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<br /> . � • ` 5. He�ard or Pmperty Lu� Borrower shall keep the improvemeats nL�'eusdng or hereafter eiected on the <.'�:�. ��� ,`�_.$`•.' �'
<br /> _.. � , property insured against toss by fire. ha7ards included witlun the term"extended coverage"and auy other hazards. includistg ` _ ._':,x
<br /> . floods or flooding,for which�.ender requins insuranoe•This inswance sha116e maintained in the amounts and for the periods� .. , ,
<br /> - '`1--—=` that Lender rec�uires. The insura�nce carrier providing the insurance shall be chosen by Borrower subject to Lender's approv a l� , , . " .��`�
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<br /> ``�r--"�p` w t u C h s h a i l no t h e u n r e a s o n a b l y w i[h h e t d. I f B m-r o w e r f a i l s to maintain cov e r a ge described above, I.ender may. at Lender's �
<br /> � �_ :
<br /> ..,,, _ oprion.obtain rnverage to protecc Lender's rights in t he P roperty in accoidance with P a r a g�a Ph 7. :
<br /> . • ` .�. All incurance policies and renewals shall be acceptaGle to L�nder and shall include a standard mortgage clause. Lender� k ' L �
<br /> .'J .�.
<br /> _ shall have the right to hold the policies and renewals.If Len d er requises.B orrower shall prom ptl y g ive to Lender all receipts of� . ,: ,
<br /> _ ��. . � paid premiums and renewal notices.In the event of loss,Borrower shall give prompt norice to the insurance casrier and L.endEr•� - �.>�- .'.,t-:"'
<br /> ° ' � Lender may make proof of loss if not made pramptly by Borrower.
<br /> - •� Unless Lender and Borrower othenvise agtee in writing.insurance proceeds shall be applied w restoration or relmir of the� ..Y
<br /> �, _ �.� Property damaged,if thc restoration or repair is economically fea5ible and Lender's security is not lessened.ff the restoration or . . �._:-=�':
<br /> �,•:.:,__
<br /> , . repair is not eoonomically feasible or Lender s security would be lessened,the insur�ce prace�ds s1�all be ap}�li�to the sums - -_ -
<br /> ' secured by this Secnrity Inswment. whether or not ttien due, with arry excess paid to BorroRer. If Bornower abandons t]►e -. .____.
<br /> `� properiy,or does not answer wi�thin 3U days a notice from Lender that the insurance carrizr has nffered to setde a claim.then --
<br /> � , L.ender may wllect the insurance proceeds. I.ender may nse the proceeds w repair or restore the Propecty or to pay sums
<br /> �� ' se�vred by this Security Instcument,whether or not then due.The 30-day periad will begin when the no�ice is given. ',:'�;.;;'�.
<br /> • Unless Lender and Borrower atherwise agree in writing, any application of praceeds to principal shall not extend or _
<br /> . . • : ��� • postpone the due daie of the monthly payments referced to in paragrapbs 1 and 2 or change the amount of the payments. If _• --
<br /> - - -. • - under patagraph 21 the Property is acquired by Lender.Borrower's right to any insurance policies arid proceeds resulting from ,
<br /> � , damage to the Property prior to the acquisition shall pass to L.ender to the extent of the sums secured by this Security Instrument �' _
<br /> . � � � .: immediately prior to the acquisition. • : �
<br /> .: ' � , . :` 6.Oocupancy,Preservation,Matntenance and Protectton oP the Pcoperty;Borrowes's Loan Applfcatton;Leasehotds. .
