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<br /> 'S. llazard or Yrc�perty Insurence. BorrowCr shall kce�thc improvements now exigting or hereafter erected on. ;.� ., }:. .
<br /> the Property insured agamst loss by fire, hazards includeJ «•ithin the term "extended coverage and any other hazards, .
<br /> including flc�ods or tlo�ding,for whic:h LendCr reyuirrs insurance. Thig insuranc�shall hr maintained in the nmounts � „
<br /> �nd for thr periods ths�t I.end�r rryuirCS. '1'hC insurance carricr providing the insurancC shuU ba chosen by Rorru�ver�
<br /> I 5UFtJeCL tO I,�nder's upproval which shall not be unreasonehl�•withheld. lf liorrower fails tn maintt�in c�v�roge describCd �
<br /> � ubervc, i.cnder may,at I.cnJer's option, nbtnin coverage u�protect I.ender's rights in the 1'roperty in .+ccordance �vithy,,,� �
<br /> � pxragraph 7. ._-
<br /> t��� I11R1lTRIlI'C �OII(:ICS Nlld f�I1ClYtiIS 9I18II I1C �1CCC�INt1�C tU I.Cndar und shall in�luda a stanJurd murtgage clause.� � �
<br /> i Lrnder shall havc the right to huld thr p��licies and ren����a1s. If I,cnder reyuires, ]iorro�ver shall promptly give to � ,
<br /> � I.rndcr aU receip�5 e�f paid prcmiumy anJ rcnCaal nutic�;s. In the e�'ent of I<iss, i�c�rrr��vcr shxll give �re�mpt notice to thc� y
<br /> insurance carrier and Lender.I,Cnd�r may make proof of lc��.s if not mude prnmptl��by Horrower. ,� , � •�;.
<br /> . ,.... �nless I.ender end Horrower otherwise agree in�vriting,i nsur�nce proceeds shull he applied to rest�ration or repair . • ', °�:,.� -�
<br /> �� � y c�t the PropGrty damaged, if the restoraticm or r�pair is economically feasiblc und I.ender'S sectlrity is not lessened.If thr. ��{t,, f�v,�-_
<br /> restoration s,r repair is n�t economically feasihle or I.endCr s srcurity would hr Irssene:d,the insurance proeeeds shall be �•.;,,�,��,���^_
<br /> . I spplied to the sums secured hy this Security Instrument,��•hcthcr or not then due, with any excess paid to Borrower.If • f-,;-�y�
<br /> liorrower abandons the Property,or does not ans�ver within 30 days a notice from I.ender that the insurence carri�r has � ,�`w _��
<br /> I c,ffered to srttle a claim, then I,ender may collect the insurxnce pmcecds. I.cnder may use the procecds to repair or _(_____ _
<br /> • restorc the Property or to pay sums secured by this Securi t��Insuument,�vhether or not then dur.,'I'he 30'day period�vill
<br /> � � hegin when the notice is given.
<br /> �% Unless Lendar and Borrower otherwise agree in writing,any application of proceeds to principal shall not extend or . . ;.-_
<br /> � postpone the due date of the monthly paymentsreferred ta in paragraphs 1 and 2 or change the amount of the payments. ;r��:
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<br /> � If under paragraph 21 the YroQerty is acquired by Lendrr, Borro�ver's right to any insurance policies and proceeds ;<<...
<br /> ., resulting from damage to the Property prior to the acquisition shall pass to Lender to the extent of thc sums secured by ��"`.�'.:v
<br /> . � this Security Instrument immediately prior to the acquisition. '�,;Vv;=
<br /> 6.Occupancy,Preservation, Maintensace and Protection of the Pruperty;Borrower's Loan Application; r; �.. .•
<br /> � Leaseholds. Borrower shall occupy,establish,and use the Property as Borrower's principal residence within sixty days '
<br /> • a f ter t h e e x e c u t i o n o f t h i s S e c u r i t y I n s t r u m e n t a nd shall continue to occupy the Property as BorroNer's principal • ,t�};_;
<br /> . � ., residence for at least one year after the date of acupancy, unless Lender otherwise agrees in tivriting,which consent s ha l l �`�+?
