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<br /> ' S. Hnznrd or Property Insuruntc. Borrowcr shaU kcep the improvcmcnts now existing oe hcrcaftcr crcctcd on thc
<br /> Propeny lnsured ugalnst loss by fire, hnznrds included wlthln the term "extended covernge' und nny other htv.nrds, Including , ��
<br /> floods or flooding, for whlch l.cndcr require�s ir.surancc. This insurnnce shall be maintalned In thc nmuunts and for thc pertods _
<br /> thnt L,ender requires.The insuranee carrter providing tho inyurmtce si�nll be chosen by anrrawer subject to l.cnder's approval -
<br /> which shull not be unreasonAbly withhcld. If E3orrower fnlle to mnlntnin covernge described abav�, l.endtr�nny, nt I.c�tdePs `
<br /> option,obtain coverage to protect Lender's rights in the Property in accordAnce with pnragraph 7. I �
<br /> •� �='` All inaurancc policies and renewuls shall bc uceepteble to L.ender nnd shall includc n atnndard mar[goge clause. l.cnder
<br /> � ''' shall have thc right to hold the policies and renewals.If I.ender reqnires.Borrowcr shall promptly�ive to Lender nll�eceipt3 of
<br /> paid premiums and renewal notices. In the evcnt oE loss. Borrowcr shail give prompt nodcc to dic insuru►ce careier nnd l.ender. . -
<br /> Lender�nay make proof of loss if nat mude promptly by Borrowcr. • ; � ' • -
<br /> Unless i.ender and Donower otherwise agree in writing, insurunce proceeds shull be Applied to restoration or repair of the :.;�a,� t:;�
<br /> Property damaged, if the restoration or repair is economically feasible nnd Lcnder's securit is not lessened.►f the restoration or �' ��
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<br /> repair is not economically feasible or Lender's securiry would be lessened. the insurance proceeds shall be applied to the�sums ,«.r =•�
<br /> secured by this Secudty Instrument, whether or not then due, with any excess paid to Borrower. If Bunower abandons the "''�'��
<br /> Property, or does not answer within 30 days a notice from Leader that the insurancc carrier has offered to settle u cluim, then � -�`=-
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<br /> � Lender may collect the inaurance proceeds. Lender may use the proceeds to repair or resrore the Property or to pay sums .�,;..._- _
<br /> secured by this Securiry Instrument,whether or not then due.The 30-day period will begin when the notice is given. ��•��-_-
<br /> ' Unless Lender and Borrower otherwise agree in wdting, any a�plicatIon of proceeds to principal shall not extend or :_,y,,�,_
<br /> postpone the due date of die monthly paymenu referced to in paragra�hs I and Z or change the amount of the payments. If -�r.
<br /> ' under paragraph 21 the Property is acquired by Lender. Borrower's right io aay tasurance poltcies and proceeds resulting fmm ���
<br /> � damage to the Property prlor to the acquisition shall pass to Lender to the extent of the sums secured by this Secudry Instrument ��.}____
<br /> immedtately prlor to the acquisition. ���
<br /> • 6.Occupancy,Preservatton, Maintenence and Protection of the Property;Borrower's Loan Application;I.easeholds. �
<br /> Bonower shall occupy,establish,and use the Property as Borrower's princlpal restdence withtn slxry days after the executton uf . �;�=-':——
<br /> '�� this Securit Instrument and shell continue to occupy the Property as Borrower's principal residence for at least one year after
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<br /> f,, the date of occupancy,unless I.euder othenvise agrees in writiug, which consent shall not be unreasonably withheld.or unless ��
<br /> :,:"•�1'� eacenuatine circumstances exist which are beyond Borrower's wntrol. Borrower shall not destroy, damage or impair the �.�
<br /> �'��'�`'kj Property, allow the Property to deteriorate, or commit waste on the Propeny. Borrower shall be in deiauit ii any forfeicur�
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<br /> ' action or praceeding,whether ctvil or criminal,is begun that in I.ender's good faith jud�ment wuld result in forfeiture of ttte .�_
