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<br /> ' � i- . .5. Hazard or Property Insurance. Borco�vet shaU keep the impravements noN existing or heteafter erected on � � . . ,_:�
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<br /> the Property insured against toss by Cre.hazards included within the term "eh�tended wverage"and any other ha�rds, . `,
<br /> , ' < ., ? including flaods or flaoding,for wtuch Lender requires insurance•This insutance shall be maintained in the amounts � • �H<; .
<br /> , •_ '. and for the periads that I.ender requires.The insurance carrier providing the insurance shatl be chosen by Borrawer . ���•z���;
<br /> . � � � subject to Lender s approval which shall not be unreasor�abiy wethheld if Borc'ower fails to maintain wverage dcscribed� ; ,
<br /> ' ' _ above.Lender may,at Lender's option,obtain coverage tn protect Lxnder's rights in the Ptoperty in accordance with� ''� ;�
<br /> � v „<--�= ParaAsPh 7. ._. c '. .c i._ :. -
<br /> � - - -- : All insurai'ce palicies and renecvals steall be acceptable to Lender and shall inctude a standard mortgage clausep =_ _ _ _,
<br /> `��`� Lender shall have the right w hold the policies attd renewals. If I.endet requires. Borrower shall promptlY give t� : , . . �
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<br /> � ' Lender sU receipts of paid premiums and renewal notic�.In the event of loss,Borrower shall give prompt notice to tt►� < •� , c - . •.
<br /> ' ;ns�rance carrier and Lender.Lender may make proof of iass if not made promptly by Borrower. _ .
<br /> Unless Lendec and Borrower otherwise agree in writing,insurance pruceeds sba11 be applied to restoration or repa • , _
<br /> . . b e aad l.ender's securi is not lessened.If � .`�
<br /> � ° � ; of the Property damaged,sf the restoratian ot repair is econamically feas� 1 tY � . _ . :�` �
<br /> , ?'� ,� mstoration os repait is not economically feasibte or Lendet's security would he lessened.the insursnce proceeds shall be �� � j :�,r
<br /> . � applied to the sums secured by this Security Instrnmen�whether or not then due,with sny eaces4 paid to Horrower.If ,
<br /> ;. � BorroRer abandons the Property,or daes not answer within 30 days a notice from Lerider that the insurance carrier 1�as �'4, ,�
<br /> � �{' offeted to settle a claim,then Lender may collect the insurance praceeds. Lender may use the proceeds to repair or _ '� '"� .
<br /> • � � restore the Ptoperry ar to pay sums secured by this Security Instrument,whether or not thea due.The 30'day period wi11 ' '` __. -
<br /> • `= b�gin when the notive is g'even. . �
<br /> ` Unless Lender and Borrower othernise agcee in writing,any application of proceeds to principal shall not eatend or _
<br /> � '. `:� postgone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the payruents. �' �`'°
<br /> • ..,.
<br /> If under paragraph 2l the Propecty is acquired by Lender, BonowePs right w any insurance policies ased proceeds r' .�
<br /> . ., •. :�•,� resulting from damage to the Property pi'ior to the acquisition sha11 pas�to Lendet to the estent of the sums secured by , ,� .�-°��'-�
<br /> , t}us Se�urity Instrument immediately prior to the acquisitioa _ ��
<br /> � `'�1 6.Occupancy,Preservation.Maintenance aad Protectioa of the Property;Bonower's Loan Application; . �-� '
<br /> ' . ..`�- Leaseholds.Bonower shall accupy,establish.and use the Propercy as Borrower's principal residence within sixty days � � =�
<br /> after the esecution of this Security insinsment and shall continue to accupy the Property es Bonower's principal • '`" `�� �,,'y�.��'�—
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<br /> i residence for at least one year after the date o4 occupancy,unless Lcnder otherwise agrees in wsiting,which consent shall . .���.. �,
<br /> • " not be unreasonablp�eiti�held,or unless estenuating c�rcumstances exist which are beyoad Barrower's control.Bortower -,��;-.��:�
<br /> • shall not destcoy,damage or impair the Propercy,allow the Property to deteriorate.or commit waste on the Property. ..
