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<br /> 5.Hau►rd or Property Insurance. Borrowcr shull kecp thc improvements now existing on c�rcafter crcctcd on thc Property �
<br /> � • insured abainst loss by firc,ha•r.ards includcd within thc term "extcnded covcragc" and any othcr hazards.including floods or ,
<br /> flooding, for which i.endcr requires insurancc.This insurancc shall bc maintaincd in thc amounts and for the periads that I.cndcr�
<br /> rcqui�cs.'Ihc insurancc c[trricr providing ihc insurancc shall be chosen by Sorrowcr subject w l.cndcr's approval which shall not� :
<br /> bc unrcasonably withhcld. If Borrowcr fails to maintain covcragc dcscribcd abovc,Lendcr may,at Lcndcr's appon, obtai�
<br /> coverage W protcct I.endcr's rights in the Property in accordance with paragraph 7. ,
<br /> All inswance policies and renewals shall be acceptable to I.ender and shall include a standard mortgage clause.Lcnder shal y
<br /> hav�the right w hold the poUcies and renewels. If L,cnder requ'ues,Bonower shell prompUy give to Lender all receipts of pai �
<br /> prcmiums and renewal nodces.In thc event of loss,Borrowcr shall give prompt napce w thcinsurance carricr and Lender.Lcndc :.:�
<br /> may makc proaf of loss If not made prompUy by Boaowcr. '`� �
<br /> Unle.cs Lender and Borrower otherwise agrec in writing,insursnce proceeds shall be applied to restoradon or repair of the .���;;�c
<br /> prop�rty damaged.if the restorudon or repair is economically feasible and I.ender's security�s not lessened.If the restoration or ,.�;}�'.
<br /> repair is nat economically feasible or L.ender's security would be lessened,�he insurance proceetls shall be applied to the sums -_ —s_
<br /> secured by this Security Instrument,wheiher or not then due, with any excess paid to Borrower.If Boaawer abandons the __.
<br /> Property. or does not answer within 30 days a notice from I.ender that the insurance carricr hes offered to settle a claim,then �y
<br /> Lender may collect the insurance proceeds,I.ender may use the proccecis to repair or ceswre the Property or to pay sums secured ,�.
<br /> by this Security Instrumcnt,whether or not then duc.The 30-day period will bcgin whcn tl3e notice is given.
<br /> Unless Lender and Borrower otherwise agree in wdtin8,anY aPPUcation of pmceeds to princiPal shall not extend or postpone
<br /> the due date of the monthly payments referred to in paraSraPhs 1 and 2 or change the amount of ihe payments.If under paragraph 4 �
<br /> 21 the Praperty is acquired by Lender. Bosrower's right to any insure►►ce policies and proceeds resulting from damage to the ,
<br /> property prior w the acquisition shall pass to I.ender to the extenr of the sums secured by this Security Instrument immediately _
<br /> prior w thc acquisidon. •�-"
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<br /> 6.Occupancy,Preservation�Maintenance and Protectton of the Prnperty; Borrower's Loan Application;Leaseholds. ,�,�__.
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<br /> Borrower shall occupy,establish,and use the Property as Borrower's principal residence wiihin sixry days after the execution of .k:
<br /> � this Securiry Instrument and shaU continue to occupy the Property as Borrower's principal msidence for at least one year after the -= ,_
<br /> date of ocA:upancy, unless L.ender othenvise agrees in writinE, which consent shall not be unreasonably withheld, or unless �
<br /> extenusting circumstances exist which are beyond aorrower's conuol.Bomower shall not destroy,damage or impair the Property,
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<br /> ' allow the Pcnperty to deterioratc, or commit waste on the Property. Borrower shaU bc in default if any forFciture acdon or � ���-�
<br /> proceeding,whcther civil or criminal,is be��u►that in Lender's good faith jud�ment could result in forfciwre of the Property or ,�� �__
<br /> othenvise matcrially impair the Uen created by this Security Instrumcnt or Lender's security ir►(eresG Borrower may cure such a � �y;�=
<br /> default and reinstate, as provided in pareSraph IS,by wusing ilia action or gr�ec�g to bc d�smiss?� with a nilinE that. in _ ������--
<br /> Lender's good faith determination.precludes forfeiture of the Borrower's intcrest in the PmperiY or other materiel impairment of � �� ",..�;
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<br /> the lien cmated by this Security Instrument or I.ender's security interes�Borrower shaU also be in default if Borrower,during the i ,y:_
<br /> loan application proccss,gave materially false or inaccurate informa6on or statemenis to Lender(ar failed to provide L.ender with �,; ;n,..�
<br /> any materisl information) in connection with the loan evidenced by the Note, including, but not limited to, representadons ,j �,�:` .�,-
<br /> conceming Horrower's occupancy of the Propercy as a principal residence.If this Security Instrument is on a leasehold,Borrower ,
<br /> shall comply with all the provisions of the lease.If Borrower acquires fee tiUe to the Propecry,the leasehold and the fee tide shaU
<br /> not merge unless Lender agrees co che merger in wridng• .��—
<br /> � 7.Protection of Leader's Rights in the Property. If Borrower fails to perforcn the wvenents and egreemenis contained in �.;��:.—
<br /> this Security Insuument, or there is a legai proceeding that may signil'icantly affect Lendcr's rights in the Property (such as a ._:s.a�_�
<br /> proce�ding in bankruptcy.probate.for condemnation or forfeiture or to enforce laws or regulations),then Lender may do and pay �,�'�
<br /> for whatever is necessary eo protect the value of the Property and Lender's righis in the Praperty.Lender s actions may include ��.--�
<br /> paying a�y sums securcd by a lien which has priority over this Security Ins�ument,appearing in court, paYinB reasonable -_ _
<br /> , attnmeys'fees and entering on the Propeny to makc repairs.Although I.ender may take action under this paragraph 7.Lender _ ,�,._,
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<br /> does not have w do so. -�;�r�
<br /> .i Any amounts disbursed by Lender under tliis paragraph 7 shaU become addidonal debt of Borrower secured by this Securlty .,.��___
<br /> � � InstrumcnG Unlrss Borrower and Lender agree to othcr terms of payment, thcse amoumc shall bear interest from thc date of -;��_---
<br /> disburscment at the Note ratc and shall be payablc,with interest,upon notice from L.ender to B�rrower requesting payment 'r =
<br /> 8.Mortgage Insurance. If L.ender required mortgagc insurance as a condition of making the loan secured by this Security t:,T' �
<br /> Inswment, Borrower shall pay the premiums required to maintain t hc mortgage ins w a n c e i n e[f e c G I f, f o r a n y r c a s on, the :�-_-
<br /> mortgage insurance coverage required by Lender lapses or ceases co be in effect, Borrawer shall pay the premiums required to •-.��,.;;,-�;�:;�
<br /> obtain coverage substantially equivalent to che mortgage insurance previously in effect.at a cost substantially equivalent to the �•��;', �,�,- �,�
<br /> cost tc� Horrower of ihe mortgage insurance previously in effect, from an altemate mongage insurer approved by Lender. If• ,
<br /> subsiantially cquivalent mortgagc insurancc covcragc is not availablc,Borrowcr shall pay to Lcndcr cach month a sum cqual to
<br /> onc•twclFth of the ycarly mortgage insurancc premium bcing paid by Borrower when the insumnce covcragc lapsed or ccased to
<br /> be in effect. Lender will accept, use and retain these payments as a loss reserve in lieu of mortgage insurance. Loss reserve I
<br /> Form 3028 9I90 �
<br /> �-8R(N E)192t 21.Ot Paps 3 0l 8 Init�alt:
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