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<br /> 3 � ' 9�-��1�.ss� -+��� . � ���r�:
<br /> ,E, . • g. y��0�pi,opzrty �asnrance. Borrower sitall keep the improvements now existing or hereafter erecced on the , ' '_'
<br /> �r _ property insured against loss 6y fire, haxards included within the[erm "extended rnverage" and any other ha7ards, including � �,.�t
<br /> � floods or flooding,for which I.end:r requires insurance. This i�surance shall be maintained in the amounts and for the periods . �
<br /> . ', that Lender requires.The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval � =��� <'� .
<br /> ��:=:�-;'• which shall not be unnasonably withheld- If Borrower fails to maintain coverage described above. Lender may, at Lender's �'
<br /> , , = option,obtain coverage to protect Lender s rights in the Property in acrnrdance with paragraph 7• � G � '`_
<br /> • E��,` All insurance policies and renewa�s shall be acceptable to Lender and shall include a standard mortgage ciause. Lender
<br /> ' ,,,'f. shall have the right to hold the policics and renewals.If Lender requires.Borrower stiall promptiy give to Lender all receipu of .
<br /> � � paid piemiums and renewal notices.In the event of loss, Borrower shall give prompt norice to the insurance carrier and Lender. `'
<br /> �-, Lender may make proof of loss if not made promptly by Borrower. .
<br /> • Unless Lender and Borrower otherwise agree in writing,insurance pmceeds shall be applied to restaration or repair of the . .
<br /> . � property damaged,if the res[oration or repair is economically feasible and Lender's security is not lessened.If the restoration or • • �'r- � .•. •Y•
<br /> - • '���.� repair is not economicalty feasibte or I.gnder's secvrity wauld be lessened,the insurance proceeds shall be applied to the sums � *�.��.,�,-'..
<br /> . . � � secured by this Security Instrument, whether or not then due. with any excess paid to Borrower. If Hormwer abandons the :---�; ;;=`
<br /> Property.or daes�ot answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim, then � '°`-
<br /> , .r;: , ��. ':��,�=
<br /> � " Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore the Praperty or to pay sums '�. ,` �- �:.., :-__
<br /> ; '• "' �ecured by this Security Instrumeut.whether or not then due.The 30-day periad will begin when che notice is given. � ;= - �, �_
<br /> .;' �•?:; [Jnless I.ender and Borro�ver otherwise agree in w7iting. any application of praceeds to principal shall noi eatend or �;
<br /> ;. ,, :�-=-
<br /> �� postpone the due date of the monthly paymerts referred to in paragraphs I and 2 or change the amount of the payments. If ,.,;;��R .,;�-.
<br /> • ���� under paragraph 21 the Property is acquired by Lender, Borrower's right to any icuurance polieies and proceeds resulting from � �a�,.
<br /> _ _ .;'r damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument ' �.,_
<br /> ' = ` immediately prior to the acquisirion. � ,�=:
<br />- ": 6.Occupancy,Preservation,Maintenance and Protecti�of the Properti,Borrower's Loan ApplIcatioa;Leaseholds. : '�•---
<br /> � Bonower shall occupy.establish,and use the Property as Borrower s principal residence within sixty days after the execution of ... �•: '%:"Y;`
<br /> �` � .. , .<- 1 ;�"_.__.",.
<br />-.� -.- .:•,�•i this Security Lutrument and shall candnue to occupy the Properry as Borrower's principal residence fur at least one year aftee _ �, ;�_.:r
<br /> . ` the date of accupancy. unless L.ender otherwise agrees in writing, which consent shall not be unreasonably with5eld,or unless . ",�•;�•�_.
