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<br /> . 98_ ic►c�ssi _
<br /> 5. Hazard or Property Insurance. Burrower shall keep the improvements now existing or hereafter erect�d on the -
<br /> Propcny insurcd against loss by fire, ha���►rds lncluded within the term "exsended caverage"and any other huzards, including _
<br /> floods or flooding,for whlch Lender requires insutance. This insurancs shall be matntuined in the amounts mid for Q�e periods
<br /> that Lender requires. The insurance carrier providing the Insurance shall be chosen by Borrower subject to Lender's upproval
<br /> ' which shall nat be unreasonably withheld. If Bonower fails to maintaln coverage descdbed above. Lender may, at I.ender's
<br /> option,obtain coverage to protect Lender's rights in the Property in accordartce with paragraph 7. ;
<br /> All insurance policies and renewals shall be acceptable to Lender und shall include a standard mortgage clause. Lender
<br /> •• shall have the right to hold the policies and renewals. If Lender requires,Borrower shall promptly give ta Lender all receipts of
<br /> paid premiums and 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 promptly by Bonower. �
<br /> • Unless Lender and Borrower otherwtse agree in wr'.ting, insurancc ptoceeds shall bc applied[o restoration or repair of the
<br /> Property dameged,if the restoration or mpair is econamically feasible and L.ender'�security is not lessened.lf the restoration or --
<br /> , repair is not economically feasible or L.ender's security would be lessened, the insurance proceeds shall be applied to the sums
<br /> '. secured by this Security Instrument, wheWer or not then due, with any excess paid to Bonowzr. If Bonower abandons the
<br /> Property, or does not answer wtthtn 30 days a notice from I.ender that the insurance carrier has offered to settle a claim, then _
<br /> L.ender may collect the insurance proceeds. Lender raay use the proceeds to repair or resrore th� Property or to pay sums
<br /> secured by thls Securiry Instrument,whether or not then duc.The 30-day period will begin wben the notice is given.
<br /> Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall nat extend or _
<br /> postpone the due date of the monthly payments rcfened to in paragraphs 1 and 2 or change the amount of the payments. If
<br /> under paragraph 21 the Property is acquired by Lender, Bonower's riglit to any insurance policies and praceeds resulting from =_
<br /> ,$ damage to the Property pr�or to the acquisition shall pass to Lender to the eatent of the sums secured by this Secudty Instruraent �_
<br /> '7�• immedIately pdor to the acquisition. !"'
<br /> 6.Occupancy,Preservatlon,Mainteaaace and ProtecNon of the Property;Borrower's Laan Appltcation;I.easeholds. _
<br /> �, Bonower shall occupy,establish,and use the Property as Borrower's principal residence within sizry days after the sxecution of _
<br /> this Security Instrument and shall wntinue to occupy the Property as Bonower's principal residence for at least one year after
<br /> - the dace o1'au:u�,�cy,unicss Lcnder othen�Ise xg*ees 1n writing, which consent shall not be unreasonably withheld,or unless
<br /> � extenuating circumstances exist which are beyoud Borrower's control. Bonawer shall not destroy, damage or impair the
<br /> i Properry. allow the Property to deteriorate,or commit waste on the Property. Borrower shall be In default If aay forfeiture
<br /> action or proceeding,whether civil or criminal,is begun that in Lender's good falth judgment could result in forfeiture of the
<br /> , Property or otherwise matedally impair the lien created by this Secudty Instrument or Lender's security interest. Borrower may
<br /> cure such a default and reinstate,as provided in paragraph 18.by causing the action or proceeding to be dismissed with a ruling
<br /> that, in Lender's good faith determination, precludes forfeiture of the Borrower's intcrest in the Property or other materlal �:_
<br /> • impairment of the lien created by this Secudty Instrument or Lender's securiry incerest. Borrower shall also be in default if µ__ _
<br /> Bonower,during the loan application process, gave materially false or inaccurate Information or atatements to Lender(or failed �.;_ _
<br /> to provide I.ender with any material information)in connection with the loan evidenced by the Note,including,but not limited -
<br /> to,repi�entations�.oaceming Borrower's occupancy of the Properry as a principal residence. If this Securiry Inscrume�nt�'on�e -----
<br /> leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Pro
<br /> leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. -
<br /> 7.Protection of Lender's Rights in the Property. If Bonower fails to perform the covenams and agreements 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 /> procecding in bankruptcy,probate, for condemnation or forfeiture or to enforce laws or regulations),thea Lender may do and _ _
<br /> pay for whatever is necessary to protect the value of the Property and Lender's rights in the Properry. Lender's actions may _
<br /> ' � include paying any sums secured by a lien which has priority over this Security [nstn�ment, appearing in court, PaY�B ���►. _
<br /> f reasonable attonieys'fees and entering on the Properry to mal:e repairs.Although Lender may take action under this paragrapb
<br />_ � 7,L,ender dces not have to do so. -
<br /> Any amounts disbuxsed by Lender under this para�raph 7 shall become additional debt of Bonower secured by this �
<br /> ' Security Instrument. Unless Bonower and Lender agree to other terms of payment, these amounts shall bear interest from the ,._�
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<br /> l date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting
<br /> payment. ,�����
<br /> � 8.Mortgage Insurance. If I.ender requiral mortgage insurance as a condition of making the loan secured by this Secudty _
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<br /> i Instrument,Borrower shall pay the premiums required to maintain the mortgage insurance in effect. If, for any reason, the
<br /> : i mortgage insurance coverage required by I.ender lapses or ceases to be in effect,Bonower shall pay the premiums required to
<br /> obtain covcrage substantially equivalent to the mortgage insurance previously in effect, at a cost substantially equivalent to the
<br /> = cost to Borrower of the mongage insurance previously in effect, from an alternate mortgage insurer approved by I.endec. If
<br /> i substantially equivalent mongage insurance coverage is not available. Bonuwer shall pay�o Lendcr each month a sum equal to
<br /> one-twelfth of the yearly mortgage insurance premium being paid by Borrower when the insurunce coverage lapsed or ceased to
<br /> - be in effect.Lender will accept,use and retain these payments as a loss reserve in lieu of mongage insurance. Loss reserve
<br /> - Form 3028 9I90
<br /> �•6RfNEl�s2�Ti.oi P�po 3 0�8 inmeU�
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