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<br /> , 97�. i0�'7°�'� , �=
<br /> 5.Hs�ard or Property Insurante. Borrower shaU kecp the improvements naw existing or hereafter erxted on the Property ' ' ':�_ti
<br /> insured against lass by fire, ha7ards inzluded withi� the term "eatet�ded coveragc' and any o�her hazards. including tloods or . ; ,��a
<br /> floading,far which Lendcr requires insucance•"Ihis insurante shall be maintained in the amounts and for the periods that Lendcr ; . �
<br /> : reguires.The insurance car�ier providing the insurance shaU be chosen by Borrower subject to Lender's 3pproval which shaU ant 1 , i � a _
<br /> ; � , �.
<br /> be unrqsonably witfiheld. If 8orrower fails to maintain coverage described above,Lender may.at Lcnder's op6on, obtain . , �
<br />, � coverage to protect Lender's righu in the Froperty in accordance with paragraph 7. I. �` �� � • _
<br /> All insurance policies and renewals shali be acceptable to C.ender and sha!!include a standard mongage clause. [.ender shall � ,
<br /> - have the right tv hold the pQlicies and renewals. If Lender rcquires,Berrower shall prompdy�ive to[.ender all rcceipts of paid � - .r ^ - - --- -T_�:
<br /> �� premiums and renewal notices.In the event of loss,Borrower shall give prompt narice w the insurance carrier and Lender.L.ender � . _ _
<br /> rrlay make prnof of loss if not madc prompdy by Borrowcr. :_
<br /> Unless Lender and Borrower otherwise agree in writing,inswance proceeds shall be applied to restoration or repair of the _
<br /> Property damaged,if the reswration or repair ss economically feanble and I.ender's socurity is not iessened.If the reswratinn or � ° -
<br /> . repair is not econamicaUy feas�ble or Lendei's security would 6e lesseued,the insurance proceeds shall be applied to the sums . � �: _•
<br /> � secured by ihis Security Instnunent, whether or aot then due, with any eacess paid to Borrower.If Borrowcr abandons the . y_�
<br /> Property,or does not answer within 30 days a nonce from Lendu that the insurance carrier has offered w settle a claim.thea , '
<br /> I.ender may collect ths iaseuance proceeds.Lender may use the procc�eds to repair or restore the Property or to pay sums secured • , -: ���L
<br /> ' by this Serurity Insuument,whether or noi then due.The 30-day period will begin when the norice is given. - • . � =`��- .;��
<br /> ' UnZess Lender and Borrower otherwise agree in arriting,any application of proceeds u�principal shall not extend or g�asspone � '-^
<br /> `� the due da:�of tke monthly payments referred tn in paragaphs 1 and 2 or chauge the amount of the p�yments.If under p�-ag�aph . � �-.'"•3'—==
<br /> s 21 the P►vperty is as�uired by Lender,Boaower's right w any iasurance policies and pioceeds resvlting from damaoe to the � '.';�, �i
<br /> ;`� �. ,,'• .,._ , � . ; ' -=.
<br /> ` Prcpzity grior to the acquisition shall pass to Le�der to the extent of the sums secured by this Seauity Instiument im��iately � .-.�.,, .�`
<br /> ��. Priar w th�acq�isiaon. , ...ij��,.. •>; .... . . . ; ;..
<br /> .t-4:i7v.'T;��w.'.�. . .
<br /> 6.�pancy,Preservatian,l�ia�aance and Protection af We Property; Borrow-¢z's Loan ApplIcation;1.���olds. ,._:��;s T � ''�
<br />. .� Borrowea shall o�upy,establish,and ose the Prc�gerty as BorrowePs principal residence within sixty days after the exec�on of . �;�::�'.
<br /> ;'�'
<br /> this Security Instrum�t and shall continue to c�ecupy the Property as Bonower's principal residence f�r at least ons year after t1►e
<br /> �;�� date of occupancy, unless Lender otheraiise agrzzs in wriang,which consent shall not be unreasonably withheld,or unless . , ' '�''• `..
<br /> ....�k.•i�;`.