<br /> � extenuating circumstances e�cist which are beyond Borrower s conuol. Borrower shall not destroy, damage or 'smpair the �.�_L���:
<br /> . , Property, allow the Properry to deteriorate. or commit waste on the Property. Borrow•er shall 6e in default if any forfeiture -
<br /> � . �. action or proceeding, whether civif or criminal, is begun that in L.Qnder's gaod faith judgmert coald result in forfeiture of the �.•�``�_
<br /> ,,�,F.�
<br />` , , Pmperty or otherwise materially impair the lien creat e d by t his Security Instrumen t or Lender's securi ty interest.Bornower may i°---
<br /> cure such a default and reinstate,as provided in paragraph 18,by causing the action or proceeding to be dismissed with a ruling ` `�'�`:
<br /> � that. in Lender's good faith determination, precludes forfeiture of the Borrower's interest in the Praperty or other materiat • • ��1'"��--
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<br /> • ' '� `� � impairment of the lien created by this Security Instrument or Lendcr's security interest. Borrawer shall also be in default if ..
<br /> :�i-�;�•.�.:
<br />.:. ..�� .-� • �
<br /> ;.�� Borrower,during the loan application pracess,gave materially false or inaccurate information ar statements to Lender(or failed _ _ ,
<br /> 't: to provide i.ender with any muterial inforniation)in connection with the loan evidenced by the Note. including.but not limited �' .'�: _ == �-�.;:=.
<br /> � .. f to.representations concerning Borrower's accupancy of the Property as a principal re.sidence. If this Security Instrument is on a ; �?''_s~,=�-. =
<br /> . .'.; leasehold. Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title ro the Property, th.. � � 'r,�a-�_:
<br /> , � leasehotd and the fee title shall not merge unless Lender agrees to the mcrger in writing. • "�,�:W
<br /> 7.Protection of Lertder's Iti�i�ts in the Praperty.If Borrower fails to perform the covenants and agreements wntained in --
<br /> ` this Security lns�ron�est, ar therr i�a legal proceeding that may significantly affect L.ender's rights in the Property(such s�s a �:;,�
<br />- " � proceeding in bankn�ptcy,probate. far condemnacion or forfeiture or to enforce laws or regulations),then Lender may do and ,. . � �-��-
<br /> . �,
<br /> • � ' � pay for whatever is necessary ta protect the��a]ue of the Propeny and Lender s rights in the Praperty. Lender's actions may . •
<br /> •�•� � `'` includc paying any sums secured by a licn which hac prioriry over this Security Instrument. appearing in court, paying 'r
<br /> • . reasonable aaomeys' fees and entering on the Praperty [o make repairs.Although l.ender may take action under t his paragrap h . ,�_��:
<br /> . ?, Lender does not have to do so. . �
<br /> ' , Any amounts disbursed by Lender under this paragraph 7 �hall became additional debt of Borrower secured by this . .. • -
<br />- . ` Security Instrument. Unless Bonower and Lender agree to other terms of payment,these amounxa shali bcar interest from the �` `
<br /> ' ; � � date of disbursement at thc Notc rate and shall be payable. with interest, upon notice fram Lender to Borrower requesting � - �
<br /> . PaYment. ,
<br /> . �� 8.MortRa�e insurance. If L.ender reyuired mortgage insurance as a condition of making the loan secured by this Security . :
<br /> Instrument. Borrower shall pay the prcmiums required to maintain thc mortgage insurancc in cffcct. It, for any reasan, the
<br /> ' ,� mangage insurance coverage required by Lender lapses or ceases to be in effect, Borrower shall pay the premiums required to ; • . _
<br /> obtain coverage substanliaUy equivalcnt to the mortgage insurance previously in cffect,at a wst wbstantially cquivalent to the •
<br /> : cotit ta Borrower�f the mortgage insurance previously in effect, fmm an alternate mortgage insurer approve�by Lender. lf ..
<br /> � substuntially u{uivalent martgage in+uranu:covcragc is not available. Borrower shall pay to Lcndcr each manth a sum equal to •. :
<br /> � onc-twelfth of thc yearly mortgagc in�urance premium heing paid by Bnrrowcr whcn thc insurance coverage lapscd or ceased to . .. �
<br /> � be in effect.Lender will accept.u1e and retain thesc payments a� a loss recerve in lieu of mortgage insurance. Loss reserve . • .
<br /> � � ' Form 3028 9/90
<br /> - � - � Payo 3 016 ' '
<br /> 2'
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