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<br /> ��J enJ�� BrI���V � ` ' �
<br /> ` ; . •5.Hazard or Property Insurance. Horro�ver shall keep the improvements now es�st�ing or herea4ter erected on � " .
<br /> ` ` the Pmperty insured against loss by fire,haaards included witlun the term 'extended coverage"and any other ha7ards, � � ,
<br /> including floods or flooding,for which Lender re�uires insurance.This insurance shall be maintaine�i in the amaunts . �
<br /> • . � and for the periods that Lender requires. The insurance carrier providing the insurance sha11 be chosen by Borto�ver �' . .. ,
<br /> ? subject to Lender's approval Nhich shall not be unreasonably withhetd.If Bonower fails to maintain coverage described ,
<br /> above.I.endet may.at Lender s option,obtain covecage to protect I.endet's rights ia the Property in accordance with , � ,
<br /> ' �_�..l ���ph?. . Y.
<br /> ___ _.. . ._, All insurance polici�s and renewals shall be acceptable to Lendet and shall include a standasd mortgage claase.
<br /> I Lender shall have the right to hold the policies and renewals. If Lender requires. Borrower shall promgtiy give w
<br /> Lender ali receipts of paid preiniums and renewal notices.In the event of loss,Barrower shall g�ve prompt noUce to the • , � .
<br /> ° . insurance carrier and Lender.Lender may make proof of lo�if not made prompily by Borrower. , . .
<br /> . Unl�Lender and Borrower otherwise agree in writing,insurance proceeds sha11 be applied to reswrarion or repair h • .
<br /> • of the Propesty damaged.if the reswration or repair is economicallq feasible and Lender's security is not lessened if the .
<br /> �. reswration or repair is not economically feasible or Lender's secwity would be l�sened.the insurance pmceeds shall be , `'- `. '}
<br /> applied to the sums secured by this Security Instn�ment,whether or not then due,with any escess paid to Borrower.If ;.
<br />' Borrower abandons the Property.or does not answer�vithin 30 days a noiice fcom Lender that the insurance carrier has • . ;�•`��.;�.
<br /> . � offered to settle a ciaira,then Lender may collect the insurance prnceeds.Lendet may use the pmceeds w repair or ;�;. ,�._.
<br /> � restore the Property or to pay sums secured by tivs Security Instrument,whether or not then due.The 3o-day period wiA , �:_;�;i°�;
<br /> - ' • begin when the notice is given. : � ��--
<br /> � ' Unless I.ender and Barrower othemise agee in writing,any application of pruceed.s w principal shall not eatend or .� —
<br /> � `�w....:—°–.-.::
<br /> � � ' postpone the due date of the monthly payments refened to in paragraphs 1 and 2 or change the amount of the paqments. . , .
<br /> _ ' • If under parag�raph 21 tAe Prapercy is acquired by Lender. Borrower's right to any insurance policies and proceeds • .� �••�•
<br /> . -.�''s
<br /> � . resulting from damage to the Property prior to the acquisition shall pass to Lender to the estent of the sums secured by , - '�°'�.��-
<br /> � ' ' this Security Instrument immediately gnot m the acquisition. •• '�:����
<br /> • 6.Occupancy.Preservation.Mainteaance and Protectioa of the Praperty:Borrower's Loan Application; � ,- ��
<br /> • Leaseholds.Borrower shall occupY,establish,and use the Property as Bo.rower's principal residence within siaty days -��...��;
<br /> ' � after the execution of tivs Security Instrument and shall continue to o�cupy the Property as Borrawer's priacipal ,�.:..:��."=_
<br /> ` � „;,•... reside�e for at least one year after the date of occupancy,unless Lender othetwise agees in writing,whieh consent shall .' .���i r.�.,.`
<br /> _ ' not be unreasonably HitDheld,or unless eatestuating c�rcumssanoea exist which are beyond Honower's conuol.Borro�+rer .. , •' - �
<br /> shall not destroy,darna,e ar impair the Property.allow the Property to deteriorate,or commit waste on tha Property. - ;. s,:�;;:
<br />-. � Borrawer shall be in d�fauit ii any fotPeiture action or proceeding,whether civil or criminal,is begtu�that in Leader's :,••.,�,•;;,,�:-
