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<br /> " S. Huutrd ar PropeMy Insurance. fiorrowcr shaU keep thc improvemcnts now cxisting on c�rcaftcr crccted on thc� ��_
<br /> Property insurcci aFuinst loss by fire, hazards includcd within the term "cxtenJc.�d covcragc" und any othcr ha-r.urJs, includin
<br /> floodti or flc�dins, for which I.endcr requires imurance. Thiti intiurunce shall be muintained in the umounts und for the periad� '1^"
<br /> . thut L,ender requires.The insurance carrier providing the in,urunce�hull be rhnsen by Borrc�wcr tiubjert to LrnJer's approvul r.i
<br /> • which rhull not be unre:►sonably withheld. If Brnrower fuils to maintuin cavetagc Jesrribed above, l.ender may.at I.ender's � -
<br /> c�ption,obtuin covernge to protect Lender's right+in the Pmperty in uccordunce with purngraph 7. —�'=`-
<br /> ` All insurance�licie, and renewuls shull hc ucceptublc to i.ender und shull include a standard mortgagc cluutic. L.cnder� ti
<br /> `��`�'•'��., shull have the right ro hold the palicies and renewuls, If Lender requires,Barrower shall promptly givc to Lcndcr all reccipty uf� �.k�..-�.
<br /> },�orW�� paid premiums and renewul natices. In the event of loss,Barrower shall give prompt notice tc�the insurance carrier unJ Lender.� �s___
<br /> wwr+� . Lender may make proof of loss if not made promptly by Horrower. �-'�-
<br /> • Unless L,ender and Borrawer otherwise agree in writing,insurance proceeds shull bc applicd to restorution or repair of the =
<br /> ;} Property damaged, if the restoration or repuir is economicully feusible and I.ender's security is not lessenod. If thc restoration or �
<br /> repair is not economically fea.sible or I.ender's security would be lessened,the insuranee procceds shnll be upplied to the sums �_
<br />- � �' secured by this Security Instrumcnt, whethcr or not then due, with any excess paid to B�rrower. if' Borrower abandons the
<br /> � Property, or does not answer within 30 days a natice from Lender that the insurance canier has offered to settle a claim, then
<br /> �; Lender may collect the insurance proceeds. Lender may use the proceeds ta repair or restore the Pmperty or to pay sums _
<br /> t secured by this Security Instrument, whether or not then duc.The 30-dny period will be�in when the natice is given.
<br /> ' Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not ex[end or
<br /> , .. postpone the due date of thc monthly paymcnts referred to in paragraphs I and 2 or change the umount af thc payments. If
<br /> under parugrupit 21 Uie Propeny is acquircd by L.cndcr. Barro�ver's right to uny insurance policies flnd proceecis re.aulting from �
<br />- � , damuge to the Property prior ta the acquisition shall pass to L.ender to the extent of the sums secured by this Security Instrument
<br />- immediately priar to the acquisition.
<br /> 6.Occupancy,Preservatian,Maintenance and Protection of the PropeMy;Borrower's I,oan Appltcation;Leaseholds.
<br /> Borrower shall occupy,establish,and use the Property as Borrower's principal residence within sixty days after the execution of
<br /> this Security Instrument and shall continue to occupy the Property as Borrawer's principul residence for ut least one year after _
<br />- the date uf occupancy, unless L.ender otherwise agrees in writing, which consent shall not be unreasonubly withheld. or unless
<br /> . extenuating circumstances �xist which are beyond Bonower's control. Bonower shall not destroy, damage or impair the
<br /> • Propeny, allow the Propecty to deteriorate, or commit waste on the Property. Borrower tihull be in default i f any forfeiture
<br /> � uction or proce�ding, whether civil or criminal, is begun that in i.ender's good faith judgment could result in forfeiture of thc
<br /> Propeity or otherwise materially impair the lien created by this Security Instrument or Lender's security interest.Horrower may
<br /> -_ --_= cu�e,u�ii u dafuult and r�instatc,�.s p:o:�ida!in parabraph !8, by cata�ing the action or Qroceeding to be dismissed with a ruling
<br />�• that, in Lender's good faith determination, precludcs forfeiture of the Bonower's interest in the Property or other material
<br /> ' ' impairment of the lien created by this Security Instrument ar Lender's security interest. Borcower shall also be in default if
<br /> , .. Borrower,duriag the loan application process,gave materiaUy false or inuccurate information or statements to Lender(or fAiled
<br /> to provide Lender with any mnterial inforniation) i�i 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 residencc�. If this Security Instrutnent is on a
<br /> - leasehold, Bonowcr shaU comply with all the provisions of thc lease. If Borrower acquires fee title to thc Praperty, the
<br /> ' � ��'' lcasehold and the fee title shall not merge unless Lender:sgrees to the merger in writing.
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<br /> q, ._. � , . 7.Protection of Lender's Rights in the Property.If Bonowcr fails to perform the covenants und a�reements contained in
<br /> - • this Securiry Instrument, or there is a legal proceeding that muy significandy affect Lender's rights in the Property (such us a
<br />-'•� ��„ proceeding in bankruptcy, probate. for condemnation or forfeiturc or to enforce laws or regulations), then Lender may do and
<br />��` � � .���: pay for whatever is necessary to protect the value of the Property and L.ender's rights in the Property. Lcnder's actions may
<br /> �`-`'^'` � ��+ include paying any sums secured by u lien which has priority over this Security Instrument, appearing in couil, paying
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<br /> •,-, ,„. .. reasonable attorneys' fees and entering on thc Property to make rcpairs. Although Lcnder may take action under this paragrap
<br /> � :� 7,L.cnder does not have to do so.
<br />` Any amounts disbursed by Lcnder under this parugruph 7 shall bec:omc additional dcbt of Borrower securcd by this
<br />__ � Security Instrument. Unless Borrower and Lcnder agrcc to other terms of payment, thesc amounts shall bear interest from the
<br /> - '� ��' date of disburscmcnt at thc Note rate and shull be payable, with intcrest, upon notice from Lcnder ta Bon•ower requesting
<br /> _ • payment. ,
<br /> �,�- 8.Mort�s�e Insurance. !f I.ender required mongage insurance as a condition of muking the loan secureci by this Security
<br /> ' Instrument, Borrower shaU pay the prcmiums rcquired to maintain the mortgage insurance in effect. If, for any reason, the ,
<br />; � mortga�e insurance coverage required by Lender lupses or ceuses to be in effect,Borrower shall pay the pmmiums required to
<br />_ " �q; obtain coveragc substantially equivalent to the mortguge in.r•urance previously in effect,at a cost substantially equivalent to the
<br />-- ''�' cc�st to Burrower of the mo��tgage insurance previously in effect, from an alternute mon�age insurer approved by Lender. If
<br /> . '� substantially equivalent moRgage insurancc covcrage is n��t available, Borrower shall pay to Lender each muntli a sum equal to -:__.
<br /> �- onc-twelfth uf the yearly m��n�age insuranrc premium being paid by Borrawer when the insurunce coverage lapsed or ceaseci to �-
<br /> '� be in ef'fect. I.rndrr will accept, usc and retain thes�payments as u►oss reserve in lieu of mong�ge insurance. Loss reserve �'z-
<br /> Form 3028 9/90 �-
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