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<br /> • � 98" �G1r�Sti =
<br /> S. Hazurd or Property Insurance. Borrower shall keep thc improvements now existing or hereafter erec on tbe • ,' t.;
<br /> Property lnsured aguinst loss by fire, ha•r.ac'ds included within the term "extended coverage"and any other ha�uds,including
<br /> tloods ar floodin�, for which Lender requires insurancc,This insurance shall be maintained in thc amounts and for thc periods ��`'��
<br /> that Lender requires. The insurance carrier providing the insurancc shall be choscn by Borrower subjcct to Lendcr's a�proval l,
<br /> • whlch shall not be unteasonably withheld. If Borrower fails to maintaln coverage described abovc:, l.ender may. at L.ender's . :,,�X,�:;.
<br /> .-•�•w-"' aption,obtain coverage to protect Lender's rights in the Property in accordance with putagraph 7. ��•.•°.' ":
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<br /> � All insurance policies and rene�vals shall be acceptable to l.ender and shall include a standard mortgage clause. Lender ,.�.�':1 r":�
<br /> shall have the right to hold the policies and renewals.If l.ender requires, Borrower shall promptly give to Lender all receipts of ,� ,� ;,•
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<br /> paid premiums and renewal noticss.In the event of loss,Borrower shall give prompt notice to the insurance c�rrier and l.ender. t,���..,
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<br /> Lender may make proof of loss if not made promptly by Borrower. ,_Y===x��'�=
<br /> Unless i.ender and Bonower otherwise agree In writing,insurance proceeds shall be applied to restoration or repair of the ;;R,_���
<br /> Property damaged,if the restoratton or repair is economically feasible and I.ender's secudty is nat lessened.If the restoration or .s�.:�.—.--
<br /> repair is not economically feaslble or I.ender's security would be lessened,the insurunce proceeds shall be applied ro the sums , _�,
<br /> secured by this Security Instrument, whether or not then due, with any excess paid to Botrower. If Bonower abandons the .
<br /> Property, or does nat answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim,then ,�(_f_�
<br /> Lxnder may collect the insurance proceeds, Lender may use che proceeds to repair or rescare the Property or to pay sums ,;;Y:_�
<br /> secured by this Securiry Instrument,whether or not then due.The 30-day pedod will begin when the notice is givea. -1�='__
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<br /> Unless L.ender a�d Bonower otherwise agree in writing. any application of proceeds to principal shall not extend or
<br /> . i postpone the due date of t�e monthly payments refened to in paragraphs 1 and 2 or change the amount of the payments. If ,^_-____
<br /> � � under paragraph 21 the Property is acquired by Lender,Borrower's right to any insurance policies and proceeds resulting from . 3��
<br /> �: � damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Securtty[nstrument ___
<br /> ��• � immediately prior to the acquisition. _:
<br /> � 6. Occupancy, I'reservatton,Maintenance and Protection o[the Property;Borrower's Loan Applicatlon: I.easeholds. NN
<br /> � Borrower shall occupy,establish, and use the Propeny as Borrower's principal residence within siaty days after the execution of '�__ __
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<br /> this Security lnstrument and shall conttnue to occupy t he P rope r t y as B o nower's princi pal residence for at least one year after ` —
<br /> �.' the date of occupancy,unless Lender otherwise agrees in wr{ting,which consent shall not be unreasonubly withheld,or unless `� _
<br /> ,�- _ _� cxtcnuasing eircuinstanePs Pxisr which are beyond Bonower's control. Borrower shall not destroy, damage or impair the �_
<br /> � Property, allow the Property to dece r iorate,or comm i t was t e o n t h e P r o p e r t y. B o n o w e r shall be in derauit if any forCciiwc
<br /> � action or procecding,whether civil or cdminal, is begun that in I.ender's good faith judgment could result In forfeiture of the __ _
<br /> Property or othenvise matertally Impair the lien created by this Securiry Instrument or Lender's security interest.Boaower may = __
<br /> cure such a default and reinstate,as provided in pazagraph 18,by causing the action o�proceeding to be dismissed with a ruling
<br /> that, in L.ender'a good faith determination, precludes forfei[ure of the Borrower's interest in the Property or other matertal
<br /> impairment of the lien crented by this Security Instrument or L.ender's security interest. Borrower shall also be in default If
<br /> Bonower.during the loan application process,gave materially false or inaccurate information or statements to Lender(or failed _
<br /> to provide I.ender with any mater[al information) in connection with the loan evidenced by the Note,including,but not l(mited ",•;_
<br /> to,representations concerning Borrower's occupancy of the Property as a principal residence. If this Security Iustrument is on a �
<br /> leasehold. Borrower shall comply with all the provislons of the lease. If Borrower acquires fee title to the PropenY, the
<br /> leasehold and the fee title shall not merge unless Lender agrees to�he merger in writing.
<br /> 7.Protectton of Lender's Rights in the Property.If Borrower fails to perform the covenants and agreernents contained in .�
<br /> this Securiry Instrument, or there is a legal proceeding that may significantly affect Lender's dghts in the Property(such as a �:
<br /> proceeding in bankrupccy,probate, for condemnation or forfeiture or to enforce laws or regulations), then Lender may do And �
<br /> pay for whatever is necessary to protect the value of the Properry and I.cader's rights in the Property. Lender's actions may �;_
<br /> Include paytng any sums secured by a lien which has prioriry over this Security [nstrument, appearing in court, paying �.�
<br />�` reasonable actorneys'fees and entering on the Property to make repairs. Although I.ender may take activn under this paragraph �;;--
<br /> 7,Lender does not have to do so. ��"
<br /> - Any amounts disbursed by Lender under this paragraph 7 shall become addltional debt of Borrower secured by this F.:
<br />_ Sccurity Instrument. Unless Bonower and I.ender agree to other[erms of payment,these amounts shall bear interest from the __ - _-
<br /> � date of disbursement at the Note rate and shall be payable, with interest, upan notice from Lender to Borrower requesting _ _
<br /> payment. , �
<br />- 8.Mortgage Insurence.If Lender required mortgase insurance as a condition of making the loan secured by this Security � �'�.
<br /> t Instrument, Borrower shall pay the premiums required to maintain the mortgage insurance in effect. If, for any reason, the �:A. � �.,��.
<br /> _ � mortgage insurance coverage required by Lender lapses or ceases to be in effect, Borrower shall pay the premiums required to : �?�t'� �'`r°;j
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<br /> obtain coverage substantially equivalent to the mongage insurance previously in effect,at a cost substantially equivalent to the � N�:.y
<br /> - cost to Borrower of the mortgage insurance previously in effect, from an altemate mortgage insurer approved by Lender. If :.,��..°`,�;��'
<br /> - I substantially equivalent mortgage insurance coverage is not available,Borrower shall pay to I.ender each month a sum equal to
<br /> - one-twelfth of the yearly mortgage insurance premium being paid by Borrower when the insurance coverage lapsed or ceased to � ��-���'•��
<br /> Ibe in effect, Lender will accept, use and retain these payments as a loss reserve in lieu of mortgage insurance. Loss reserve
<br /> Form 3028 9180
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