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<br /> �. 5. Haiard or Property Insurance. Borrower shall kcep the imrprovements now exisiing or he�fter erected on the . , . �
<br /> • . . •. Avperty insured against loss by fire.Ha7ards included withia the t�erm'extended coverage" and any other har�ds, includmg � : � `-.
<br /> ' . . �;_� floods or floading,for which I.ender requires insurance.This i„�+.�.+ce shaU be maintained ia the amounts and for the periods ,`
<br /> ._. . " that Ixnder re�uires. T he insurance ca�tier provi ding t he�*+��*��ce s h a ll be c h o s e n b y B o r r o w e r s u b j e d t o L e u d e r's a p p r o v a l , � � `
<br /> � " � wluch shall not be unrr,�sonahly wiffiheld. If Borrawer fails to maintain cvverage described above,Lender tnay, az Lender's •--�_- -�- - _
<br /> ----- ,.- -�:` optian,obrain coverage to protecc Lender's righu in the Property in accordance vrith paragraph 7. . ,
<br /> • � '';�.��_�� A11 insuraace policies and renewals shali be axeptable to Lender and shall iuclude a staadazd moitgage clause. LenQer ��'•��", • ,' �
<br /> ' ..,,. sLall have the right to hold the policies and zenewals.If Lender reqwires.Borrower sball pmmpdy give to Lender all receipu of _ � <
<br /> paid piemivms and renewal notices.ln the event of loss.Borrower shall give prompt notice to the insu:ance rarrier and I.ender. . � f�
<br /> Lender may make proof of loss if not made pmmptly by Borrower. `�'�� . . �
<br /> . •� IJnless Lender and Borrower othernise agree in writing,insuraace pmceeds shall be applied to mstontion or repair of the , - �
<br /> Properry damaged,if che restoration or repair is economicatly feasi6te and Lender's securiry is noc lessened.tf the restoration or � �
<br /> . , repair is not economically feasible or Leader's securiry would be lessened.the insurance proceeds s6a11 be applied to the sums .. �,3�. :r
<br /> , � secured hy_this Security Instniment. whether or not then due, witL any eacess paid to Borrower. If Borrower abandons the : �.� ��r:�
<br /> � ° � Pcoperty.or dnes not answer a+iWin 30 days a notice from Lender that the iusurance carrier has offe�ed to settle a claim.theu , �a •�'`
<br /> � Lxader may collea the insurance pmceeds. Lender may use the proceeds to mpair or restare t8e Propeny or to pay sums ` ` �.r�;
<br /> secured by this Security[astnunent.whetDter or not then due.The 30-day periad will begin when the norice is given. :s°���
<br /> • Unless L.ender and Bomnwer otherwise agree ia writing, anY aPPlication of pmcee�s to pzincipa! shall not extend ar :� �,�2�
<br /> � � ` postpone the due date of the monthly paymenu referred to in paragraphs 1 and 2 or change ttte amount of the paymenu. If � . ' r;�:
<br /> �- - , �'
<br /> uader paragraph 21 the propecty is acquired by Lender,Borrower's right to any insnrance policies�nd proceeds res�ilting fmm .:�
<br /> ' damage to the Property prior to the acqulsition shall pass to Lender to the extent of the sums secured by this Security Instrumenc '� � .� �"�—..
<br /> . �;4�_
<br /> . . . . immediately prior to the acquisition. ' � . r��;;;;,;.�-
<br /> � 6.Oocapancy,Preservatloa,Matntenence and Erotedion of the Property;Borrower's Loan Applicat[on;I.ease�otdg. •t �.'�':t:'
<br /> A�f �.,,,.a,.���y;,,
<br />_ . ., Bornuwer shall occupy,establish,and use the Property as Borrower's principal residence a+itbin sixty days after the execution of .... � ; ;,�.,t-,
<br /> � ' . this Security Insuument and shall continue to occupy the Properry as Borrower's principal residence for at least one year after , ';, S '���
<br /> - _: .�:t;a
<br /> � the date of occupancy,unless Lender otherwise agrees in writing,wluch consent shall not be unreasonably withheld,or unless �:�"'�''�_
<br /> . extenuating circwnstances eaist which aze beyand Borrower's control. Boaower shall not desuoy. damage or impair the . r ���'
<br /> ' Properry, allow the Pro erty to deteriorate. or commit waste on the Pro Horrower shall be in ctefauIt if aa forfeiaue . ��'�,
<br /> �:�':, p P�Y• Y "s:��.._�_
<br /> ` ; � acxion ot proceeding,whether civil or criminai,is begun ihat in Lender's good faitb judgment could res�ilt in forfeiture oY the • ��i?
