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<br /> -� 5. Hnznrd or Property Intiurunce. Burrower shall keep the improvements nciw existing ur hercuft�r erecteci on the =_
<br /> Propcny in�ured aguinst loss by fire, hutards includcd within the icnn"extcndcd rovcrage" and any uther ha•r.urds, including —
<br /> floodti ��r ilooding,for which l.ender requires insuruncc.This insurance shull be maintainrJ in the umuunts and for thc periods -
<br /> . that Lcndcr rcquires. 1'hc insuruncc carricr pruviding thc insurunccshull bc choscn by Burrowcr tiuhject to I.cndcr's approvitl —
<br /> whirh shull not be unrcasonahly wi[hheld. If Borrnwer (uils to maintain covcragc dcscribed uhavc, L�ndcr may, at Lcndcr's �
<br /> option,obtain coveruge to protect Lender's ri�hts in the Prnpeny i naccorduncc with para�raph 7. c
<br /> .,,:..•.y�. All insurunce policies And renewuls shall be acceptuble to Lcnder�nd shull include a standard mongage cluuse. L,ender �•
<br /> �- --� shall have th�right to hold the policics and rencwals.If'Lc:nder rcyuirex,Bc�rrower shall promptly givc to Le�nder uU reccipts of �
<br /> ;�+..: puid premiums and renewul notices.In the event of loss,Borruwer shaU give prampt notice to the insurance carrier and Lender. =.
<br /> •�'�-�� [.cndcr may mukc proc�f of loss if not madc prnmptiy by Borrrnver. =
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<br /> Unlcss Lender und Borrower otherwisc agree in writin�,insurance procceds shall be applied to restoration or repair of the =
<br /> � Property damaged.if thc restoration or repnir is economically feasible and L.ender's security is not lessened. If the restoration or =..
<br /> . 7;. repair is not economically featiible or Lender's securiry would be Iessened, the insurance proceeds shull be applied to the sums --
<br /> � secured by this Securiry Instrument, whether or noi then due, wiih uny excess paid to Borrower. If Borro�ver abandans the _
<br /> Property, or docs not answer within 30 days a notice from I.ender ihat�he insurance carrier has offered to setde a claim, then
<br /> r Lender may collect the insurance praceeds. Lender may use thc proceeds ro repair or restorc the Properry or to pay sums
<br /> �r• . ' ' secured by this Security Instrument,whether or not ihen due. The 30•day period will begin when the notice is given.
<br /> � " ' Unless Lender and Bnrmwer othenvice ngree in writing, any application of proceeds to principal shall not extend or _
<br /> ' postpone thc duc date of thc monthly payments refcrrcd to in pu�agraphs I and 2 or change the amount of the payments. If
<br /> . �� . under para�raph 21 the Property is acquired by Lender,Borrower'sright to any insurance policies and proceeds resulting from
<br /> ' damage to the Property prior to the acquisition shall pass to L.ende�r io the extent of the sums secured by this Security Instrument
<br />�:.;�� °:-'•�• immediately prior to the acquisition.
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<br /> ' 6. OccupAncy,Preser�vntion, Maintenamce and Pratectton csf the Propertv;Borrower's I.oan Application; Leaseholds.
<br />_'�•?':�)", . Borrower shaU occupy,establish,and use the Property as Horrower's principnl residence within sixty days after the execution of
<br /> =�`�� ��,.•�'" this Security Instrmnent and shull continue to occupy the Pmperty as Borrower's principal residence for ut least one yeur after
<br /> A±;;:ti;�� �� the date of occ:upancy,unless Lender otherwise agrees in writing, �rhich consent shall not be unreasonably withheld, or unless
<br /> �`�'���, extcnuatin circumstances exist which are be ond Bottower's control. Borrower shall not destro dama e or im air the
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<br /> __ � • ••�•. Property, allow the Property to dcteriorate, or commit waste on ihe Property. Borrower shall be in default if any forfeiture
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<br /> action or proceedine. whether civil or criminal,is bceun that in L.ender's �ood faith iud�mcnt could result in forfeiture of the
<br /> ll=`�����:, Property or otherwise materially impair the lien created by this Security Instrument or L.ender's security interest. Bonower may
<br /> '-`,�* •, •- � cu�e such a default and reinstate,as provided in paragraph 18,by causi ng the action or proceeding to be dismissed with a ruling
<br /> �w�. 7.:. .
<br /> -•� ?� ti��- that, in Lender's good faith determinatien, precludes forfeiture of the Borrower's interest in the Property or other material
<br />_'��"-���� impairment of the lien created by this Security Insirument or Lender's security interest. Borrower s{iall also be in default if
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<br /> �,�,.;�,-� Borru Ner,during the loan application process,gave materially falseor innccurate information or statemer�ts to Lender(or failecl
<br /> �__;�;;� to provide Lender with any material information) in connection with the loan evidenced by the Note,including, but not limited
<br /> —�� to,representations concerning Borrower's occupancy of the Property�.s a principal residence. If this Security Instrument is on a
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<br /> ___�_-- — leaseliold, Borrower shall comply with aU the provisions of the lease. If Borrower acquires fee tide to the Property, the _
<br /> --- , leasehold und thc fce tide shnll not mcrge unless i.endcr agrees ro Yhe merger in writing.
<br /> 7.Protectlon of Lender's Rights in the Property.If Borrower fails to perform the covenants and agreements contained in
<br /> , this Security instrument, or there is a Ie�ul proceeding that may significantly affect Lender's rights in the Property (such as a
<br /> — proceeding in bankruptcy, probate, for condemnation or forfeiture ar ta 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 Property. Lender's actions may
<br /> include payin� any sums secured by a lien which has priority over this Security Instrument, appearing in court, paying
<br /> — reASOnable attorncys' fees and entering on the Propeny to make repairs.Although Lender may tske action under this paragraph
<br /> � 7,Lender daes not have to do so.
<br /> Any amounts disbursed by Gender under this paregraph 7 �hall become additional debt of Borrower secured by this
<br /> "` �-� Security Instrument. Unless Borrower and L<:nder agrec ro other lerms of payment, tl�ese amounts shall bear interest from tl►e '
<br /> _____^ ___ date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Bonower requesting
<br /> ---- payment.
<br /> 8.Mortgage Insurnnce. If Lender requireci rnortgage insurance as e condition of makins the loan secured by this Security
<br /> -----�— Instrument, Borro�ver shall pay the premiums required to rnaintain the mortgage insurancc in cffect. If, for any reuson, the
<br /> �= mortgage insurance coverage requirecl by LE;nder la�ses or ceases to be in effect,Borrower shall pay the premiums required to _
<br /> "��``� � obtuin coverage substantially equivalent to the mortga�e insurance previously in effect,at a cost substantially equivalent to the
<br /> -��`a cost to 8orrower of the mort a e insurance reviousl m effect. (rom an alternate mort a e insurer a roved b Lender. If
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<br /> :�;�' }�• � substaiuially equivalent mortgage insurance coveragc is not available, Borcower shall pay to Lender each month a sum equnl to
<br /> �-.�:::'•s. ,�' - one-twelfth of the yearly mon�a�e insurance premium being paid by Borrower when the insurance coverage lapsed or ceased to
<br /> °�iy�n�`�' be in effcct. Lendcr will accc t use and retain these a ments as a loss reservc in licu of mort a=c insurancc. Loss reserve
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