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<br /> : � �'- r� Borrower shall occupy.establish.and use the Ptoperty as Borrower's principal residence within siary days after the execution of �. ,��`,�
<br /> �� this Security Instrument and shall wntinue to occupy the Property as Borrower's principal residence for at least one year after , ,`_;�.�.�
<br /> � � • ttte date of occitpancy,unless Lender otherwise agrees in wriring, which consent shall not be unreasonably withheld, or unless :�''�:. - --__
<br /> � extenuadng circumstances exist which are beyond Bo:rower's control. Borrower shalt not destroy, damage or impair the = —_
<br /> ce
<br /> � � �,: � L�coperty. allow the Property to deteriorate. or commi:aaste on the Property. Borrower shall be in default if any forFeitute , __
<br /> 0
<br /> . � t. action or proceeding,whether civil or criminal,is begun that in Lender s good faith judgment could result in forfeiture of the t.''� -- A
<br /> • . '' ' Property or otherwise materially impair the lien created by this Secvrity instrument or Lender's security interest. Borrower may =�
<br /> � • ; cure such a default and reinstate.as provided in paragraph 18,by causing the action or proceedin�to be dismissed with a ruling ••i� �`_�
<br /> • � that, in Lender s goad faith detertnination. preciudes forfeiture of the Borrawer s interest in the Property or other material ' - �'�=3
<br /> 5. :. . �:'.,��_..
<br /> - -- . -�-- - �;j i�pairment of the lien created by this Securiry Instrument or Lender's security interesc. Borrower shall also be in defauit if ,. �; __
<br />- ' ���t Borrower,during the loan application process,gave materially false or inaccurate information or statemenu to Lender(or faited . _� ;,_�;_�
<br /> � °• to provide Lender with any material infom�ation)in connection with the loan evidenced 6y the Note,inclading,but not limited ��.:-
<br /> ;. �'�'_ -
<br /> � " to,representations conceming Borrower's occupancy of the Properiy as�principal residence.If this Security Instrument is on a . .• .�
<br /> , � leasehold. Borrower shall comply with all the provisions of the lease. lf Borrower acquires fee title to the Properry. the �"'�
<br /> � � - leasehold and the fce titte shatl not merge untess I.ender agrees to the merger in writing. �:' �:'` --
<br /> ` � � 7.Protectton af l.eader's Rfghts in the Property.lf Borrower fails to perform the covenants and agreements contained in � "`�"`}'---_
<br /> ' ' ���� this Security Instrument.or there is a legal praceeding that may significantly affeci I.ender s rights in the Property (such as a
<br /> . . . proceeding in bankruptcy.probate,for condemnation or forfeiture or to enfarce laws or regulations),then I.ender may do,.�3 ' �
<br /> . , , pay for whatever is necessary to protect the value of the Property and Lender's rights in the Property. I.ender's actions may ._ :
<br /> , � �� � inctude paying any sums secured by a lien which has priority over this Security Instrument, appearing in caurt. paying .���"-='
<br /> ...�.
<br /> � • -� reasonable attomeys'fees and entcring on the Property to make repairs.Atthough Lender may take action under this paragraph � � - _�.
<br /> 7,l.ender does not have to do so. . �' �-
<br /> Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Bonower secured by this . . � . ,.
<br /> ' Security lnstrument. Untess Bonower and Lender agree to other terms of payment,these amounts shall bear interest from the , • .
<br /> ' date of disbursement at the Nate rate and shall be payable, witb interest, upon notice from L.ender to Borrower requesting .
<br /> . . ' ,
<br /> . ; Payment. , . „
<br /> . .�• � 8.Mortgage Insurance.If Lender required mortgage insurance as a cundition of making the loan secured by this 5ecurity . .
<br /> . • �� Instrumcnt, Borrower shall pay the premiums required to maintain the mortgage insurance in effect. if, for any reason, the
<br /> mortgage insurance coverage required by Lender lapses or ceases to be in effect.Bottower shall pay the premiums required to .
<br /> ;. .� ' .. �_ obtain coverage substantially equivalent to the mortgage insurance previously in effect,at a wst substantially e�uivalent to the �
<br /> wst to Borrower of the mortgage insurance previausly in effect. from an altemate mortgage insurer approved by Lender. if ,
<br /> , • ' substantially equivalent mortgage insurance coverage is not available.Bonower shall pay to Lender each month a sum equal to .
<br /> � one-t�velfth uf the yearly mortgagc insurance premium bein�paid by Borrower when the insurance coveragc lapsed or ceased to •
<br /> • ' � be in effect. Lender will accept,use and retain these payments as a loss reserve in lieu of mortgage insurance. Loss reserve . . •
<br /> �� . Form 3028 9/80 �
<br />�.- , ' _ � Pago 3 of 6 ' , .
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