<br /> �f Properry or otherwise materially impair the lien cr�by this Security Insaument or Lender's securiry inceres�Borrower may � , �':•�•:�%`
<br /> � aue such a default and reinstate,as provided in paragtaph 18,by causing the action or praceeding to be dismissed with a niling • . �� `��`��'
<br /> ��'•:�:".
<br /> . � � that, in Lender's good faith determinarion, Precludes forfeiture of the Borrower's interest in the Property or other material . � �. :e:^,
<br /> � . impairme�t of the lien created by this Securiry Iustrumeac or Lender's secvriry interest. Borrower shall also be in default if . '�:';'�._
<br /> Borrower,d�uing the loan application process,gave materially false or inaccurate infam�ation or statements to Lender(or fa�ed ' . �'"•`'`'�
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<br /> w provide Lender wiW any material information)in wnnection with the Ioan evidenced by the Note,inciuding,but not limited • � ,�- '�%�'���:--
<br /> ;� � to, repmsentations conceming Borrower's occupancy of the Property as a principal residence.If tlus Sec�uity Instrument is on a .. , • ""'
<br /> `�.:��
<br /> . leasehold, Borrower shall comply witti all the provisions of the lease. If Bonower acquires fee tide to the Property. ths .. • �y�»
<br /> leasehold and the fee title shall noi merge untess Lender agrees to the merger in writing. �`: • � n�.-:
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<br /> . • 7.Psotertion of Ltnder's Ytigh3s c�the Propecty.If Boaower fails to pedorm the covenants and agreements wntained in .
<br /> ;�_. ..
<br /> . . . this Security Jnsm�ment. or there is a tegal proceeding that may significandy affect Lender's rights in the ProPerty(such as a � `.:;�_
<br /> - ' proceeding in bankruptcy,probate. for condemnasion or forfeiture or to enforce laws or regulations),tIaen Lendet may do and �
<br /> , � ' � pay for whatever is necessary to protect the value of the Property and Lender's rights in the Property. Lender's actions may . . �
<br /> � include paying any sums secured hy a lien which ha4 priority over this Security Insm�ment, appearing in court, paying � '� '--°�'`
<br /> • • `i reasonable attorneys'fees and entering on the Property to make repairs.Although Lender may take action under ti�is paragrapb . ,-=°
<br /> ,, � � i 7,Lender does not have to do so. ' ' ^ :
<br /> � , i My amounu disbursed by I.ender under rhis paragraph 7 shall become additional debt of Borrower secaued by this . •� .
<br /> • , � Securiry Instrument. Unless Borrower and Ler.der agee to other terms of payment. these amounu shall bear interest from the : .
<br /> , ' � - f date of disbursement at the Note rate and shall be payabte, with interest, upon notice from Leader to Borrower requestiag ' �
<br /> � payment. .
<br /> � � 8.Mortgage lns�ace.lf Lender required mongage insurance as a condition of making the loan sec�ued by this Securiry � • 4
<br /> ' . ) lnstrument, Bonower shall pay the premiums required to maintain the mortgage insurance in effect. if, for any reason, the ' �
<br /> s mortgage insurance coverage required by Lender lapses or ceases to be in effect.Borrower shall pay the premiums required to .
<br /> # obtain coverage substantially equivatent to the mortgage insurance previously in effect,at a cost substantially equivalent to the � . .�
<br /> � j cost to Bonower of ehe mortgage insurance previously in effect, from an altemate mortgage insurer approved by Lender. If ' . .
<br /> � substantially equivalent mongage insurance coverage is not available.Borrower shall pay to Lender each month a sum equal to
<br /> • � one-twelfth of the yeazly mortgage insurance ptemium being paid by Bonower when the insurance coverage lapsed or ceased to ' :
<br /> be in eifect.l.ender will accept,use and retain these payments as a loss reserve in lieu of mongage insurance. Loss reserve
<br /> � Form 3028 9/90 � •
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