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<br /> . 5. Hazard or Propert}� Insurance• BottoNer �hall keep the impro��ements nu�v rri.ting or her�3fter erected on the , • �,*.:�
<br /> Property insured agains[ los.by fir�. hazardti inrluded w•ithin the cenn "zxtended s:����erage" and any �nher hazard�. including � , f �,'�`-
<br /> flood,or ilooding. for w�hich Lender reyuirc�s insurance.Thi�insurance shall be m:iintain�d in the am<wnt�and for the periadti , . . �
<br /> that Lencler requim. The insurance carrier providing the inyuran��hall be chosen by Bornnver.ubJect ta I.ender',agFro�•al • �' ' . j ^
<br /> � which shall not be unrrasonabl� withheld. If Barrower fails tn maintain cucer.�e de�cribed abo�•e. Lender may. at Lendet's _ ,
<br /> `. �
<br /> aption.obt;iin coverage to protect Lender's rigt►es in the Property in accordancc with paragraph 7. •.
<br />�� All insurance policie�and renewals shall be acreptable to L.ender and shall inclade a standard mortgage clause. Lender ,,. �
<br /> — shali hati•e the right tu hold Uit poiicies and rencwals. If Lender reqnire.,,Borrower shali pmmptly g►�e to Lender all re�:eipts of - _ , :__< _ _
<br /> paid premiums and renewal notices. In the er•ent of loss,Borrow�er shall give prompt notice to the intiursnce carrier and L.ender. . y ( •� _
<br />• Lender may make proof of loss if not made promptly by Borrower. ' . . '
<br /> Unless Lender and Bonower otherwise agree in writing,insurance proceeds shall be applied to restoration or mpair of the . _ ,.._ _ _ _ ..,�
<br />� property damaged,if the restoration oc repair is economically feasible and Lender's security is not lessened. If the restoration or ��• ` , -_
<br /> , repair is not economically feasible or Lender's security would be lessened.the insurance proceeds shall be applied co the sutns ��'. 0.�."•�,... ;'`
<br /> • secured by this Security Irutrument, whether or nc! then due. with any excess paid to Borrower. [f Borrower abandons the . "'"'" ' • �" f �
<br /> :• ', ^°:�"i:-
<br /> • Property. or does not answer within 30 days a�tice from Lender that the insurance carrier has offered to settle a claim,then '..;,:�.',,,A��_�':
<br /> L.ender may collect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums . ' .;�`���;�
<br /> secured by this Security Instntment,whether or not then due.The 30-day period will begin when the notice is given. . .'.. •�- ``
<br /> (3nless Lender and Borrower otherwise agree in writiug. any application of proceeds to principal shal! not extend or �. �,�"�
<br /> postpone the due date of the monthly paymenu referred to in paragraphs 1 and 2 or change the amaa�t of the payments. If ' -°���—
<br />� , under paragtapu�l the Property is acquired by L,ender,Borrower's right to any insurance policies and proceeds resulting from _ _�''" "'`�`
<br />, damage to the�-��rty prior to the acquisition shall pats to Lender to the extent of the sums secured by this Security Instrumeat - — ---
<br /> iro.�ediately prior to the acq�:isition. ' ��
<br /> �. �,..._����':�-_
<br /> - - �.Oocupancy.Preser��sTion,Ma�tenance and�t�ion of the Property;B3arrower's Loan Applicatton;I.easeholds. - - - ':- ;-..� _:.�;
<br /> '� � C�:rvwer shall occupy.establish,and use the Property as L'rrrower's principa!resi�..�ce within sixty days after the execution of ~ "•�-"'�' ° �
<br /> ;�;c:�� � -
<br /> `• �� �:is Securiry Instrument and shall ec�ntiaue to accupy the Praperty as Borrower's principal residence for at least one year after 'r.�`-
<br /> �,{�3.4 , . .
<br /> f� ' S.' �
<br />;, ��$� the date of occupancy,unless L.ender otherwise agrees in writing,which consent shall not be unm.�;:sonably withheld,or unless :.�.„ .. � � r �- ,-._
<br /> •`��� e�*enuating circumstances exist which are beyond Borrower's cantrol. Borrower shal aot .:�roy. damage or impair the <i`��� `' +. •
<br /> :,j�'..1 �,. r,��"• �
<br /> Pro e , allow the Pro erty to deteriorate, or commit waste on the Pro e B�.�wer shall be in defaul[ if an forfeiture i,•'•:`� �, '� ��° �� '�'
<br /> ,` � P rtY P P rtY• Y �...- �:� ° ::i j :..`i:.:
<br /> i�ss� .
<br />�•,;;,��;; action or proceeding. �vhether civil or crimit�l, is begun that in L.ender's good faith judgment coutd result in fodeifure of the ;�;�., • ; : ��•' ;�,,.. �.:}.._:
<br /> ,.�;, �,::a� ,4 �
<br /> '�,��'�' Properry or otherwise materially impair the lien created by this Security Instrument or Lender's security interest. Borrower may ,,, .�f xy;.' .,.�y:�... ;._,
<br />:�::�,�?fi`i t. . __->.
