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<br /> _ ' g. Ha�ard a� prope�ty [ntintiurance. Borrower shall lce�p the improvements now exi�ting or hereaiter crert on he ,�; , ; _
<br /> '• ` `�•<<,'.:� properry insured agair.s�lass by fire,hazards included within the tecm "eatended coverage" and any other haiards. including
<br /> ' . � `` flaods or flooding.for whish Lender requires insorance•Th�s►n�uran�e shali be maintained in the amounts and for the periods �`
<br /> � < ' that Lender requires. The insurance carrier providing the insurance shall be chosen by Borrawer�ubject to Lender's approval � . � •� � c�
<br /> , . �•.�.'� .
<br /> • w h i c h s h a l l n o t b e u n r e a s o n a bl y withheld. If Borrower fails to maimain rnverage described abo�e. Lender may. at Lender s `'_;,�.<.� .� �,:t
<br /> � • �'-�-_'r;_�." option,obtain rnverage to protect Lender s rights in the Property in accordance with P�S�Ph�• ��. • ,
<br /> _.. �`-L:-� All insurance policies and renewals shall be acceptable to Lender and shaU include a s[andard moregage clause. Lender •:� _
<br /> shall have the right to hold the policies and renewals.tf 4ender requires.Borrower shall promptly g�ve to Lender all receipts of _.::
<br />_ ,. � . paid piemiums and renewal nouces.Tn the event of loss.Bonower shall give pmmpt notice to the insurance carrier and Lender. . .��,,�.
<br /> • �. Lender may make proof of loss if not made promptly by Borrower_
<br /> . .,� -'�r.�:' Unless Lender and�orrower otheiwise agree in writing,insurance Pro�eeds s�1�be applied to restoration or repair of the .
<br /> �" �� �. . prnperty damaged.if the restoration or cepair is economically feasible and Lender s security is nat tessene�• If the restoration or . . .,
<br /> � � repair is not etanomically feasi'hle or l.ender's security would 6e lessened,the insurance proceeds shall be applied to the sums .r�__
<br /> � ." secured by this Security tas�umeat. whether or not then due, with any excess paid to Borrower. If Borrower abandons the � ..
<br /> ' � ..� ` . Property,or daes not ansa•er within 30�daYs a notice fmm Lender that the insurance carrier has ot'fered to settle a claim.ihen , ....�..�
<br /> �'. ' .
<br /> _ . ' - Lender may collect the insurance proceeds. Lender may use �.he proceeds to repair or restore the Property ar to pay sums '•�v'4J ;`._
<br /> secured by this Security Instrument,whether or not then due.The 30-day period wi11 begin when the notice is given. �;, �:- ;���`=
<br /> � ' ' � � Unless Lender and Borrower otherwise agree in writing. anY aAP�icarion of pmcee�s to principal shall not extend ar
<br /> ' . . postpone the due date of the monthly paymenu referred to in paragraphs 1 and 2 or change the amount of the payments. If . �_
<br /> � 's' �. ` under paiagraph 21 the ProPertY is acquired by Lender,Borrower's right to aay insurance policies and praceeds resulting from
<br />. � damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Insmttnent _
<br /> —�_''�' ' '�-�` -- immediately prior to the acquisivan. - �-R
<br /> ' 6.Occupancy,Preservation,bisintenance and Prote�oA of the Property;Borrower's Loau Appltcation;Leaseholds. _-
<br /> . . Borrower shall occupy.establist►.and use the Property as Horrower's principal residence within sixty daYs after the execution of *`��,}
<br /> ,. •� ..
<br /> �` ffiis Secnrity Instrument and shall continue to oocupy the Property as Born�wer's principal residence for at least ane year after ,• •.
