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<br /> . 5. Hnzgrd or P'roperty lnsurence. Borrowcr shall kcep the improvements now cafsting on c�renftcr crccted nn thc � �� :
<br /> Property insured against loss by fire, hazards included within the term'extended covera�e'and any ather hazards, including
<br /> � ' floods or flaoding, for which Lender requires insurance. This insurance st�all be maintained in the amounts and for the periods
<br /> that Lender requires.Ti►e insuranc:e carrier providing the insurance shall be chosen by Bonower subject to Lender's approvnl
<br /> .. which shall not be unreasonably withheld. If Honower fails to melntain coveraga described above, Lender may, at I.ender's ..
<br /> . optton,obt�in wverage to protect Lender's righta in the Aroperty in accordance with Paragraph 7.
<br /> � :..Y�w%r'" All insurance policies and tenewals shall be acceptable to l.end�r nnd shall include a standard mortgage clause. Len.der
<br /> �• "'M shall have the right to hold the policies and renewals.If Lender requires,Bottower shall promptly give to Lender all receipts oti
<br /> paid premiums and renewal notices.In the event of lass.Bonower shall give prompt notice to the insurance carrier and Lender.
<br /> I.ender may make proof of loss if not made promptly by Bocro�ver. :
<br /> Unless Lender and Borrower othenvise agrce in wrlting,insurance procceds shall be Applied to restoration or repAir of the �.,__
<br /> ' Property damaged. if the restoration or repair is economically feasible and Lender's security is not lessened.If the restotation or .a:�.;
<br /> repair is not ewnomically fcasible or Lender's secutiry would be lesseaed e��ss S ald o BorrowershllBorrower abandons the " a-�'.-
<br /> secured by this Security Instrument, whether or not thea due, with aaY P "_''__•
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<br /> Property, or dces not answer within 30 days a notice from Lender that the insuraace carrier has offered to settle a claim, then fv,_
<br /> . Lender may collect the insurance proceeds. Leader may use the proceeds to repair or res[ore the Property or to pay sums :�,�__
<br /> ` secured by this Securiry Instrumen4,whether or not then due.'fhe 3U-day periad will begin�vhen the notice is given. ._�..Y
<br /> � Unless Lender and Bonower otherwise agree ia wrtting, any application of proceeds to princlpal shall not ex[end or �';M1'�
<br /> . ' ne the due date of the monthly payments referred to in paragrapha 1 and 2 or change the amount Af the pas meS�t�f ftom �, ����,
<br /> , postpo
<br /> �:'•�;:�' paragraph 21 the Property is acquired by Lender, Borrower's right ro any insurance policies and proceed S _- __
<br /> damage to the Property prior to thc acquisition shall pass to L.ender to the extent of the sums secur�ed by this Securiry Instmment -
<br /> - immedlately prior to lhe acquisition. lication;I.easehalds. - —
<br /> 6.Occupuncy,Preservation,Msintenance and Protection ot t6e Property,Borrower's Loan App �
<br /> � Borrower ahall occupy,establish,and use the Property as Borrower's priacipal residence wi�hin sixty days after the execution of
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<br /> this Security Iastrument and shall continue tu occupy the Property as Borrower's princlpal residence for at least one year after �. -
<br /> the date of occupancy,unless Lendar otherwise agrees in writtng,which consent shalt not be unreasanably withheld, or unless ^
<br /> extenusting cinumstances exist which are beyond aorrower's contm�BomaW�e�r�s�hWershallbe in�defaultgif any forfei re --
<br /> '. • Property. allow the Property to detertorate. or commii w�i� vu�.....--r--.�• ---� �_'
<br /> action or proceeding, whether civil or criminal. is begun that in i,ender's good faith judgment could result in forfeiture of the
<br /> Property or otherwise materially impair tlie lien created by this Securiry Instrumeat or Lender's security interest.Borrower may --
<br /> cure such a default and reinstate, as provided ia pazagraph 18,by causing tho aceion or proceeding co be dlsmissed with a ruling
<br /> -• that, in Lender's Eood faith determination. precludes forfeitu�e of the Borrower's interest in the Property or other material
<br /> , impairment of the lien created by this Securiry Instrument or Lender's security interest.Borrower shall also be in default if
<br /> - �- Borrower,dudng the loan application process,gave materlally false or inaceurate informapon or statements to Lender(or faile,�
<br /> `.11'•� .� to provide L.ender with any mnterial information)in connection with �he loaa evidenced by the Note,including,but not limited
<br />�'�•�'`'"�'•• •. to,representations concerning Bunower's uccupavcy of the Property as a principal residence. If this Securiry Instrument is on a c
<br /> =�n � � leasehold, Borrower shall complY w[th all ihe provisions of the lease. If Borruwec acquires fcc title to the Property, th�
<br />'`���` - leasehold and the fee tttle shall not mer�e unless Lcnder agrees to the merger in writing.
<br />- =��±:� ''. , If Bonower fails tn perform the cavenants aad agrcements contained ia
<br /> `° �-� :,,�.a� 7.Protatlon of I.ender s Rights in th�Property
<br />``�a� this Securiry lnstrument. or there is a legal proceeding t!►at may signfficautly affect Lender's dghts in the Property (such as a
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<br /> ;._�••_;;,�� proccecling in bankruptcy,probate, for condemnation or forFeiture or to eaforce laws or regulatlons),then Lender may do an
<br /> - - pay fur whatever is necessary to protect the value of the Properry and L.eQder's rights in the Pcoperty. Lender's actions may
<br /> � =M��: include paying any sums securecl by a lien wmich has prioriry �ver tt►is Securtry Instrurnent. aPpearin8 in c°wti� PaY�B
<br />.'='!'�c'.�•��._ rc;asonable attomeys' fees and entering on the'Property to make repairs. Although Lender may calce action under this paragraph
<br /> ,_,,_Y;��R-�'' 7,l.ender does not have to do so. -
<br /> __--..,:;.f�;� pny amounts disbursed by Lender nnder this paragrsph 7 sHall become additionel alebt of Borrower secured by tk�is
<br /> ` r`!'•��.�' Sccurity Iastrumeut. Unless Borrower and Lender agree to other terms of payment,these amounts shall Uear interest from the
<br /> '��� date of disburaement at the Note rate and shall be payable, with interest, upon notice(rom Lender to Bonower requesting
<br />; r,...: �,�.:-+, payment.
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<br /> �s�"'^"� ' 8.Mortgage Insurance.If Lender requtred mortgage insuranc�as a condldon of making the loan secured by this Securiry
<br /> �"�_���""f ' instcument. Borrower shall pay the premiums required to maintain�he mortgage insuraace in effect. If, for any reason, the
<br /> , mortgage insurance coverage required by Lender lapses or ceases to be ia effect, Borrower shall pay che premiwns requiral to
<br /> obtain coverage substantially equiva�ent to the mortsage insurance previously in effect, at a cost substantially equivalent to the `
<br /> � ' cost to Borrower of the mortgage insurance previously in effect, from an altcmatc mongage inswrer approved by Lcnder_ If __
<br /> substantialty equivalent mortgag^insurance ooverage is not avatlable,Bonower shall pay to Lender each month a sum equal to _
<br /> i� one-nvelfth of the yearly mortgage insurance premium being paid by Borrower�vhen the insurance coverage lapsed or ceased to `,o��,.
<br /> 3 be in effect.Lender will accept,use and reta{n these payments as a loss reserve in licu of mortga�e insurance. Loss reserve {�L.
<br /> - � Form 3028 9/90 ___
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