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<br /> � ,� S. Ha7ard or Property Insarattce. Borrower shall keep the improvements now existing or hereaRer erected on the r,�•.::. , ,
<br /> . ` Property insumd agaiast toss by fire. hazards ic►ztuded wit6iu the term"extended coversge" and any other hazards. includin� `. ��• . �'.'`°���
<br /> _ • ,f. ..r•.% . - ,. �._d.� .-
<br /> flaods or flaoding,for w}uch Lender requires insurance.This iasurance shall be maintained in the arnounts and for the periods ,�..._
<br /> �. ; • ` -
<br /> _ . _ that Lender requires.The insurance carrier providing the insurance shall be chosen by Borrawer subject to Lender s approval�
<br /> ' � � wfi�ich shall not be unreasonably withhetd. If Borrower fails to maintain coverage described aS�o�e. Lender may. at I.e�tdci s ' :� :'
<br /> �� option.obtain coverage to protect Lender's rights in th:Property in ac:cordanoe with paragraph 7. ....�:..:...,`� :.,'�.
<br /> ;�:.� .�:' s� All in�+*��se policies and renewals shall be accepta6le to Ixnder and shall include a standard mortgage clause. Lender � _. 4.
<br /> , � • ',�`•`'� shall have tiie right to hotd the policies and renewals.If Lender reqnires.Borrower shall promptiy give to Lender all receipts of � s : , , •
<br /> .. .,'
<br /> � �. paid premiums and renewal norices.In the event of loss,Borrower shall give prompt notice to the insurance carrier and Lender. � '� . .. � -. •
<br /> �`,;'.,..�� �
<br /> :. ' Lender may make proof of Ioss if not made prompfly by Borrower. , .
<br /> Unless i.ender and Bomower otherwise agrae in wriung.insurance prooeeds shall be applied to restotarion or sepair of the N _ _ .. :.:;..
<br /> � • propecty damaged.if the restoranion or retmir is eoonomically feasible and Lender's security is not lessened.If the restoration or . - -�::.� ��' '
<br /> . repair is not economically feasble or Leader s security wou�d be lessened,the insuiance proceeds sha11 be applied to t6e sams `• �`'" �'""`
<br /> � :Y._=_
<br /> '."l.y.�vF"
<br /> , •� :�:,` ' secured by this Sesurity Instrumem. whether or aot then dice, with a�+ excess paid to Bosrower. If Borrower abandons the � � �,�,::._-
<br /> � R • - Property,or does not aaswer within 30 days a notice from Lender tltat the insarance c�rrier has offered to set@e a claim. then �("?'�'-���
<br /> . Lender may oollecc the insurance pmceeds. Lender may use the proceeds to repair or restore the Pruperty or to pay sums . - -
<br /> � �. � secured by this Security Insmunen�whether or not then due.The 30-day period will begin when the notice is given. ' �
<br /> � Unless Lender and Borrower otherwise agree in writing, any application of pmceeds to principa► shall not e�ctend or : '� ' -
<br /> _ . ' postpone the due date of the montiily payments referred to in paragraphs 1 aad 2 or change the amount of the paymeats. If _
<br /> • ' � under paragraph 21 [he Property is acquired by L�nder,Borrower's rig3�d ta any insurance policies and prooeeds resuiting from - : :_
<br /> � damage to the Property prior to the acquisi�on shall pass to Lender to the extent of the sums secured by Ehis Security Instrument ��`` •' —
<br /> - -.--L-----'``' .� immediatelypniostotheacquisiuon. �`�•'.`:`'. ��
<br /> • . . . - 6.�ocapancys PCCSfPY8tI011�MBIALeD1IIC0 8IId Pl'UtCCIIOD OY LI1Q Pl'OpfT�;Borrower's Loan ApplIcaeEon;I.easeholds. . . . .�..�-_
<br /> �.-• Boaower shall occupy,esiablish,and use the Property as Borrower s principal residence within sixty days after the execution of �'r'"`,���__'
<br /> • • ° �• `' this Security Insbument and shall continue ta occupy the Property as Boriuwer's principal residence for at least one year after � �"' '�;..���
<br /> L�, .���:: '���"�"
<br /> _ . .. . . the date of occupancy.unless Lender otbe�wise agtees in writing.which wnsent shall not be unreasonably withheld.or unless ___ __:•::,;,��±-
<br /> � � extenuating circumstances exist whicb are beyond Borrower's contral. Borrower shall not destroy. damage or impair the �_ -
<br /> • � : Property. allow the Property to deteriorate. or commit waste on the Property. Bonower shall be in default if any forfeiture .,, ----�
<br /> : 4�(,,�. -r'�.; -..:r :';.-�ar.��..