<br />- .; +**���
<br /> good faith judgment could result in fotfeiture of the Property ar otherwise materially impair the lien created by this :,�;���*�:r,; ,:
<br />- Security Instrument or T.endec's security interest. Borrower may cute such a default and reinstate,as provided in ';�;��s�:•{_;-
<br /> � � , paragraph 18, by causing the action or praceeding to be dismis�sed with a ruling that, in Lender's goad fsith .. :�;,�;?�
<br /> determ�nation,precludes forPeiture of the Borrower's interest in the Property or oiher material im irment of the lien , �'i�
<br /> Pe :;:�;r ;=�
<br /> . ' - created by this Se�urity Instrument or Lender's security interest.$anower shall also be in default if Borrower,during • , � '�;�,��_
<br /> ' the loan application praces, gave materiapy false or inaccurate information or statements to Lender (or failed to ����'.'.c
<br /> � provide Lender with any material information)in connection with the laan evidenced by the Note,including,but not �-��-`t ':
<br />- limited to,representations concerning Borrower s occupancy of the Property as a principal residence.If this Security :'.'.��`��;,
<br /> � ' Instrument is on a leasehold,Borcawer shall comply with all the provisions of the lease.If Borrower acquires fas title to . : ;�`�;�;:„_-
<br /> � . the Praperty,the leasehold and the fee title shali not merge unless Lender agrees to the merger in writing. � � ��' �'� -
<br /> ._;:� .�.
<br /> 7.Protection of Lender's Rights in the Property. If Borrower fails to per[orm the covenants and ageements „ • :. ;.��.-
<br /> ' contained in this Security Instrument,or there is a legal proceeding that may sigru4icantly affect Lender's rights in the � : :�;�,�,_.
<br /> � Property (snch as a proce�ding in bankruptcy, probate. for eondemnation ot fosfeiture or to enforce laws or -�<:.
<br /> • . regulations),then Lender may do and pay for whatever is necessary to protect the va�ue of the Property ar.d Lender's " ::,.
<br /> rights in the Property.Lender's actions may include paying any sums secured by a lien which has priority ocer this �::�'��
<br /> � ��� Security Instrument,appearing in court,paying reasonable attorneys'iees and entering on the Property to make repairs. , - __
<br /> � � ' Although Lendet may take action under this paragraph 7.L e n der does not have to do so. �,;,; --
<br /> .,-� � Any amounts disbursed by Lender under this paragraph 7 shall become additional debt oi Bora�ower secuned by this . � . ;�;:•
<br /> Security Instrument.Unless Hotrower and Lender agree to other terms of payment,t hese amounts s ha ll b e ar inter e s t . •� • � ,
<br /> , from the date of disbursement at the Note rate and shall be payable.with intetest,upon notice from Lender to Borrower • �
<br /> : .. � requesting payment. � . . . , .
<br /> �'�� 8.Mortgage Insurance. ]f Lender required mortgege insurance as a condition of making the loan secured by thia
<br /> •- � Z Security Instrument.Borrower shall pay tha premiums required to maintain the mortgage itisurance in effect.If,for any
<br /> :ti: � ..j reason,the mortgage insurance coverage required by Lender lapses or ceases to be in eYfece.Borrower shall pay the
<br /> �:, • ' premiums required to obtain coresage substantialty equivalens to the mortgage insurz::�e previously in e4fect,at a cost
<br /> •i substantially equivalent to tha cost to Borrower of the mortgage insurance previously in effect, from an alternata
<br /> � `. � � mortgage insurer approved by Lender. If substantially equivalent mortgage �nsurance wverage is not available. . •
<br /> �} � Borrower shall pay to Lender each month a sum equa)to one-twelfth of the yearly mortgage insurance premium being • .
<br /> � paid by Bonower when the insurance wverage lapsed or ceased to be in effect.Lender aill accept,use and retain these . � .
<br /> ., � payments as a loss reserve in lieu of mortgage insurance. I.oss reserve paymente Tnay no longer ba required.
<br /> � .
<br /> � Form 30Y8 /SQ .
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