<br /> . '�:,; —
<br /> -_ � , �M:,i the date of occupancy,unless 1.ender otherwise agrees in wriring,which conseat shall not be unreasonabty withheld.or unless -` ..';y"--
<br /> n:��; :, , . exten�ating circumstances exist which are beyond Bonower's conuol. Borrower shall not destroy, damaSe m' imPair the
<br /> � � Property, aliow the Property to deteriorate, or commit waste on the Property. Borrower shall be in default if any forfeitute ''�.,�r.'�� �
<br /> ;;� �. ` . : •���� actian or proceeding, whether civil or criminal, is begi►n t1�at in Lender s good faith judgment wuld result in forfeiture of the �. :,, ;�_-
<br /> e in
<br /> . , ' �� � Property or othernise materially impair the tien created by this Security Instrument or Lender's security interest. Borcower may ���.<...•.-:
<br /> � � � " - cure such a default and reinctate.as provide�in paragraph 18.by causing the action or proceeding to be dism'sssed with a ruling
<br /> ' � . ` ° that, in Lender's good faith detemiinarion, precWdes forfeiture of the Borruwer's interest in the Properry or other material „-,,�
<br /> . , � impairmem of the lien created by this Security Instrument or Lender's security interest. Borrower shall also be in default if :,.'.- .. , _
<br /> ""r '� Borrower,during the loan application process,gave materially false or inaccurate information or statements to L.cnder(or failed �'r_
<br />�.�'.�..'� `� to provide Lender with any material informauon)in connection with the(oan evideaced by the Note,including.but not limited ,;r ,, �_'_
<br /> &� • ' � to,representations concerning Borrower's occupancy of the Property as a principal residence. If this Security Instrument is an a ���::�-.�__._�.:__
<br /> � leasehold. Boaower shall comply with all the pravisions of the lease. If Borrower acqoires fee tide to the Property. the �'�� ,�_
<br /> ' leasehold and the fee title shall not merge unless Lender agrces to the merger in writing. ,.-.�..� `iT==
<br /> ; -. ��_�...,_,°_;;-�
<br /> - . • 7.Protectioa�of Lender's Etights in the Property.lf$orrower fails to perform the covenanu and agreements contained in .. . , _
<br /> :t...� ,_
<br /> this Security Instrument, or there is a legal proceeding that may significantly affect Lender's rights in the Properry(such as a _L_-r .:, �—
<br /> �'' ' � proceedin�in bankruptcy,probate, for condemnation or forfeiture or to enforce laws or regulauons). then Lender may do and �_. ;
<br /> �...
<br /> �..:.. • � � pay for whatever is necessary co protecc the value of the Property and Lender's righu in the Property. Lender's aetions may ' '�,,, r .;_-
<br /> ��� � . include paying any sums secured by a lien which has priority over this Security Instrument, appearing in court. paying ;.
<br />.•, .:;'--'" -' -
<br /> � • reasonabie attomeys' fees and entering on the Property to make repairs.Although l.ender may take acpon under this paragraph , ri.,.
<br /> ��.
<br /> :': • 7.Lender does not have to do so.
<br /> 7__
<br /> y���' � � Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrower secured by this , _
<br /> . � • '� Security Instrument. Unless Borrower and Lender agree to other terms of payment.these amounts shall bear interest frosn the
<br /> : date of disbursement at the Note rate and shall be payabie. with interest, upon notice from Lender to Borrower requesting
<br /> , ..
<br /> _. _ ,:•... ,, payment. �
<br /> � . .: . �+ S.Mortgage Insnrance.If Lender required mortga�e insurance as a wndition af making the loan secured by this Security
<br /> ``�' � ' Instrument. Borrower shall pay the premiums required to maintain tfie mortgage insurance in effeci. If. for any reason, the ,
<br /> .. • �. . mortgage insurnnce coverage required by Lender lapses or ceases to be in effect,Bono�ver shall pay the premiums required to .
<br /> � . • obtain coverage substantially equivalent to the martgage insurance previously in effect.at a cost substantiaUy equivalent to ths
<br /> � � � � cost to Borrower af the mortgage insurance previously in effect. from an altemate mortgage insurer approved by Lender. lf
<br /> � �� substantialiy equivalent mortgage insurance coverage is not available.Borrower shall pay to Lender each month a sum equal to
<br /> � one-twelfth of the yearly mortgage 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 s�s a loss reserve in lieu of mortgage insurance. Loss reserve ,
<br /> � '�. . Form 3028 9/90 . .
<br /> _ ' Vaeo 3 of 6 . .
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