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<br /> ` .. f •5. Hamrd ar �rO erty �uraaec. Borrower shall keeP che improvemenu now eaisting oi hereatt�r erECted on the . ` ` ``� h
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<br /> �` �4P�Y���S�t loss by fire.ha7ards inciuded within the term '�ctenst�d coverage` and any other hazards. inciuding .
<br /> ` '` '� Qoods or ftaoding.for which Lender mquires insurauce.7'bis insutance shall be maintained in the amounts and for the periods ; ,
<br /> _ --� that Lender requires. 'fhs insurance carrier providing the insurance shall be chosen by Borrower subject to Ixnder's approval ' �:. ' . ,
<br /> c•'. _-: .. .. '.,,t ..-; �:.
<br />. ---_ <—'� wtuch shali not be uareasoaab i y withheld. tf Barrower fails to maisuaia coverage described above, Lender may. at Lender's ;-<=-,--j- -:-_
<br /> �
<br /> . - option,obtain coverage to pracecc lxader's righu in che Property in accordance with paragrapb 7. .. . �.
<br /> , � ° All i��,.�,ce policies aad cenewals shall be acceptable to Lxnder and shall inclade a standarde tortLender all�ece�udof ' ,t.�' .
<br /> ' , �� shall have the rig6t to hold the policies and renewals. If I.ender requires,Borrower shall Pro�P�Y 8i p _ • •. ���
<br /> . � • paid premiums and renewal notices.In the event of toss.Bomawer sbaq give pmmpt noace co the insurance cas�ier aad Lender. � - . (,� .
<br /> • � '; ��der may make pmof of loss if not made prompdy by Bocrower. `�. � '�
<br /> � ' � Untess l.ender and Borra7ver otherwise agme in writing, insuranoe pmce�s s�11 be aPplied to restoration or repair of the . . __ _,
<br /> , � pmperty damaged,if the restoration or repair is eoonomically feasible and Lxader's se�uiry is not tesseaed.If the restoration or <<<<,���_
<br /> � ` .,�-:_ � ,
<br /> .. ., repair is not ecanomicalIy feasi'ble or l.euder's securiry wauld be lessened,the insu:ance piaceeds shall bc applied to the sums ` r;s .--
<br /> ' secuted by this Security Insuumen� whether or not then due, with aay excess paid to Bonower. if Boirower abaadons the .�: :��
<br /> �" � ' :�< p�p�y. or does nat answer within 30 days a notire from I.ender that the msutance carrier has offered to settie a claim,then _— -
<br /> � ' f • Lender uiay collect the insuraace pmceed�. Lender may use the praceeds to repair or restore the Properry or W pay sums _. _ .
<br /> � 'S g�red by tius Security Insaumeat,whether or not then dne.The 30-day period wiU begin when the notice is given. _ . `-.�.
<br />� . IIntess Lender and Bormwer othe�vvise agree ia wri[ing, anY aPPlication of preseceds to priacipal shaU not extend or .::'�.-
<br /> . �� postpone the due date of�he mo�thly Paymcnts ieferred to in paragtaphs 1 and 2 or change the ainount of the payments. If _ �_�:«- ; ._
<br /> th
<br /> � ':�` under paragraph 21 the Praperty is acquired by Leuder,Borrower's right co azry insorance policies and praceeds resWting from . -,: , ' ��
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<br />- . damage to the P►vperty prior w the acquisition shall pacs to Lender w the extent of the sums secuced by tbis Se�rity Instmmeat . '.. �;=�"=,
<br /> ` M1 �.k immediately prior to the acquisition. ��~ "
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<br /> .. . . 4R 6-Oc�Pan�Y+PreservatIon.Maiuteaance and Protedton oP the Pc+uperty:Borrower's Loan App3icatton;Leasehoids. . � .��'.-
<br /> . Boriower shall accupy,establish,and use tbe Property as Borrowe�s principal residence arithin sixty days after the eaecutlon of _-�.-�..'���;
<br /> .:� this Sewrity Iastrument and shall continue to occupy the Property as Borrower's princ3pal residence for at least one year after '—��.. �;�:'�
<br /> ,: �t.���
<br /> the date of occapancy,unless lxader otherarise agrees in writiag.which wnsent shall not be uareasonabiy withheld.or untess .. . ��-.
