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<br /> �I 5. Nazerd or Praperty InsurAnce. Borro�ver shall keep the improvements now exieting or hereafter erected on
<br /> � 1 tiie Property inaured againat loss by fire,hazarda included within the term "extended coverage"and any other hezards, �-_=
<br /> incl�id,�ng iloods or tlooding,for which Lender requires insurance.This insurance ahall be maintained in the am�unts
<br /> • and ior the(+�riods that I.,ender tequire.g. "1'he insurance carrier providing the insurance shall be chosen hy R�rrower
<br /> subject to I.ender's approval which shall not be unreasonably withheld.If Borrower fails to maintain coverage described� ,
<br /> above, I,ender may,at Lender's option, obtain coverage to protect Lender's rights in the Property in accordance with�
<br /> paragraph 7. ' t=
<br /> All inaurance policies and renewal�shall be acceptuble to I.ender and shall include a standard mortgage clause.
<br /> I,ender shall have the right to hold the policies and renewals. It Lender tequires, Horrower shall promptly give to� : „ ; __�;�_
<br /> L en der a l l r e c e i p t s o f p a i d�remiums and renewal notices.In the event of loss,Bonower shall give prompt notice tu the� �. ��»,��;_=
<br /> insurance cerrier and I.ender.Lender may make proof of loss if not made promptly hy Borrower. � •^-�x�-4
<br /> Unless I.ender and Borrower otherwise agree in writing,insurance proceeds shall be applied to restoration or repair -- -
<br /> of the Property damaged,if the restoration or repair is economica l ly feas�b le an d L,en der's securit y ia not lessened.If th e� «
<br /> restoration or repair is not economically feasible or Lender's security would be lessened,the insurance proceeds ahall be
<br /> • applied to the sums secured by this Security Instrument,Nhether or not then due,with any excess paid to Dorrower.If .rirs=-- -----�
<br /> Borrower abandons the Property,or does not anawer within 30 days a notice from i.ender that the insurance canier has
<br /> resitore the Property orrto pay sums secured by this Security In trument,�whether orrnot th n dueeThe 30'da period will ,���-
<br /> begin when the notice is given. .
<br /> licatinn of roceeds to rinci al shall not extend or �
<br /> Unless Lender and Borrower otherwise agree in writing,any app p P P
<br /> �. postpone the due date of the monthly paymente referred to in paragraphs 1 and 2 or change the amount of the payments. .
<br /> If under paragraPh 21 the Property is acquired by I.ender, Borrower's right to any insurance policies and proceeds
<br /> .� resuiting from damage to the Property prior to the acquisition shall pasa to Lender to the extent of the aums secured by ' _'
<br /> this Security Inatrument immediately pnor to the acquisition. �
<br /> 6.Occupancy,Preservatlon�Maintenance and Protection of the Property; BorrowCr's Loan Applicatlon; -
<br /> ' Le�seholds. Borrower ehall occupy,establish,and use the Property as Borrower's principal residence with�n sixty days ��Y � • � {, .
<br /> a P P8 �4•; '.s�>r':.
<br /> * after the ezecution of this Secunty Instrument and shall cantinue to occupy the Property as Borrower's rinci 1 �4
<br /> residence tor at least one year after the date of occupancy,unless Lender otherwise agrees in writing,which consent ahall •.
<br /> - not be unr?esonahly withheld.or unless extenuaiing circumstances exict which are bayond Borrower's control.Borrower .,�.�_ �.`
<br /> shall not destroy.demage or impair the Property,allow the Propecty to deteriorau,or c�mmii wcwte an ihc Pro�rt,. — -,,�,;�'-
<br /> Borrower 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 forfeiture of the Property or otherwise msterially impair the lien created by this ,C:Y,
<br /> Security Instrument or Lender's security interest. Borrower may cure such a default and reinstata, as provided in , ��-:�•r
<br /> paragraph 18, by cauaing the action or proceeding to be dismissed ryith a ruling that, in Lender's good faith •';( •1 �,
<br /> determination,precludes Yorf�iture of the Borrower's interest in the Property or other materiel impairment of the lisn . �,;'t
<br /> created by this Security Instrument or I.ender's security interest.Borrower shall also be in default if Borrower,during ;,,; {;
<br /> the loan applicution process, gave materially false or inaccurate iniormation or statementa to L,endar (or iailed to
<br /> provide Lendar with any material information) in connection with the loan evidenced by the Note, including,but not ;`�_ _
<br /> limited to,representations concerning Borro�ver's occupancy of the Property as a principal residence. I4 this Security �_„�r-
<br /> Inatrument is on a leasehold,Borrower shall comply with all the provisions of the lease.If Borrower acquires tee title to ��
<br /> the Propeny.the leasehold and the fee title ahall not merge unleas Lender agrees to the merger in�vriting. `�.
<br /> 7. Protection of Lender's Righta in the Property. If Borrower fails to perform the covenants and agreements j
<br /> contained in this Security Instrument,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 whatever is necessary to protect the value of the Property and I,ender's „','_��_
<br /> rights in the Property.I,ender's actions may include paying any sums s�;cured by a lien which has priority over this _f�.,=__
<br /> ' Security Instrument,appearing in court,paying reasonable attorneys'fees end entering on the Property to make repairs. :C��-,:�-r-
<br /> � Although Lender may take action under this paragraph 7,I.ender does not have to do so. ��"="���
<br /> Any amounts disbursed by Lender under this paragraph 7 sha11 become additional debt of Borrower secured by this . .c,;N;_
<br /> Secur•ity Instrument. Unless Borrower and L,ender agree to other terms of payrnent,these amounts ahall bear interest ��
<br /> from the date of disbursement at the Note rate and shall be payable,with intsrest,upon notice from Lender to Bonower �;.;�• , �
<br /> requestingpayment. � ' �"�'�r-" �'
<br /> 8. A�ortgage Insurance.If Lender required mortgage insurance as a condition of making the loan securect by this •oj��,,. ��uk•=.� •.
<br /> Security Instrument,Borrower shall pay the premiums required to maintain the mortgage insurance in effect.If,for any '
<br /> reason, the mortgage insurance coverage required by I,ender ]apses or ceases to be�n effect, Borrower shall pay the
<br /> premiums required to obtain coverage substantially equivalent to the mortgage insurance previously in effect,at a cost •
<br /> substantially equivalent to the cost to Borrmver of the mortgage insurance previously in effect, from an alternate
<br /> mortgage insurer approved by I.ender. If substantially equivalent mortgage insurance coverage is not available, .
<br /> $orrower shall pay�to I.ender each month a sum equal to one-twelfth of the}�early mortgage insurance premium being
<br /> paid by Horrower when the insurance coverage lapsed or ceased to be in effect.Lender will accept, use and retain these
<br /> paymenYS �s a loss reserve in lieu of mortgage insurance. I,oss reserve payments may no longer be required, I
<br /> Form 302a 9/90 �
<br /> �-6RINE1rox�z�.o+ D�y�3 0� 6 1111tIEID: �
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