<br /> not be unreasonably withheld,or unle.ss extenua[ingcircurnstances exist which are beyond Borrower's control.Borro�ver '�;n;_��;:
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<br /> shall not de.stroy,damage or impair the Property,allow the Property to deteriora te,or c o m m i t waste on the Pru pert y. , _
<br /> 13orro�ver shall be in default if any forfeiture action or proceeding, whether civil or criminal, is begun that in Lender's ;?���.:•�—�
<br /> �� � good faith judgment could result in forfeitureof the Pro�rty or otherwise materially impair the lisn created by this �
<br /> ` Security Instrument or I.ender's security interest, Berro�ver may ct�re such a d�fault and reinstate,as provided in ;�
<br /> �. paragraph 18, by causing the actian or proceCding to he dismissed �vith a ruling that, in L.ender's good faith ,��
<br />_ ., _ determination,precludes forfeiturc of the Borrower's interest in the Property or other material impairment of the lien
<br /> ; created by this Security Instrument or Lenders secority in�crrst. Bui ioWer sr�alt alsa be ir,defsult if 8orrnwP�,during __
<br /> � the loan application process, gave materially false or inacciirate information or statements to Lender (or failed to _ �n
<br /> '.^' provide Lender with any material informationl in connection with the loan evidenced by the Note, including, but not i�:-
<br /> limited to, representations concerning Borro�ver's occupxncy of the Property as a prineipal r�iJCnce.If this 5eeurity '4-
<br /> �,� . Instrument is on a leasehold,Borrower shall comply svith all the provisions of the lease. If Borrower acquires fee title to �
<br /> � the Property,the 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 Propert�•.If Borrower fails to perform the covenants and agreCmentg —
<br /> � �
<br /> contained in this Security Instrum�nt,or there is a legal proceeding that may significantly affect Lender's rights in the
<br /> � Property (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture or to enforce laws or _
<br /> '�� � re ulations),then Lender may do and pay for�vhatever is neces.sary to protect the value of the Property and Lender's
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<br /> rights in the Property. Lender's actions may include pay�ing any sums secured by a lien which has priority over this
<br /> �; Security Instrument,appearing in court,paying reasonable attorneys'fees and entering on the Property to mnke rapairs.
<br /> Although Lender may take action under this paragraph 7,I,ender does not have to do so.
<br /> � Any amounts disbursed by I,c;nder under this paragraph 7 shall become additional debt of Borrower secured by this
<br /> * Security Instrument.Unless J3orrower and L.ender agree to oth�r terms of payment,these amounts shall bear interest
<br /> � from the date of disbursement at the Note rateand shall be Payable,with interest,upon notice from I.ender to Borrower
<br /> requesting payment,
<br /> � 8. Niortgage Insurance. If Lender reqt�ired mortgage insurance as a condition of making the loan secured by this � �
<br /> Security Instrument,Borro�ver shall pay the premiums requi red to maintain the mortgage insurance in effect.If,for any
<br /> �• reason, the mortgage insurance coverage reyoired by Lender lapses or ceases to be in effect, Iiorrower shall pay the �-�
<br />� , premiums required to obtein coverage suhstantiall}�eyui��alCnt to the mortgage insurance prcviously in effect,at a cost �:ti.�
<br /> �' substantially equivalent to the cost to Aorro�ver of the mortgage insurance previously in effect, from an alternate -
<br /> mortgage insurer approved by Lrnder. If substantiaUy� eyuivalent mortgage insurance coverage is not available, `"r���=
<br />- Borro�ver shall pa��to I.enJer each month a sum equ�l to une'twClfth of the yearly mortgage insurance premium being s;•; �� ".
<br /> peid by Borrower when the insurance coverage lapsed or crased to be in effect.Lender will accept,use and retain these ' ';;��,�„
<br /> • " �4 payments as a loss resen�e in lieu of mortgage insurance. Loss reserve payments may no longer be required, �± •
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