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<br /> 5. Hmurd or Property Insurunce. Borrower shull kcc:p lhe intproventCnls now cxi+ting un c�rcaftcr crected on thc
<br /> " Pruprrt} insurcd again�t I��+� hy lirc. h:iiard+ inrludcJ �vilhin thc tcrm "cxtcnded coecrugc" and uny uthcr hazurds, including
<br /> Quqdti or flouding, for which I.ender rcyuices in+urattcc. '1'his imuruncc shall h� mutmained fn thr ttnwunly anJ for thc periods
<br /> that lsnder reyuirc�. 'i'he insuranrc currier pruvidin�thc in,urancc+hall hc chu+en by Borruwer sub.ject to Li:nder's approval
<br /> which ,hull itiut hc unrcasanably withhcld. If Burrowcr tails tu maintuin covcrsgc dc,rrihcd abovc. LcnJrr may. ut L.endcr'h
<br /> , .•�r opuon,„btain cuveragc to prutcct Lcndcr's rights in thc Property in uccordancc with paragruph 7.
<br /> "" All in+urance p���icie. and renewals shull be acceptuble tu I.ender and tihall iacludc a stundurd mortgage elause. L.ender
<br /> ' shall ha��c thc right to h��ld the pnlicieti and rene�vuls. If Lendcr reyuires, Borrowcr shall prc�mpdy give to Lender all receipts of
<br /> paid prcmiums and renewul nuticcs. (n the cvcn[of loss, Borrower shall givc prompt noticc to che insurance carrier and Lendcr.
<br /> Lendcr muy make proof c�f loss if not madc promptly by Borrower. �t_w
<br /> Unless Lender and Borrowcr othcrwisc agrce in writing. insurance procceds shall be applicd to restvration or rcpair of the • y�;,
<br /> Property�iamaScd. if thc restorution or repair is cconomicully Ycasible und Lcnder's security is not Iessened. If the restaration or _
<br /> � repair iti not econo►nically fcasible or Le�nder'z security wald be lessened, the insurance proceeds shall be applicd to the sums
<br /> secured by this Security Instrument, whether or not then due, with uny exeess paid to I3orrower. If Borrower abandons the r_
<br /> Property, or dues not anawer within 30 days a nntice froin Lc:nder tha[ the insurance currier has offered to setde a claim, then �_"�?
<br /> . Lender muy collect the insurance prnceeds. Lender ivay use the proceeds to repair or restore the Propeny or to pay sums v:•::;
<br /> secured hy this Security Instrument,whether or not then due.The 30-day period will6e�;in when the notice is given. ',��.
<br /> Unlcss Lcnder und Borrowcr otherwise agrce in wming, uny appliration of procceds to principal shall not extend or •:-':
<br /> �"� Ex�stponc thc due date c�f thc monthly paymcnts referred io in paragruphs 1 and 2 or chungc the umount of the payments. If ,���
<br /> ,� under parugraph 21 the Property is acquired by l.cnder, Eorrowcr's right to any insurance policies and proceeds resulting from
<br /> � damage to thc Property prior to the acyuisition shall pass tol.ender to the extent of the sums secured by this 5ecuriry Instrument Fr�'�'`
<br /> immcdiately prior to thc acquisition. ��`
<br /> �� 6.Occupancy,Preservation, Main¢emince and Protection of the Property;Borruwer's I.oAn ApplicAtion; Leuseholds. r t
<br /> E�<-'�_"
<br /> Borrower shull accupy,establish, and use the Property as Borrower's principal residence within sixty days after the execution of _
<br /> . this Security Instrument and shall concinue ro occupy the Propeny us Bi�rrower's pnncipal residence for at least one year after -
<br /> �.. . L;;;�"���,�sLL•���.�grFe.in�vri[ine. �vhich consent shull not be unreasonably withheld,or unless
<br /> ItIC cliitC Ui occuNdi��y'. u�u..±�
<br /> ' extenuating circumsta�ucs exist which are beyond 9orrorver's wntrol. Borrower shall not destroy, damage or impair the _
<br /> Propeny, allow the Propeny to dcteriorate, or commit u�aste on the Property. Borrower shall be in def�ult if any forfeiture
<br /> action ar proceeding, whether civil or criminal, is begun ihat in Lender's good faith judgment could result in forfeiture af the