<br /> extenn�ing c�c�msiances exist which are beyond Borrower's control.Borrower shall not desproy,damage or impair the Propertyr, , • i��
<br /> a12ow the Property to deteriorate, or commit waste on the Propeaty. Borrower shall be in defaWt if any forfeita�re�seioa oz . .-. • _ ���` �`:;
<br /> procee�g,whether civil or criminal,is begun t!�in Lender's good faith judgment conl�result in forfeiUUe of the pr�erty or . �� Y�'` _
<br /> othawise materiaL1y impair the lien creatcd by t�:s Security Insuument or Lra�+�es's security int�rest Borrowe�may cure snch a .• _ •:. '�' ' -'i:�� -
<br /> default and reins�.�,as provided in paragraph i`v,by causin�il�e actioa��:ocaeding m be dismiss�d aith a ruling [hat,in '` ' ` ��`:' /-`"
<br /> � ."�P ' : .,...;;� i,
<br /> Lend�'s good faith detennination,precludes forf�aue of the Borrower's in�:st in t�e��eaty os other material impairment of t� .,;_�?F,';Y ,, -
<br /> the lien created by this Secisity Ins1rament or Leader's seciuity interest Borrawea shall a7s��e in default if Borrower,during the '= _�{; , __
<br /> loan application process,gave materially false or a�-�acxarate inforniation or statements w Lender(or failed w provide Lender with ' � :�' �-'
<br /> any material infom►ation) in connection with tL-.. loan evidenced by the Nate, including, but not limited to, repres�ntations �� •�>'�}`:- —
<br /> ta
<br /> conec�niug Hormwer's occapancy of the Properiy as a principal residence.If dvs Seeurity Inswment is on a leasehold,Borrower ����' `� �, ' "�
<br />. shall comply with all the provisions o f t he lease.I f Borrower acquires fee 6 t le t o t h e P r o p c rt y,t h e l e a s e h o l d a n d t h e f e e ti t l e s h a ll -`���I� , �` �r
<br /> not merge unless Lender agrees w the merger in wridng. '�M• �� ��
<br />• 7.Protedion of Lender's Rlghis in We Property. If Borrower fails to perform the covenants and agreements contained in � ' � �y�i'" ��
<br /> this Security Instmmenb or there is a legal proceeding that may signitican�ly affect Lcnder's righis in the ProFertY(suc d as a � •. :.�,�. ��'-'.: _�"
<br /> proceeding in banl�r�,.^�'.cg,probate,far condanna�Ln or forfeiuue or to enf'e:,:.e laws or regularions).then Lender may do and pay �•. _��
<br /> ' for wl�atever is nec�sr=-y to pmtect the value of the Froperty and Lender's r.3.kts in U�e Property.I.ender's actions may include ' .,Y�;j,'��.,.�:
<br /> FaY�B�Y sums secxued by a lien which hav priority o���- a�iis Sewry Insvumen�. a�eaiing in court. PaYing rrasonabte ��-- • •'��
<br /> . . : . . '• '�, :� -
<br /> auomeys' fees and en•,�ring on the Property to make repairs. A;�cng�[.e�9er may ta's�a�an nnder this paza�ap��,Lender •::,,R,� �z . ..' :'.
<br /> � does not have tn do so. -
<br /> � , My amounts disb:used by I.ender under this paragraph 7 shall becor��a:w:aonal debt of Borrowe�secured by t�s Security ���r • '__
<br /> Instrument Unless Bonower and Lendar agree to other terms of pay�ner.�, these amounts shall bear ir,terest from the date of �..� .- __ -
<br /> disbursement at the Note rate and s�ll be payable,with interess,upon notice from Lender to Borrower requesting paymen�. _
<br /> � n If .der uired mon a e in��rance as a condiuon of maldng ihe Ioan secured by this Security ' s--�;„^
<br /> Insura ce. �.a^ __-
<br /> 8.Mort e � S
<br /> �� T'�1 '
<br /> Insvument, Boaowez shall pay t�e premiums required to rnaintain the r�drtgage ins�rance in effect If, for any reasoa, the �� ���� "-' �
<br /> mortgage insurance ooverage rey�ired by Lender lxpses or ccases to be in eHect, Bonowcr shaU pay tha premiarns required to � �}
<br /> ��•:.'«i;�! . -
<br /> obtain coverage substantially equivalent to the mc:tgage insurance previously in effect,at a cost subs:�:n�ally equivalent to the ',y��;.�� ,_� �}, '
<br /> � cost w Borrower of the mortgage insuiance previously in ef�'oct, from an altanate mongage insurer approved by b.ender. If , fA�,�;-,:�;.:.•..; �::.,� .�
<br />� substantially cquivalent mortgage insurance coveragc is not availablc.Bonower shall pay to Lender each month a s.un equal to ;�'�••'� '� � .. :,;. �'�
<br /> '.•ct,.,;;;;�.,.L .
<br /> one-twelfth of the yearly mort�nge insurance premium being paid by Borrower when the insurance covera�e lapsed or ceased to .-'=.+,?F�?'` :••�;��:�':::°•-
<br /> �t.:.�,
<br /> be in effect Lender will accep� use and retain these paymentsas a loss reserve in lieu of mongage insnrance.Loss reserve � •.`u�i�.:�,;?,::".;.u�;;��::
<br /> . - -::a�,,ti,,�,:��
<br /> . ��.�;:�y..'t.�,;:.
<br /> � Form 3028 9/90 �� � ����;_.��.��.�
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