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<br /> rd or Pro ert Insurance. Borrowcr shall kcep the improvements now existtn 98hcrcnftcr erecced on the ,
<br /> 5. Ha�u p Y
<br /> Property insured against loss by fire,hazards included within the�erm "extended coverage and any other ha•r.azds, including
<br /> floods or flaadin�, for whicn l.ender requires insuranr.e.This insurance shall be maintained in thc amounts and for the periods _
<br /> [hat Lender requires. Ttie insurance carrtr.r providing the insucance shall be chosen by Borrower subject to Lender's approval
<br /> which shall nat be unreasonably withh�ld. If Bonower fails to maincain coverage described above, l.ender may, at Lender's _
<br /> option,obtain coverage to protecc Lender's rlghts irt�he Property in accordance with paragraph 7.
<br /> • All insurance pol(cies und renewals shall be acceptable ta Lender and shall include a standard mortgage clause. Lender
<br /> shall ltave the right to hold the pa�i��n theJevent of loss,Bonower shall giBv prompc notice oihe n urance can er�andcl.enderf �'
<br /> � paid premiums and renewal notices.I
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<br /> ��..r� Lender may make proof of loss if not madc promptly by Borrower. :'-: , . ;��'�, -
<br /> " .� Unless Lender and Bonower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the , . . . .
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<br /> PropeRy damaged,if the restoratlon or repair Is economically feasible and Lender's security is not lessened. If the resroration or .�-'`��.�C,��"�a��;__
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<br /> air is not economically feasible or Lender's securiry would be lessened, the insurance proceeds sh�ll be applied to the sums ,::.�;��;�•��,_
<br /> � secured by this Security Instrument,wliether or not then due. with any excess paid to Banower. lf Borrower abandons the '-,::�'-;���:-
<br /> Property, or does not answer within 30 days a notice from Lender that the insurance carrier has offered to settic a claim. then ��+o_'__"
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<br /> ' I Le:nder may collect the insurance proaeeds. Lendcr may use the proceeds to repair or restore the Property or to pay sums : -_
<br /> ••� I secured by this Securi[y Instrument,whether or not then due.The 30-day period will begin when the notice!s given. ';;;:'_
<br /> � Unless I.ender and Borrower othenvise agree in writing, any application of proceeds to principal shall not extend or ,
<br /> poscpone the due date of the monthty payments referred to in paragraphs 1 and 2 or change che amount of the payments, If �,ti'?`�_ _
<br /> � � under paragraph 21 the Property is acquired by L.ender, Bonower's right to any insurance policies and proceeds resulting from : :+��
<br /> damage to the Pcoperty prior to t he acquicition s h a l l p a s s t o L e n d e r c o t h e e x t e n t�f the sums secured b y this Security Instrumenc _r
<br /> . � immediately prior to the scquisition. Leaseholds. �.:•'�`;-=;�~
<br /> � 6. Occupancy,Preservatlon,Maintenance and Protectlon of the Properiy;Borrower's I.oan Application; , :; _
<br /> Bonower shall occupy, establish, and use the Property as Borrower's principal residence within sixry days after the cxecution of ��'�_�,
<br /> � ���_�
<br /> t h is Securi t y I n s t r u m e n t an d s h a l l c o n t i n u e t o o c c u p y t h e P r o p e n y as Borrower's princi pal residence for at least one year after
<br /> ��. the date of occupancy. unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or u n less -:.:,�;
<br /> extenuating circumstances exist which are beyond Borrower's control. Borrower shall not destroy, damage or impair the t,�__,�
<br /> �• Property, allow the Property to deterioratc, or commit waste on the Property. Bonower shall be in default if any forfeiture �• ,�,
<br /> �. action or procerding, whether civil or criminal, is begun that in Lender's good faith judgment could result in forfeiture of the ��i
<br /> � � Property or otherwise materially impair the lien created by this Security Instrument or Lender's security interest.Bonower may ;�_
<br /> cure such a default and reinstate, as provtded in paragraph 18, by causing the action or proceeding to be dlsmissed with a ruling �; -
<br /> that, in Lender's good falth determination, precludes forfeicure ut'tl�e Sorrowcr's Inicrest �n she Property or �ther material �.ry�
<br /> impairment of[he lien created by this Securiry Inscrument or I.ender's securiry interest. Borrower shall also be in default if �;
<br /> �• Borrower,during the loan application process,gave materially false or inaccurate inforenation or statements to Lender(or failed ����,_
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<br /> � to provide Lender with any material information)in connection with the loan evidenced by the Note,including,but not limited .,.-
<br /> to.representations concerning Borrower's occupancy of the Property as a principal residence. It this Security Instrument is on a •�._,
<br /> :�� leasehold, Bonower shall comply wich a11 the provisions of�he lease. If Bonower acquires fee tifle to the Property, the :--:�
<br /> 'i� leasehold and the fee citle shall not merge unless Lender agrees to the merger in writing.
<br /> ir 7.Protectton of I.ender's Rtghts in the Property. If Bonower fails to perform the covenants and agreements contained in ��'
<br /> �' this Securiry Instrument,or there is a Iegal proceeding that may significantly affect Lender's rights in the Property (such as a — _
<br /> �. proceeding in bankruptcy, probate,for condemnation or forfei[ure or to enforce laws or regulations), then Lender may do and Y—
<br /> *- pay for whatever is necessary to protect the value of the Property and Lendei s rights in the Propeny. i.ender's actions may
<br /> �, include paying any sums secured by a lien which has priority over this Security Instrument, appearing in court, paying
<br /> � reasonable attorneys' fees and entering on the Propeny to make repairs. Although Lendcr may take action under this paragraph ___
<br /> � . 7,Lender does not have to do so.
<br /> � Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrower secured by this = _
<br /> Securiry Instrument. Unless Bonower and L.ender agree to other terms of payment,these amounts shall bear interest from the
<br /> dace of disbursement at the Note rate and shall be payable. with intcrest, upon notice from Lender to Borrower requesting _ _
<br /> �': payment. _�- - `
<br /> 8.Mortgage Insurance.If Lender required mortgage insurance as a condition of making the loan secured by this Security =i
<br /> .: Instrument, Borrower shall pay the premiums required to maintain the mortgage insurance in effect. If, for any reason, the �-, T
<br /> mortgage insurance coverage required by Lender lapses or ceases to be in effect, Borrower shall pay the premiums required to �
<br /> obtain coverage substantially equivalent to the mortgage insurance previously in effect, at a cost substantially equivalent to the "� ' . i� ""i :
<br /> cost to Borcower of the mongage insurance previously in effect, from an altemate mortgage insurer approved by Lender. If ' ..*.
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<br /> substantially equivalent mortgage insurance coverage is not available, Bonower shall pay to Lender each month a sum equul to , • •Rr_
<br /> one-twelfth of the yearly mortgage insurance premium being paid by Borrower when the insurance coverage iapsed or ceased to •� �•
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<br /> be in effect. Lender will acccpt, use and retain these payments u a loss reserve in lieu of mon gage insurance. Loss reserve ",:��� .�....,�r.:.
<br /> Form 3028 9/90 ' " '
<br /> �•6RlNE)�ex�zi.o� Pope J of 6 ���s�n:��
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