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<br /> • 5. Hazard ar Property Insurnnce. Borrower shall kcr.p the improvcments now cxisting on c�rea tcr crectui on the _
<br /> Property insurcd against loss by �rc, haxards included within the term "extcnded coveragc" urxi uny nther h:�irds, including =
<br /> flonds or tloading, for which L.ender requires insurance, This insurance shall he maintaineJ ia the s�mounts und for the pericxis �
<br /> , , b„� that Lender requires. "fhe insuranee currier providing�he intiumnce,hull tx:chu,cn Uy Borro�cer subject to [.ender'. ��rrr��tti �
<br /> � which shall nat be unreationnbly withheld. If Barrawer fails to mnintain coverage describ� ubove, L.ender muy. at Lender's �
<br /> �.�+p'"'�" opti�m,abtnin coverage ta protect Lender's rights in the Property in uccordance with purafiraph 7. _
<br />_ All insurance policies and renewals shall be ucceptable to Ca:nder und shall include a standard mortguge clause. Lender
<br /> shall havc the right to hold the policies and renewals. If i.ender requires,Rorrower shall promptly givc to L.ender all rcccipts of �.
<br /> paid premiums und renewal notices.in the event of loss,Barrower shnll give prompt notice to the insurunce carrier and L.ender. _
<br /> •, Lender muy make proof of loss if not made pmmptly by Borrower. ;,�_
<br /> � �`� Unless I.ender and Barrower otherwise agrce in writing, insurance proceeds shall be applied to restorution or repair of the �
<br /> �� Propeny damaged,if the restoratian or repair is economicully feasible and L.ender's security is not lessened.If the restoration or -
<br /> �-
<br /> IC repair is nnt ecanomically feusible or L,ender's security would be lessened,the insurance procceds shull be upplied[o the sums _-
<br /> secured by this Security Instrument, whether or not then due,with uny excess paid to Horrower. If Borcower dbandons the _
<br /> Prapeny,or does not answer within 30 days u notice from Lender thut the insurunce carrier has offered to settle a claim, then
<br /> L.ender may collect the insurance procceds. Lender may use the proceeds to repair or restorc the Propenp or to pay sums `
<br /> � secured by thi�Security Instrument,whether or not then due. The 30-day period will begin when the notice is givcn. �,
<br /> Unlcss Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or
<br /> 'a postpone the due dute of the monchly payments refened to in paragraphs 1 und 2 or change the Amount of the payments. If
<br /> under paragraph 21 the Propeny is acquired by Lender, Borrower's right to any insurunce policies and pruceecis resulting from E
<br /> "� damage ta the Property prior to the ncquisition shull pass to L.ender to the extent of the surns secured by thic Security instrument �
<br /> ' . immediutely prior to the acquisition. -_
<br /> � b.Occupancy,Preservatian. Maintenance and Protection�f the Property; Borru�ver's Loan Application;I.easeholds. _.
<br /> ' Borrower shull occupy,establish,and use the Property us Borrower's principul residence within sixty duys after the execution of
<br /> this Security Instrument and shall continue to occupy the Propertv as Bonawer's principal residence for at least one year after
<br /> the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not bc unreasonably withheld, or unless
<br /> � cxtenuutinF circumstances exist which are beyond Borrower's control. Borrower shull not destmy, damage or impair the
<br /> � Property, allow the Property to dctcriorate, or commit waste on thc Property. t3orrower shaii bc in dcfautt if uuy fari'eiiurc °
<br /> action or proceeding, whether civil or criminal, is begun that in Lender's good faith judgment could result in forfeiture of the
<br /> • Property or otherwise muterially impair the lien creuted by this Security Instrument or Lender's security interest. Borrower may
<br /> � cure sueh u default and reinstate,as provided in paragraph 18,by eausing the uction or proceeding to be dismissed with a ruling
<br /> � , that, in Lendcr's good faith determination, precludes forfciture of the Borrower's interest in the Property or other muterial
<br />-• impuirment of the lien created by this Security Instrumcnt or Lcndcr's security interest. Bottower shaU also bc in dcfault if
<br />- Bonower,during the loan application process,guve materially false or inaccurate information or statements to Ixnder(or failed ,
<br />- to provide I..ender with any material inforn�ation)in connection with the loan evidenced by the Note,including,but not limited
<br /> ' to, mpresentations concerninb Bonower's occupancy of the Propeny as a principul residence. If this Security Instrument is on u
<br /> leasehold, Borrower shall comply with all the provisions of the Iease. [f Barrower acquires fee title to the Propecty, the
<br /> IeuSehold und the fec tidc shall not merge unlcss Lcndcr ugrces to the mcrgcr in writing.
<br /> � ' 7. Protection of Lender's Rights in the Property. If Barrawer fails to perf'orm the coven�nts and agreements contained in
<br /> this Security Instrument, or there is a legal proceeding thut may signiticantly affect I.cnder's rights in the Property (such us a
<br /> proceeding in bankruptcy, probate, for condemnation or forfeiture or to enforce laws or regulations), then L,ender may do und
<br /> pay for whatevcr is necessury to protcct the value of the Property and L.cnder's rights in the Property. Lender's actions may
<br /> _� include puying any sums tiecured by a lien which has priarity ovcr this Security Instrumcnt, appearing in court, paying
<br />-- reasonable attorneys' fees and cntering on thc Propeny to makc repairs. Although Lcnder may take action under this paragraph
<br /> 7, Ixndcr daes not huve to do so.
<br /> ' -� . . Any amounts disbursed by Lender under this paragraph 7 shall bccomc additional debt of Bonowcr securcd by this
<br />- " Security Instrumcnt. Unless Borrciwer and l.cnder agrce to other tcrn�s of payment, these atnounts shall bcar int..rest from the
<br /> ;;: Jutc of disburscment at thc Notc rate und shail be psyablc. with intcrest, upon nntice Gom L.endcr to Borrower rcquesting
<br /> ;: payment.
<br /> S. Mort�a�e Insurance.lf I.ender requircd mortgage insurance as a c�mdition of n�aking the loun secured by this Security
<br /> , Instrumcnt, Borrowcr shull puy thc premiums rcquircd to maintain thc mortg::�*c insurancc in cffect. It, for any rcason, thc
<br /> mortgage iu���ranrc covcrage rcyuircd hy Lcndcr lapscs or c:cases to bc in cffcct, Borrower xhall pay the prcmiums required to
<br />- . obtain covcragc tiuhstantially cquivalent tu thc mortgagc insurancc previously in cffcrt. �t a cost substantially cquivalcnt to the �
<br /> ' cust to Borrowcr of thc mortgage insurancc prcviuusly in effert, frum an alternatc mc�rttiagc insurcr approved by I.ender. If
<br /> �. substuttlially cyuivalent mi�rtgagc insuranrc rovcragc ix nc�t availahlc. Borr<�wcr shall puy ui Lcndcr cach month a sum cqual to
<br /> `. one-twelfth of thr yrurly mungagc insur:incr prcmium bcing paid by Borrower whcn the insurancc rovcragc la�sed ar ceascd to
<br /> ► hc in ci�f'crt. Lcndcr will acrept, u,c and retain thctic paymrnts as u loss re+ervc in licu af mortgagc insuranrc. Loss rescrvc
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<br /> � Form 3028 9/90
<br /> Paye 3 0�u
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