<br /> "��•: extenvating circumstances eaist which aze beyond Borrower's control. Bonower shall not desoroy, damage or impair the T .
<br /> � , Propert}r, aUow the Properry to deteriorate, or commit waste on the Propercy. Borrower shall be in default if any furfeiture ..`•4"'�'
<br /> actioa or proceeding,whether civil or criminal,is begun tha[ in Lender's good faith judgment cauld resWt in forfeinue of the ��,: . ":'- _
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<br /> ' � • Pcoperty or otheivrise materially impair the lien created by this Securiry lnsaument or Lender's security interes�Borrower may ,_ —
<br /> � �j cure such a defauIt and reia�tate,as provided in paragraph 18,by causing the aaion or proceedin$to be dismissed with a mling • ;:�;
<br /> ��. ` , � that, in Leader's good faith detcrminarion, precludes forfeiture of the Boaower's interest in the Pmperty or other materiai �._,r��i:
<br /> � . � �--� . impairment af the lien created by this Security Instnuneat or i.aider's secu:ity interest. Sonower shaU also be in defaWt if ��-_
<br /> Borrower,dusing the loan application process,gave materially false or inaccurate inforroation or statements to Lender(or failed ,
<br /> -' . to provide Lender with any material infotmatioa>in conneaion with the toan evidenced by the Note.utcluding,but not limited _ • ::,��'�.�-_`—=
<br />,1. , :,•��w
<br /> to.represeatations conceming Borrower's occupancy of the Propercy as a principal resideuce.If tbis Security Instruaient is on a
<br /> ,� � � , leasehold, Borrower shall wmply with a11 the provisions of the lease. If Borrower acquires fee title to the Property, the ,• �� ��=.
<br /> ! � • leasehold and the fee tide shall not merge unless lxnder a8rees to the merger in writinS• - � .
<br /> � 7.Protedion of Lender's Ittgdt�in the Property.If Borrower fails to perform�he covenanu aad agreemenu contained in , .�� ''"°�°'
<br /> ..�;• • ��`
<br /> . . . � this Securiry huuument,or there is a legal procecding that may sigaificantly affect Lendes's rights in the Properry(such as a . : ��n-
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<br /> � � ��. proceeding in bankruptcy,probate, for wkdemnation or forfeiture or to enforce laws or regulations),ihea I.ender may do and _ �
<br /> �• .. '.y pay for whatever is necessary to protect the value of the Property and Lender's rights in the Property. Lender's actions may 'r� '
<br /> �� 1 include paying any sums secured by a lien which has prioriry over this Security inslrument, appearing in court. paying '�'� r�;�
<br /> :• ' reasonable attomeys'fees and enrering on the Property to make repairs.Aithough Lender may take action under this paragraph . _ - .
<br /> ' . 7.l.euder doss not have to do so. ' , �
<br /> • , . � ATry amounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrower sewred by this .. , .`��r
<br /> • • Security Insuument. Unless Bonower and Lxnder agree co other cerms of payment. these amounts shall beas intemst from the ,
<br /> � date of disbursement at the Note rate and shall be payable. with interest. upon notice from Lender to �arrower requesting • �
<br /> `•'� , payment. '•
<br /> i . . S. Mor¢g,age Inst�sance. If Lender required mortgage insurance as a wndition of malcing the loan secured by this Security ..
<br /> � Instrument, Borrower shall pay the premiums reguired to maintain the mortgage insurance in effect. If, for any reason. the .
<br /> ' � mortgage insurance wverage required by Lender lapses or ceases to be in effect,$orrower 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 Bonower of the mortgage insurance previously ln effect. from an altemate mortgage insurer approved by Lendet. lf ,
<br /> � substantialiy equivalent mortgage insurance coverage is not available,Bonower shall pay to Lender each month a sum equal to . .
<br /> � one•twelfth of the yeariy mortgage insurance premium being pald by Boaower when the insurance coverage lapsed or ceased to . •
<br /> be in effect. Lender will accept,use and retain these paymenu as a loss reserve in lieu of mortgage insurance. Loss reserve .
<br /> . Farm 3028 9/90 �
<br /> • � ��6V(NE)�92+2�a� vaee a o�s wuaul�`�����s . . • . . ..
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