<br /> - Property or otherwise matertally impair the llen created by this Securiry Insuument or Lender's security interest.Borrower may �_
<br /> • (� cure such a default and reinstate,as prov(ded in paragraph 18,by causing the action or proceeding to be dismissed with a ruling �
<br /> that. in I.ender's good faith determinatlon, precludes forfeiture of the Borcower's interest in thc Ptoperty or other[aaterial T
<br /> � impairwent of the flen created by this Security Insmunent or L.euder's security interest. Bonower shall also be ia default If -
<br /> ' ` _ .�� Borrower,during the loan appllcation process.gave materially false or inaccurate iaformation or statements to Lender(or failed ��-
<br /> to provide Lender with any material information) in co�anection with the loaa evtdenced by the Note,inclading,but not limited !`"�
<br />, �' to,representations concerning Bonower's occupancy of the Property as a principal residence. If this Security Instntment Is on a
<br /> • leasehold, Borrower shall comply with all the provisions of the lease. If Bonower acquires fee title to the Property, the
<br />,E, lcasehold and the fee title shal l not merge unless Lender agrees to the merget in writing. _— �
<br />-*�� �- 7.Protedion o[Lender's Rights in the Property.If Borrower fails to perform the covenants attd agrcements caatained in �
<br />-� � ' ' this Security Insuument. or there is n legal proceeding that may significanAy affect Lender's dghts in the Property (such as a _
<br />. '?'""'�'s', '' proceeding in bankruptcy,probata,for condemnatton or forfeihue or to enforce laws or regulations), then L.ender may do and
<br /> �� ����` • pay for whatever is necessary to protect the value of the Property and Lender's rights in the Properry. Lender's actions may
<br />= � " ,�,;': ` include paying any sums secured by a lien which has priarity over this Security Insuument, appearing in court, paytng
<br />"- •• � � reasonable attomeys'fees end eaterin�on the Properry to make repairs.All6augh Lender may take action under this paragraph _ `
<br />--� . 9,L,ender does not have to do so. --
<br />- •-- .- t Auy amounts disbursed by L.ender under tbis paragraph 7 shall becorne additional debt of Borrower securat by this --
<br />�='-�.. �;.,;;: 5ecurity Instrument. Ualess Borrower and Lender agree to other terms of payment, these amounts shall bear fnterest from the "
<br />�'''�:=•'�`•• �� date of disbursemcnt at the Note rate and shall be payable, with interest,apon notice from Lender to Borrower requesting �_�..�� _
<br /> ._.',",::. . payment. - -'=-- _
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<br /> =.. • �, . 8.Mortgaf;e Insurance.If Lender required mongage insurance as a condidon of�aaking tha loan secured by this Security -___�_—_
<br /> Instrument, Borrower shall pay the premiums required to maintain the mortga�e insurance in effect. If, for any reason, the "�-��-
<br />� , � � mortgage insurance coverage cequired by Lender lapses or ceases to be in effect,Boaower shall pay the premiums required to ���i
<br />. obtain coverage substantially equivalent to the mortgage insurance previously in effect, at a cost substantlally equivalent to the , -�9�:,:
<br /> • �' cost to Boaower of the martgage insurance previously in effect, from an altemate mortgagc insurer approved by Lender. If �"-�---�°@=�='
<br /> �� `' substantially equivalent mortgage insurance coverage is not available, Borrower shall pay to L,ender each month a sum equal to :'.a�- ,.� �}:
<br /> ~ one-twelfth of the yearly mortgase insurance premium beiag paid by Borrower when the insurance coverage lapsed or ceased to - m.. ...',:
<br /> + be in effect.Lender will accept,u�e and retain these payments as a loss reserve in licu of mortgage insurance. L,oss reserve .•-'��-'�� '��`
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<br /> '� Form 3028 8/90 '''f'""''�'" ..�' �
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<br />� � Pey�3 of 8 IMUaIt:�L�
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