<br /> cure such a d:wult and reinstate,as prorided in paragraph 18,by causing[he action or praceeding to be dismissed with a ruling '��;'''�!•'
<br /> ; >p , :F •,_,,,.
<br /> � that, in L.ender's good faith determi►�auon, precludes forfeiture of the Borrower's interest in the Property or other material y ;;f. • ?;�;,�°�s•'°
<br /> � r.,.. ,.
<br /> ' r"*�n�irment of the lien crezr..�by this Security Instrum�nt or Lender's securiry interest. Borrower shall also be in default if �:, . :s;;.. _
<br /> � �crower,during the loan z,��lication process,gave mnz�rially false or inaccurate infom�ation or statements to Lender(or failed �;�,�,•`:�; ;� ,,' ,,t �':
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<br />. � ta provide I.ender with any material information)in connecuon with the loan evic's�ced by the Note, incicLir.g,but not limited �;fd%:�: � � ��•• ���`� ••�rr-:-
<br /> - to,representations conceming Boaower's occupancy of the Property ac a principal residence. If this Securiry Instrument is on a :y;'-�•� :?,{�;�}j''�.�E.t--;��=,`'
<br /> leasehold, Barrower shall comply with all the provisions of the lease. If Borruwer acquires fee title to the Property, the S::,'�''�=; �. �=�#7�°',. .;.;�,::S_�;'
<br /> ���• •
<br /> � �:asehold and tfie fee title shall not merge unless Lender agrees to the merger in writing. ,r>r:•:v�•�-��-'�"�?--°�:.
<br /> 7.Protecdon of Lender's Rights in the Property.If Borrower fails to perform the covenants and agreements cantained in ,'���. ' . ' �;.���;:.��<.s'�`-�
<br /> ��� ... ,.. .. ....
<br /> '" this Security Instrument, or there is a legal proceeding that may signifcantly affect i.ender's rights in the Properry(such as a �f__ _"�:»�+.. ' �
<br /> proceeding in bankruptcy, probate, for condemnation or forfeiture or to enforce laws or regulations),then L.ender may do and ���;3II=--`"� �
<br /> � pay for whatever is necessary to protect the value of the Prnperty and Lender s rights in the Property. Lender's actions may .'•^`"'"r�''".:-
<br /> : �. include payin� any sums secured by a lien which has priority over this Secerity Insuument, appearing in oourt, paying _
<br /> .r - � �-_�:--•:
<br /> • reasonuble attomeys'fees and entering on the Propert}t�make repairs.Althougi� L�.ender may take action under this paragraph �ri-,-r �.-�
<br /> . . i 7.Lender does nat have to do so. "�:,.',-_���u�""
<br /> : .�� Any amounts disbursed by Lender under this paragraph 7 shall become addidonal debt of Borrower secured by this � ;,�-�;,�����:'��
<br /> ' ,.�� ; Security Instrument. Unless Borrower and L.ender a�ree to other terms of a ent,these amounts shall bear interest from the '' "''' ' '
<br /> b P Ym �3;xP4:..,�.;«,s��►s�
<br /> ' date of disbursement at the Note rate and shall be p�yable, with interest, upon noace from Lender to Borrower requesting , . ,,,;,:.;:�:°�- -��; __--
<br /> ',�I � ,�ayment. ;�.,•,:.::�,r,�;:;•. ;�;«,_--__
<br /> , .�..�.•. .
<br /> 8.Mortgage Insuraace. If Lender required rr.��:�age insurance as a condition ef making the toan secured by this Security `�' �`�•~•' � �"�:�='�-:..
<br /> �.y Inswment. Borrower shall pay the premiums required to maintain the mortgage insurance in effect. If, for any reason, the . . ,
<br /> • . mortgage insurance coverage required by Lender lapses or ceases to be in effect. Bortower shall pay the premiums required to �°-�• -. °
<br /> �. '`" obtain coverage substantially equivalent to the mortgage insurance previously in effect, at a cost substantially equivalent to the �-°�" ' �� —
<br /> � cost to Borrower of the mort e insurance reviousl in effect, from an altem:we man a e insurer a roved b L.ender. If ���. ;,:; ,., �`r�
<br /> �S P Y S S PP Y _ . ... �,,,:
<br /> substantially equivalent mortgage insurance coverage is not available.Bonower s4�all pay to Lender each month a sum equal to _ _ _
<br /> one-twelfth of the yearly mortgage insurance premium Eeing paid by Borrower when the insurance wverage lapsed or ceased to �� � -��
<br /> � �% —.
<br /> � be in effect. Lender will accept,use nnd r:tain these payments as a loss reserve in lieu of mortgage insurance. Loss reserve "�' ;;r;-�•�
<br /> _...,�.:�•1;�;;�l�,�,,:
<br /> � Fortn 3028 9►90 B. � �
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