEnuating circumstances e�ist which are beyond Ecrsower's comrol. Borrower shali not destroy, damage or impair tiie �'"`' ' :�•w
<br /> � . L�toperty, allow the Property to deteriorate, or com.��Kaste on the property. Borrotiver shall be in default if�y forfeiture �s---
<br /> .:�'..... .'�,..:
<br /> action or pr�.�ing. wheti�er civil or criminal, is beer:c chat in L�n�sr's good faith judgment could result ice fur;einue of the � � �-�_
<br /> � Pro en or eC:�;,-wise materiall• im air the lien created�b this Suur. Inswment or Lender's securiry interest. Borrower tr•ay �. �;` '"'� `
<br /> _ P Y S P Y �`5' i�: • �
<br /> ,_�'� cure such a c.•�ault and rei:istate,as pmvP�in paragraph 18,by cusing the action or praceeding to be dismissed with a t�viir.� _ �.-, _ ._�
<br /> that. in �.ender's good fa:�`�determinae,:�, precludes forfeiture ef:;�e Borrower's interest in the Property or other materia7 ` '`� � •�
<br /> '� " � •
<br /> im p a imcent of the lien c�i:zd by this Security Instrument or Lern:Qr's security irterest. Borrower shall also be in default if •���;`�-.� • :={;•
<br /> Borrower,during the loan application p:aass,aave ma.erially false or inaccurate information or statements to Lender(or failed '.;;; ,�
<br /> •r��.�� to provide Lender with any material ini'a:�ation)in cor►neccion with che ioan evidenced by the:�'ote.including,but noi limited •� --. '�;
<br /> � : �'.�:��� .
<br /> . � to,representations conceming Bonower's occupancy of the Property as a pancipal residence. if dz:s Security Insa�utnent is an a ' '���
<br /> ,,,,?:,';;,t �:::-,�:.
<br /> leasehold, Borrower shall compiy with all the provisions of the lease. If Bortower acquires `ee dtle to i14e Properiy, t�e
<br /> t�sehold and the fee zide shall not merge unless[.etider agees to the merger in writing. � �!'
<br /> ' 7.ProtecHon of Leaeier's Rights In the Property.If Borrower fails to perform the covenanu and agreemenu contained in , ''�''-���
<br /> ; �n���-==• =�--:.`,
<br /> • this Securit��E�stnunent,or there is a legal proceeding that may signi�icandy affect Lender's rights in the Property(sud�as a �""'m'
<br /> : �.� .n� -
<br /> . proceeding i�aankruptcy, probate. for condemnation or forfeiture ot ca enforce laws or regulaaons),then Lender may do s..�i --�=y�;'___�-�;_;
<br /> pay for wha.ever is necessary to protect the value of Lhe Property and Lender's rights in the Property. Lendei s actions may .. . �ws?�•Y.;;.•��--
<br /> � ' include paying any sums �ecured by a lien which has priority ove- this Secur'ew Instrument, appearinE in wurt, paying ;��:��. '�:: ;T�•=-��-n��'
<br /> reasonab4e attomeys' fees�d entering on the Properry to make repairs. Althougti[�:der may take action ua�r this paragraph l""�""'•�''""`"'`�'�' .��
<br /> . F•:
<br />•�;��•� 7,Lender does not have[o do so. '�'�` •
<br />,�!+�� ' My amo�nu disbuesed by Lender under this paragraph 7 shall become addirional defrt of Borrower serured by this �� J ,�:
<br /> ' • Securiry Instrument. Unless Borrowec and Lender agree to other terms of payment. these amouats shall bear interest from thr. - �'''��'�' � ^ '
<br /> .. _. ._. ... � ___�
<br /> date of disbursement at the Note rate and shall be �yable, witt� interest, upon notice from Lertder to Borrower reyuesting - --
<br /> �,^- - -
<br /> • 7ayment. f .• _; .:._,.
<br /> .,:.
<br /> 8. Mortgege Insurance.If Lender re,quired mort�age'rnsurance as a condition of making the loan secu.%'by this Securety ,���a•.'�`�"4
<br /> �� Instrument. Borrower shall pay the premiums required to maintain the mortgage insurance in effect. If, for any reason, �:e _ '
<br /> mortgage insurance coverage required by l.ender lapses or ceases tr Ix in effect.Bonower shall pay the premiums required to �
<br /> obtain coverage subsiamially equivalent to the mortgage insuranc�p;eviously in effect.at a cost substantially eguivalent to the �:�=:-
<br /> . cost to Borrower of the mort�age insurance previously in effec¢. from an alterr:r.� mortgage insurer appraded tsy l.ender. If ��;�
<br /> � � substantially equivalent mortgage i�surz�ce coverage is not avai�able.Bonower shall pay to Lender each month a sum equal to ����°-��_
<br /> one-twelfth of the yearly mortgage inszr�ace premium being paid by Borrower when the insuran:.e coverage lapsed ot ceased to +�.'����
<br />- . be in effect.Lender will accept, use and retain these payments as a loss reserve in lieu of more�2ge insurance. Loss reserve � . - �e
<br /> ��:
<br /> � Farm 3028 9/90 �,"'�'.�
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