<br /> = �. Borrower'shall be in default if any forPeiture action or proceEding, whether civil or criminal,is begun that in Lender's „ .•:.����
<br /> gaod faith judgment could result in forfeitute of the Property or otherwise materially impait the lien created by this . �;.;.;rr�_==�.;p
<br /> , '. � Security Instrument or LenBer's security interest. Bocrower may cure such a default and teinstate, as psnvided in ''.;
<br /> . paragraph 18, by causing the action or praceeding to be dismissed with a ruling that, in Lertdec's good taith : '�:" �� �.i=;• �
<br /> � determ�natiun.precludes forFeiture of the Borrower's mterest in the Property or other material impairment of the lien �'�*t�:`
<br /> ::..�;,�,`;,:_
<br /> • created by this Security Instrument os Lender's security interest.Borrower shall also be in default if Borsower.duting . ,_:;���-�-
<br /> • - the loan apptication process. gave matetially false or inaccurate informatian or statements to Lender(or faited to ^,.
<br /> � .., ... . ptavide Lender with any material information)in connet�tian with the loan evidenced bq the Note,including,but not . '"x�`.
<br /> • . limited to. representations coaceming Borrower's occupancy of the Propetty as a principal residence. It this Security . :��r,:�
<br /> Instrument is on a leasehold,Bonocver shall camply with aU the provisions of the lease.If Borrower acquires fee title to '�''�=�'
<br /> � � '-q1:G�i::
<br /> � the P . �..� ,:r�_�.
<br /> � roperty,the leasehold and the fee title shall not merge unless Lender agees to the merger in writing. � • - �...;„�
<br /> ,' ' . 7.Protection oi Lender's Rights in the Psoperty.If Bosrower fails to per4orm the covenants and agreements :.�:,
<br /> ' ' contained in this Security Instrument,or there is a legai proceeding that may significantly afiect I.ender's rights in the •,��';t.�����'���-
<br /> • ��,:
<br /> Properry (such as a proceeding in ban k r uptcy, pro bate, for con demna tion o r f o r�e i w t e o r t o e n f o r c e l a w s a r � �'�Y�:'' =
<br /> . regulations),then Lender may do and pay for whatever is neces.4ary w protert the value of the Property and Lende�s ... •_ :w�-j:�:
<br /> • rights in ttse Property.Lender's actions may include paying any sums secured by a lien which has priority over this •�„y�'..'.
<br /> � . Security Instrument.appearing in court.paying reasonable attorneys'iees and entering on the Property to make repairs. . : , "•:��:.•.
<br /> Although Lender may take action under this paragraph 7.Lender does not hava to do so. • . . : " �• � •
<br /> � � Any amounta disbursed by Lender under this paragraph 7 sha11 be�ome additiot�al debt of Borrower secured by this . , . ��°::.4;�
<br /> � � Security Instrument.Unless Bonawer and Lender agree to other terms of payment.these amounts shall bear interest . . • . °
<br /> from the date of dis4sursement at the Note rate and shall be payable.with interest,upon notice from Lender to Borrower .'�''�
<br /> . � ' .� requesting payment. � :. `
<br /> . 8.Mortgaga Insutance. If Lender required mortgage insurance as a condition o4 making the loan secured by this s . . . ,.
<br /> . ' Security]nstrument.$arrower shall pay the premiums required to maintain the mortgage insurance in efiect.If,for any • • �
<br /> reason,the mortgege insurance coverage required by Lender lapses or ceases to be in eifect, Horrower ehall pay the ,�
<br /> . � ptemiums required to obtain coverage substantially equivalent to the mortgage inauranca previously in et�ect,at a cost � , ,
<br /> �'' � substantially equivalent ta the wst to Borrower of the mortgege insurance previously �n 84fect.from an altemate •_' •
<br /> ' mortgage insuret approved by Lender. If substantially equivalent mortgage insurance coverage is not available. •y, , .
<br /> � Bosroaer sha11 pay to Lender each month a sum equal to one-twelfth of the yearly mortgage insurance premium being • �
<br /> � paid by Bortower when the insurance coverage lapsed or ceased to ba in effect.Lender will accept,use and �etain these ��a . . . � `
<br /> payments as a loss reserve in lieu of mortgage insurance. Lass reserve payments may no longer be �equired,
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