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<br /> 3. Ha7ard or Pcopertv Insviance. Bnrrower shall keep the im,provements now exisring or hereafter ereded on the '
<br /> � � � . Property insured against loss by fire, hazards included within the term "extendad coverage" and any other hazards, er.cluding • • � �
<br /> . .�:�
<br /> � � �` floods or flooding, for which Lxnder requires insurance.This insurdnce shall be maintained in the amounts and for the periads , '�,
<br /> _ , . that Lender requires.The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval �•.' � �•`
<br /> t ' _ - w6ich shall not Iie anreasonably withheld. If Borrower fails to maintain coverage described above. Lender may, at Lender's • �
<br /> ;•+:��`" oprion,obtain rnverage to protect Lender s righu in the Property in accordance with paragraph 7. - �� '�"�•� ��
<br /> �., .., ...,_ : .. _. .
<br /> ' All insurance policies and renewals shal! be acceptable to L.ender and shall iaclude a standard mortgage ctatue. Lender . '+� `
<br /> 4 � , shall have the right to hold the poiicies and�enewals. If Lender requires,Borrower shall promptfy give to Lender a11 receipts of . . _ "
<br />- , paid premiums ascd renewal notices. In the event of loss,Borrower shall give prompt notice to the insurance carrier and Lender. - '
<br /> " Lender may make proof of loss if not made prompdy hy Borrower. �
<br />-• " Unless Lender and Borrower otherwise agree in writing,insurance proceeds shall be applied to restoration ar repair of the : " �`
<br /> " . ; ��'.�. Property damaged,if the restoration or repair is economically feasible and Lender's secariry is not lessened.If the restaration or •.���...,�-
<br /> - , . _ repair is not economically fe�sibte or Lender s security would be lessened,the insurance proceeds shall be applied to the sums ,. .. _
<br /> � , secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. If Borrower abandons the ._. -
<br /> � Property,or does not answer within 30 days a notice from I.ender that the insuiance carrier has offered to seule a claim,then , " __
<br /> ixnder may collect the inswance procaeds. I.ender may use the proc.e�is to repair or resture the Prapetty or to pay sums ��
<br /> ' "„ sec.vred by this Security Instrument,�vhether or not then due.The 30-day period will begin when the nouce is given. ' .
<br /> . ` Unless Lender and Borrawer otherwise agree in writing, any application of proceeds to principal shall not extend or • _
<br /> ' . � . postpone the due date of the monthly payraents referred to in paragraphs 1 and 2 or change the amount of the payments. If ,
<br /> • . � . under paragraph 21 the Property is acquired by Lender,Borrower s right to any insurance policies and proceeds resultin;from -.:: ;'-
<br /> - °• � . � damage to the Property prior to the acquisidon shali pass to Lender to the extent of the sums secured by this Secvrity Insaument :.`t�,:� :
<br /> � ., . ' . immediately prior to the acquisition. ' ' 4t"�!es_
<br /> '`; . . ': . 6.Qccupancy,Pceservatton,Maiatenance and Prote�on of the ProPerty;Borro�ver's Loan Appliration;Leaseholds. ,. : .�• �f6
<br /> � Borrower shall occupy,establish,and use the Property as Borrower's principal residence within sixty days after the execution of ��`'
<br /> .� this Security Instrument and shall continue to occupy the Property as Barrower's principal residence for at le�ast one year after ,•, f +> ':�.
<br /> " the date of occupancy,untess Lender otherwise agrees in writing,which consent shall not be unreasonably arithheld, or unless '-�.'