<br /> . Property or otherwise materially impair the lien created by�his Security Instrument or Lender's security interest.Borrower may
<br /> • • cure such a defuult and reinstate,as provided in puragraph 18.by causin�the action or proceeding to be dismissed with a ruling
<br /> e ° . that, in Lender's good faith determination, prccludes fodeiture of the Borrower's intcrest in the Propeny or other material
<br />,!'r� .. impairment of the lien created by this Security Instrument or Lender's security interest. Borrower shall ulso be in default if
<br /> . „Y' Borroaer,during the loan application process,gave materially false or inaccurate information or statements to L.ender(or failed
<br /> ' • �•}�", ' to provide Lender with any materiul informution) in connation with the loan evidenced by the Note. including,but not limited
<br /> ` ` to, representations cancerning Borrower's occupancy of the Property as a principal residence. If this Security Instrument is on a
<br /> ._ � ��'�'�'��� Icasehold, Borrewer shall comply with all the provisians of the lease. If Borrower ucquires fee title to the Property, the
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<br /> ___._,,..;� leasehold and thc fce tidc shall not merge unless L.endcr agrees to the►nerger in�vriting.
<br /> `� 7. I'rotection of Lender's Rights in the Property. If Borrower fails to perform the covenants and ugreements contained in _
<br /> =-�'�_'�''-.��,`�.�'`;� this Security Instrument, or there is a legal proceeding tl�t may significantly affect Lender's rights in the Property(such as a _
<br /> -y,;;'�;`�-°' procceding in bankruptcy, probate, for condemnation or torfeiture or to enforee laws or regulutions). then Lender may do and
<br /> ,�_;:�'�`� pay for whatever is necessary to protect the value of the Property and Lender's rights in the Propeny. Lender's actions may
<br /> - � include paying any :;ums secured by a lien which has priority over this Securiry Instrument, appearing in court, payin�
<br /> �� -,;,.,,��,;f reasonnble attorneys' fees and entcring on the Properry tomake repairs.Although Lender may take action under this paragrapk�
<br /> �"':"�:�;�,,� 7,Lender does not have to do so.
<br /> ' 4''r An a�nounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrower secured by this
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<br /> -"+' ,,. . `::. Sccurity Instrument. Unless Borrower and Lender agree io other terms of payment,these amounts shall bear interest from the
<br /> :yY�S~,L":`°"� date of disbursemcnt at thc Note rate and shall be payable, with interest, upon noticc from Lender to Borrower requesting
<br /> - , payment.
<br /> " � 8. biortgn�e Insurance.If L.ender requircd mortgage insurance us a condition of making the loan secureci by this Security
<br /> Instrument, Borrower shall pay the premiums required io rnaintain the mortgage insurance in effect. If, for any reuson,the
<br /> , � mortgage insurance coveruge required by Lender lnpses ar eeases to be in effect, Borrower shall pay the premiums rec�uired to —
<br /> obtain coverage substantially equivalent to the mortgage insur�nce previously in effect,at a cost substantially equivalent to the
<br /> �� cost to Borrowcr of thc mortgage insurance previously in effect, from an altematc mortgage insurer approved by Lendcr. If _
<br /> � " �- suhstantially equivalent mortgagc insurnnce covcrage is irot availablc. Borrowcr shall pay to Lender cach month a sum equal to ��_
<br /> s one-twelfth of the yearly mortgagc insurance premium bein�;paid by Bonower whcn the insurance coverage lapsed or ceased to �,�:.;
<br /> ; be in effcct. Lcnde�will acccpt, usc and retain thesc paymcnts us u loss rescrvc in licu of mortgage insurancc. Loss reserve B�'`
<br /> ` � Fo►m 3028 9/90 t;�,'�
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