<br /> , action or pmceeding.whether civil or criminal. is begun that in Lender's goad faith jadgment could result in forfeit�ue of the '.�.�,:;_,�:u--�--�
<br /> "? Pmperty or otherwise materially impair the lien created by this Security instcument or Lender's security interes�Borrower maY =_____.
<br /> � • cure such a default and reiastate,as provided in paragraph 18.by causing che action or proceeding to be dismissed with a ruling ��,�+.�.`,. '
<br /> � ' , � that. in Lender's good faith detemanation. preciudes forfeiture of the�*�vwer's interest in the Property or other mater�al ;�F �
<br /> � ' im airment of the lien created b this Secu' Insuument oi I.ender's securit interest. Borrower shall also be in default if :+�`� '��
<br /> �;,� p Y �Y Y :-:ts•. I.�
<br /> - - - : Harrawer,dwing the loan application process.gave ataterially false or inaccurate informadon or statements to Lender(or fail� - ----.._
<br /> � ':�� to pmvide Lender with any material infarmation)in connection with the loan evidenced by the Note,including,but not limited .�,. j��
<br /> . to,representations wnceming Borrower's occupancy of the Property as a principal residence.If this Securiry Instrument is oa a F= �:,--
<br /> ''� ` ' ��� leasehold. Borrower shall wmply with al! tbe pmvisions of the lease. If Borrower acquires fee title to the Propeciy, the • -,�_.�.,
<br /> ', . ' �:,�'� leasehold and the fee tide shaU not merge unless Lender agrees to the merger in writing.
<br /> � � �; 7.Protectton of Lendee's Rights in the Property.If Borrower fails to perform the covenants and agreemenu contained in • =
<br /> � � .E this Security Instrument, or there is a tegal procee�iing that may significantly affect Lender's rights in the Property (suct�as a • �•�:�w
<br /> ' i procceding in bankruptcy.probate.for wndemnation or forfeiture or to enforce laws or regulations).then Lender may do and +�� . `" '- _�_
<br />" •• r pay for whatever is necessary to protect the val�e 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 Instrument, appearing in rourt, paying �-.": .,�, .:._.,.
<br /> ; " �.:.��4, reasonable attomeys'fees and errering on the Property to make repairs.Atthough Lender may take action under chis paragrap6 -' "��'�
<br /> • � , 7.Lender does not have to do so. � '��``°
<br /> - , � � Any amounts disbursed by Lender under this paragraph 7 shall beoome additional debt of Bonowes secured by this . _'__ .--
<br /> � Security Instrume�. Unless Bonower and Lender agree to other terms of payment, these amounts shall bear interest from the ' ,° ' ' .
<br /> � � dz:e cf disbursemem at the Note rate and shall be payable. with interest. upon notice from l.ender to Bonower requesting � .. •
<br /> � : ... ... . pa}rn.�t. � - :- -
<br /> S.Mortgage Insurance.if Lender required mortgage 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 reasan, the .�• �
<br /> �}'• :j� mortgage insurance coverage required by Le;:rer lapses or ceases to be in effect.Borrower shall pay the premiums re,quired to ' �:, �
<br /> �� ; obt;ia wverage subsiantially equivalent to the mortgage insurance previously in effect,at a cost substantially equivalent to the , . .
<br /> . • . � cos�to Bonower of the mort;age insurance previously in effect. from an alternate mortgage insurer approved by Lender. If . .
<br /> ' s�Ls�ntially equivalent mortgage insurance coverage is noi available. Barrower shall pay to Lender each month a sum equal to
<br /> � . � ane-twelfth of the}early mortgage insurance premium being paid by Borrbwer when thc insurancc coverage tapsed or ceased to . ' . '
<br /> '�';� be in effect.LenCer will accept.use and retain these payments as a loss reserve in lieu of mortgage insurance. Loss reserve ' •
<br /> � .. Form 3028 9/90 • . . '. � �
<br /> - Pego3of8 � - � �
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