<br /> � , ,�., " extenuating circumstances exist wfiich are beyond Borrower's control. Borrower shall not destroy. damage or impair the `. �_� �-
<br /> � . ���, Property, allow the Property to deteriorate, or commit waste on the Property. Borrower shall be in default if any forfeiture •���_�-���'�,:���'T
<br /> :� _
<br /> � � � 'i,•., action or proceeding,whether civil or criminal, is begua that in Lender's good faith judgment could result in forfeiture of the --
<br /> `�f•� ,. � ;?:�: Property or otherwise materially impair the lien created by this Security Instrument or I.ender's securiry interest.Borrower may '`����. `�; ;+:;—
<br /> _ •. � ' cure sueh a default and reinstate.as provided in paragraph 18.by causing the action or procceding to he dismissed with a ruling - ` ;,��;�Y-=
<br /> ' that, in I.ender's goad faith determination, precludes forfeiture of the Borrower's interest in the Property or other material � • •-�-
<br /> .. .. ' � .
<br /> _ k' impairment of the lien createA by this Security Instrument or Lender's security interest. Borrawer shall also be in defaalt if .'"'t;F-
<br /> - � � Borrower.during the loan application process.gave materially false or inaccurate information or statements to Lender(or failed -�''�
<br /> --- -- -�ti.. to provide l.ender w�th any matenal miormauon��n connecuon w�tn the toan ev�denced by the Note,inctuding.but not limited -�----.- -
<br /> ' � • . "�� to,representatians canceming Borrower's accupancy of the Property as a principal residence. If this Security instrument is on a � • � •�?�-
<br />" . � �,,�� lra�ehold. Barrower shall comply with all the provisions af the lease. If Borrower acquires fee title to the Propesty, the . � �','i-�
<br /> • , . . leasehold and the fee tide shall not merge untess Lender agrees to the merger in writing. , , ' ��.�.4i°.
<br /> 7.Protectlon of Lender's Rights in the Properiy.If Borrower fails to perform the covenants and agreemen�s contained in . ,_ --
<br /> � ` � � � . this Security Instrument. or there is a legal proceeding that may significantly affect Lender's rights in the Property (such as a `��„•:�-
<br /> . ;' . , proceeding in bankruptcy,prabate, for wndemnation or forfeiture or to enforce laws or regulations).then Lender may do and ,'�;�
<br /> ; --
<br /> �"`' � pay for whatever is necessary to protect the value of the Propeny and Lender's rights in the Property. I.ender's actions may ` � —
<br /> �'�' � � include paying any sums secured by a lien which Pac priority over this Security lnstrument, appearing in conrt, paying � '-'
<br /> _ �r� • � • reasonable attorney.c'fees and entering on the Property to make repairs. Although Lender may take action under this paragraph � ' . .
<br /> . '� 7.Lender does not have to do so. .•
<br />- _ , __. . Any amounts disbvrsed by l.ender under this paragraph 7 shall became additional debt of Borrower secured by this -_
<br /> Security Instrument. Unlesc Bonower and l.endcr a�ree ta othcr terms of payment, these amonnts shall bear interest from the , .
<br /> � date of disbursement at the Note rate and shall be payable, with interest. upon notice from Lender to Borrower requesling ' ..
<br /> .' payment. ,: .
<br /> • � S.Mortgage Insurance.If Lender required mortgage insurance as a condition of making the laan secured by this Security ,.�
<br /> . lnstrument. Borrower shall pay the premiums required to maintain the mortgage insurance in effect. If, for any reason, the �.
<br /> �.�•i mortgage insurance caverage required by Lender lapses or ceases to be in effect,Borrower shall pay the premiums required to •
<br /> , obtain coverage substantially equivalcnt to the mortgage insurance previausly in effect,at a cost substantially equivalent to the • : � �
<br /> wst to Borrower of the m�rtgage insurance previously in effect, from an altemate mortgage insurcr apprm•ed by Lender. If � �
<br /> . substantially eyuivalcni mortgage insurance coverage is not available.Borrower tihall pay to Lender each month a�um equal to ' ` ..'
<br /> �_� • • one-twelfih of the yearly mortgage insurance premium being paid by Bonower when the insurance coverage lapsed or ceased to �.
<br /> - be in effect. Lender will accept, use ard retain thece payments as a locs reserve in lieu of mortgage insurance. Loss reserve � •
<br /> ,.
<br />: • . . form 3028 9/90 . " - .
<br />� _ Paqo 3 ot 8 � �
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