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<br /> • . �, '_ ._�:�y 5. Hazard or Prop�rty Insurance. Borroa•er shali keep the improvements now existing or here-after ere�:ted on the . .
<br /> Property insured againsc loss by fire, hazards included within the[erm"euended coverage" and any other hazards, including ,
<br /> - ' . " ftoods or fIooding, for which Lender requires insurance.This insurance shall be maintained in the amounts�for tlte periods , �
<br /> .: ' • that Lender requires.The insurance carrier providing the insurence shall be chosen by Borrower subject to Lender's appmval
<br /> ::�....�--='c which shalt not be anreasonably withheld. [f Borrower fails to maintain coverage described above. Lender may. at Lender's - F ��.:<`:,.' .'
<br /> _ _ option.obtain coverage to pratect Lender's rights in the Property in accordance with paragraph 7. � � _
<br /> ` .� All insurance policies and renewals shall be acceptable to [.ender and shall include a standard mortgage clawe. Lender �' � � '
<br /> ' � shall have the right to hold the policies and renewals. [f Lender requires,Bornower shall promptly give to L.ender al!receipts of ;, ��:. �'
<br /> _;- _ .. ; paid premiums and renewal notices.In the event of loss.Borrower shall give prompt nopce to the iasurance carrier and Lender. _
<br /> - ___. .,•---_ Lender may make praof of toss if not made promptly by Bonower. • � •�<� • -�
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<br /> - . IInless Lender and Eorrower otherwise agree in writing, insurance proceeds shall be applied to restotation or repair of the =_. __.
<br />- ••. • � �• � � Property damaged,if the restoration or repair is ewttomicaily feasible and Lender's security is nat lessened. If the resrordtion or ; -.__
<br /> ' repair is not economically feasible or Lender s security would be lessened,the insurance proceeds shall�e applied to the sums �,_._.
<br /> �� < .. , ,`�' secured by this Security Instrument, whether or noi then due. with any excess paid w Borrower. If Borrower abandons the .
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<br />-_ . . , . Property,or does not answer within 30 days a notice from Lendet that the insurance carrier has offered to settIe a claim, then =.
<br />__:�: ��f�•. . .'�� Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums -
<br />�`` �� ! secu.d by this Security lasuument.whether or not then due.The 30-day period wiA begin when the notice is given.
<br /> U n l e s s I.e n d e r a n d B o r r n w e r o t h e r w i s e a g r e e i n w r i t i n g. a n y a p p l i c a ti o n o f p r o ce e d s t o p r i n c i p a l s h a U a o t e x t e n d o r �
<br /> � `� �..f postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the payments. If ' T `• .,r --
<br /> , ',� undea ParagraPh 21 the Property is aequired by I.ender.Borrower's right to any insurance po licies an d p r a c e e d s res u lting from . �} �' " ;
<br /> , :.�. :��=; damage to the Property prior to the acquisirion shall pass to Lender to the extent of the sums sa,^ured by this Security Itutrument �- � __ �
<br />- "; .3 immediately prior to the acquisition. , `= -
<br /> � ;� 6.Occupancy,Preservat�on,Malntenance and Protection of the Property;Borrower's Iaan Appficatton;Leaseholds. E `:.����T_
<br /> ' Borrower shaU occu establish,and use the Pm e as Boaawer s rinci al residence within si da s after the e�cecution of . � `'�?�-�*=�
<br /> . PY• P nY P P �3' Y j;":� < .
<br /> -- • . . ..�:;. this Security[nstnunent and shall continue to occupy the Property as Borrower's principal residence for at least one year after �� . a.�.:�
<br />' '_-�- - - - ' the date of accupancy,unless Lender otherwise agrees in writing,which consent shall not be unreasanably withheld.or unless ";•�` '^
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<br /> � � `. •� extenuating circumstances eaist which are beyond Bnrrower's comroL Borrower shall not destroy, damage or impair the ;��,_3_.
