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<br /> ' 5. Nazard or Property Insurance, Bonower shall kcep thc improvemcnts naw cxisting on c�renftcr crectc thc ., ti���
<br /> Property insured ugainst loss by fire,hur�rds included within thc tcrm "extcndcd covcragc" and any o[hcr hai.nrds, includin�,
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<br /> floods or flooding, for which I..ender requires insurance.This insutance shall be n�aintained in the amounts anJ for the periods ,
<br /> that Lender requlres. The insuranee carrler providing the insurance shull be cho�en by Borrower subject to Lender's approval "' °
<br /> which shall not bc unreasonably withhcld. lif Bottowcr fnils to maintufn cnvcragc ctcscrtbcd abovc, Ia:ndcr may, ac I.cndcr's � •�r��i
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<br /> option.obtain coverage to protect L.ender's rights in the Property in accordnnee with parngraph 7. , y
<br /> � All insurance pollcies und renewals shall be acceptable to I.ender and shall include a standard mortgage clause. Lender ., ,���;��,.
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<br /> � shall h�ve the right ro hold the policies and renewlls, If Lender requires,Borrow�r shall prompdy give ta I.endcr all rcccipts of - :_..,_.
<br /> , ,•� I paid premiums and renewal nodces. In the event af loss,Borrower shall�ive prompt nocice tu Q►e insurance carrier and Lender. • ` *;..�_,,,,��
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<br /> L.ender may make proof of loss if nat madc promptly by Borrower. ��
<br /> .M•«^�'°` Unlc�s i..ender and Borrower otherwise agree in writing,insurancc pnocecds shall bc applicd to restoration or rcpair of th� ;..����jy�___�_ 4.
<br /> ' ' � ''"' I Praperty damuged, if the restoration or repair is economically tcasible and Lcnder's security is not lessened. If thc restoration ar J.,;;__=---=-_-
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<br /> , i repair is not ewnomically fcaslble or Lendcr's security would bc Icssened, the insurancc procceds shall be applied to [hc sums �;:�,--•--
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<br /> secured by this Secudty Instrument,whether or not then due, witt► any excess pnid to Bonower. If Bonower abandons �he � �
<br /> � Property,or does not answer within 30 days a notice from I.ender that the insurance carrier h:u offered to settle a claim, t�en _
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<br /> � Lender may collect the insurance proceeds. l.ender may use the proceeds to repair or restore the Praperty or to pay sums -
<br /> r�>�_ -
<br /> secured by this Securlty Instrument,whether ar not then due.The 30-day period will begin when the notice is given. �"=
<br /> Unless Lender and Borrower othenvise ugree in writing, any application af proceeds to principal shall not extend or ��_-
<br /> postpone the due dute of the monthly payments refencd to in puragruphs 1 and 2 or change the amount of the payments. If �'__
<br /> �'� under paragraph 21 the Property is acquired by Lender,Banower's right to any insurance policies and proceeds resulting from ��„—-
<br /> , �t;�' damage lo Qie Peoperty prior to the acquisition shall pass to I.ender to the extent of the sums secured by this Securiry Instrument r�_.._
<br /> • i m m e d i a tc l y prior to the ac quisition. L e u s e h o l d s. ��"�'-�
<br /> � 6. Occupancy,Preservatlon, Mair�tenance And Protection of the Property;Barrower's L oan App l ica t i o n; �.-
<br /> Borrower shall occupy, establish,and use the Properry as Borrower's principal residence within sixty days after the execution of [,•_;�_=
<br /> thls Secudty Instrument and shall continue to occupy the Properry as Bonower's principal residence for at least one year after 4
<br /> '�. the date of occupancy, unless Lender atherwise agrees in writing,which consent shall not be unreasonably withheld, or unless —k�
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<br /> extenuating circumstances exist which are bcyond Borrower's control. Bonower shall not de�troy, damage or impair the _
<br /> � Property,allow the Properry to detertorate, or commit waste on the Property. Borrower shall be in defaulc if Any forfeiture �g��
<br /> action orproceeding,whether civil or criminal, is begun that in i.ender's good faith judgment could result in for;eiture of the ��._
<br /> Property or otherwise materially impair t6e lien created by this Securlty instrument or Lender's security interest.Bonower muy _
<br /> � cure such a default and reinstate,as provided in paragraph I8,by causing the action or proceeding to be dismissed with a ruling � '�Yl
<br /> - : ; - -k that, in Lcndcr's good fsith d?t2tiIlI1!?tlnn, precludes forfei[ure of the Borrower's interes[ in the Property or other material ��,��.
<br /> k impairmeat of the lien creared by this Securiry Instrument or Lender's security interest. Borrower shali also be i��defauit if — • `°
<br /> � � Bonower,dudng the loan appl{cation process,gave materially false or inaccurate information or statements to I.ender(or failed L
<br /> � to provlde Lender with any material infarmation)in connection with the loan evidenced by the Note, including,but not limited 7'_
<br /> . � to,representations concerning Bonower's ocwpancy of the Property as a principal residence. If this Securlty Instrument is on a ;-_:
<br /> � leasehold, Borrower shall comply with all the provisions of the lease. 1f Borrower acquires fee title to the Property, the
<br /> lcasehold 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 Borrower fails to perform the covenants and agreemenu contained in ;_
<br /> • this Secudty [nstrument, or there is a legal proceeding that may significantly affect I.ender's rights in the Property (such as u
<br /> proceeding in bankruptey,probate,for condemnation or forFeiture or to enforce laws or regulations), then Lender may do and
<br /> pay for whatever Is necessary to protea the value of the Properry and I.ender's rights in the Property. Lender's actions may �
<br /> include paying any sums secured by a lien which has priority over this Security lnstrument, appearing in court, paying
<br /> reasonable attomeys'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 umounts disbursed by Lender under this pazagraph 7 shall become additional debt of Borrower secured by this rr�
<br /> � Securiry Instrument. Unless Borrower and I.cnder agree to other terms of payment, these amounts shall bear interest from thc �_-
<br /> date of disbursement at thc Note rate ond shall be payable, with interest, upon notice from Lsnder to Bonower requcsting 4
<br /> , z� payment. __ _.��_
<br /> �E S.Mortgage Insuranee.If I.ender required mortgage insurance as a condition of making the loan secured by this Security
<br /> � .�. Instrument, Borrower shall pay the premiums required to maintain thc mortguge insurance in effect. If, for any reason, the
<br /> � mortgage insurance coverage required by l.ender lapses or ccases to be in cffect, Borrower shall pay the premiums rcquired to �`�.--
<br /> obtain coverage substantially equivalent ro the mortgage insurance previously in effect, at a cost substanti:tlly equivalent to the �,=����,.���-
<br /> cost to Borrower of the mortgage insurance previously in effect, from an alternate mongage insurer approved by Lender. If ___ _�
<br /> ' substantially equivalent mortgage insurance coverage is not available,Bonower shall pay to Lcnder each month a sum equal tu ,;; y��
<br /> one-twelfth of the yearly mortgage insurance premium being paid by Borrower when the insurance coverage lapsed or ceased to ;;'�;-��+�-� �*.;,`
<br /> be in effcct.Lender will accept, use and retain thcse payments as x loss rescrvc in licu of mortgagc insurancc. Loss reservc �^�.�� .�t...-.
<br /> Form 302 90 °..t :^'� �':
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