<br /> ' . . � � Propetty, allow the Property to deteriorate, or commit waste on the Property. Bomower shall be in default if any forfeiture �..,�,^::z_
<br /> • ' action ar praceeding.whether civil or criminal.is begun that in I.ender s good faith judgment could result in farfeiture of the ` �'
<br /> � - '- � � � � �� Property or otherwise materially impair the lien created by this Seturity Instrument or Lender's security interest. Borrower may '. � .,�`•'--_
<br /> .r � �;;.�.: cure such a default and reinstate,as provided in paragraph 18,by causing the acpon ar proceeding to be dismissed with a ruling �;,;�,�t;f' �. ..�:�,y�°-.
<br /> • . that, in Lender's good faith detemunauon, precludes forfeiture of the Borrower's interest in the Property or other material " � _ ' -
<br /> � ° .� impaiment of the lien created by this Security Instrnment or Lencler's security interest. Bonower shall also be in default if . .. . y
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<br /> !� .� • .._ _,� Borrower.during the toan application process,gave materially false or inaccurate infomiation or statements to Lender(or failed ° � • ' �`_--�_
<br /> �• . .� to provide Lender with any material information)in connection with the loan evidenced by the Note,including,but not limited �, �' . . � _�
<br />� � to, representations conceming Borrower's occupancy of the Property as a principal residence.If this Security Instrument is on a '�. :: '. =`<.:'`
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<br /> :_ . � �� leasehotd, Borrower shall comply with alf the prov�stons ot ti�e iease. if Borrower acquires fee titte to the Property. the . �_ �3=
<br /> � . teasehold and the fee title shall not merge unless l.ender agrees to the merger in writing. • � `
<br /> ; , 7.Prateciion of Lender's Righfs in tLe Property.If Borrower fails to perform the covenants and agreements oontained in '���' � . -
<br /> � � � � this Secnrity Instrument.or tia:.re is a legal proceeding that may significantly affeci Lender's rights in the Property (such as a • _
<br /> ` ° .' �� proceeding in bankruptcy,probate, far candemnapan or forfeiture or to enforce laws or regulations).then Lender may do and • �
<br /> ;� ' . . ` � � 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 priority over this Security Insuument. appearing in wuct, paying -.- -_ ^ y-
<br />, • � . reasonable attorneys'fees and entering on the Property to make repairs.Althaugh I.ender may take action under this paragraph , . " �_:•-
<br /> � � �. 7,Lender does not havc to do so. � �-G��
<br />' : Any amounts disbursed by Lender under ihis paragraph 7 shal! become additional debt of Borrower secured by this • �' , '
<br /> ' �� Secuaty Instrument. Unless Bonower and Lender agree to other terms of payment, these amounts shall bear interest from the .• : • �
<br /> ��.. � � � date of disbursement at the 1Vote rate and shall be payable, with interest. upon notice from Lender to Borrower requesting .
<br /> , � , • � payment. ' . .'
<br /> � � S.Mnrtgage Insurance. If Lender required mortgage insurance as a condition of makin�the Ioan secuced by this Security �•` �, . ..
<br /> _ .. ' �. Instrument. Borrower shall pay the premiums required to maintain the mortgage insurance in effect. If, for any reason, the � . .
<br /> s . mortgage insurance coverage required by Lender lapses or ceases to be in effect.Borrower shall pay the premiums required to .
<br /> .� obtain coverage substnntially equivalent to the mortgage insurance previously in effect,at a cost substantially equivalent to the ' �
<br /> ' �, cost to Borrawer of the mortgage insurance previously in effect, from an alternate mortgage insurer approved by Lender. If ' ' �
<br /> , : substantially equivalent mortgage insurance coverage is not available. Borrower shall pay to Lender each month a sum equal to • �,
<br /> one-twelfih of the yearly mortcage insurance premium bcing paid by Borrowcr whcn thc insurance wverage lapsed or ceased to �
<br /> ��. • � bc in effcct.Lcnder will accept,use and retain these payments as a loss reserve in lieu of mongage insurance. Loss reserve �
<br /> :Y Form 3028 9190 � . �. .
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