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<br />=r. . 5. Ha�rd os FcopPrty Iasurance. Bomower sha11 keep th� improvements now exesting or hereafter erected on the • w
<br /> .� <` Property insie�d against loss by fire.harards iacluded within the term"extended w�erage"and any other haxards, inctuding , .'":..;:. �
<br /> � ' ftoods or ilooding.for which Leader t+equires insuraace.This insuran�a sT�all be maintained in the ainotuits and for[he periads� ' r ..
<br /> :a ��:r--�T t h a t L e n d e r r e q u i r e s. T h e i n s a r a n c e c�r r i e r p m v i d i n g the insurance shall be chosen by Borrower subject to Lender s approval� � .
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<br /> � � - which shall not 6e unreasoaa6ly withheld. If�orrower fails to maintain coverage described above, Lender may, at l.e n der'� � :�., , ,. E, _
<br /> � option,abtain coverage to protect Lender's rights in the Froperey in accardauce w�th Far�"t�Ph�• � s -
<br /> x . :. All insarance policies and renewals shall be a�ble to I.ender and shall include a stand.ard mortgage clause. I.end . . < `.
<br /> -. shall have ths right to hold the poticies and renewals.If Lender res�uires,Borcower sha11 promPtly Sive to Lender all receipts o �.
<br />�X�� . _ I�� � paid premi�+mc and renewal nodces.In the event of loss,Bomower shall give prompt notice to the iasurance carrier and I.ende ° . ,'�:` �-
<br /> � �` — L.ender may make proof of loss if not made promptly by Borrower. � : -
<br /> 1�°. ... , `
<br /> � Unless I.ender and Borrower atherwise agree in writing. insurance Proce�s shal!be applied to restoration or repair of dteN ,y�, , ; �
<br /> , ' . : A property damaged.if the reswmtion or re.pair is economi c a l ly feas i b le a n d I�n der's s e c u r i t y i s n o t l e.u e n e d.If the restor�tion or � f �;_;�
<br /> repair is not economiraUy feasible or Lxnder's secariry woutd be lessened,the insurance praceeds shall be applied to the sutas ;�.� �;T
<br /> F ':,.:t:._..'1'. s�ured by this Sec�rity instn�ment, �vhether or uot then due,with any excess paid to Borrower. If Borrower abandons the ; f
<br /> -. - �.7.r.(k...."_-. ._
<br /> '' '.',:-;`;;'; Propeny,or does not answer within 30 days a notice from Lender that the insurance cxrrier has offered to setile a claim,d�en _ -
<br /> �``�� , - Lender may cntlect the ins�rance praceeds. Lender may ase t6e pmceeds to repair or restore the Property or w pay sums
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<br /> 4�. , � . � secured by this Sea�riry lnstivment.whether or not then dae.The 3Q-day period will begin when the notice is given.
<br /> x� �' � • Unless Lender and Borrower othererise agree in writin8. �Y aPPlicadon of procceds to principal shall not extend or _ ,.
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<br /> � �/ ��, • postpone the due date of the monthly paymenu referred to in paragrdphs 1 and 2 ar chan8e the amount of the payments. If - . __
<br /> ��`'. - `' � .. . .:;�� ander ParagaPh 21 the Property is acquired by L.euder,Bonower's right to any insurance policies and pracePds resulang from }• `. • . _
<br /> � � '� ' � damage to the Property prior to the acquisition shall pass to Lender to the eatent of the sums secured by this Security Instrument ��; _
<br />�=.' � ' immediately prior to the acquisitiaa. .'� � ��'�
<br /> `: • � ,, 6,Qccupancy,Preservatton,Mainienaace and Protection of the Propeirty;Borrower's taan Appltratlon;I.easehotds. �`;,.:;.`..��_�
<br />;.`i . �-�:_•
<br /> Borrower shaU oxupy,establjsh,and use the Property as Borrower's principal residence withln siaty days after the execution of —
<br /> `.'�, - • --- � this Security Ic�trument and shaU continue to accupy the Property as Borruwer's principal resider�ce for at least one year after _—
<br /> �- ` �� : the date of occupancy.unless Lender otherwise agrees in writin�.which cansent shall not 6e unreasonably withheid,or unless '�� . �
<br />'s..:`•�' • . extenuating cirwmstances exist which are beyand Bonower s controi. Borrawer shall not destray. damage or impair the <`Y_.:::i____
<br /> ' ' � ' Property. allow the Property to deteriorate.or commit waste on the Propecty. Borr�wer shall be in default if any forfeiture . __
<br />�.•:� : _ � • .action or procecding.whether civil or criminal. is begun that in l.endei s goad faitt�judgmen�coutd result in forfzitare of tiie t".,`�..-�,-�, _
<br /> ='� •� �,�� I I' '� Property or otherwise materially impair the tien created by this Security Instrument or I.ender's security interest.Borro�arer may . .. . !.
<br /> '�,` � h 18.b causin the action or roceeding to be dismissed with a n�ting __ ,_— "`�`
<br /> cure such a default and reinstate.as provided in paragrap Y S P —
<br /> �+�..: • , that. in Lender's good faith determination. pcecludes forfeiture of the Borrow�er's interest in the Propecty or other materiai .
<br /> � �� ' ���' • impaimient of the tten created by this Security Instrument or Lender s security interest. Bonower shall also be in default if
<br /> �F: � - - Borrower.during the toan application pracess.gave mnterially false or inaccurate infarmation or statements to Lender(or failed :.�:T.
<br /> .: �,� ' �: to provide Lender with any material information)in connection with the loan evidenced by the Note,inctuding.but not limfted , , '.�. :,-��
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<br /> .' � to,representations concernia�g Borrower's accupancy of the Property as a principal residence.If this Security Instrument is on a .,��. ;�
<br /> � leasehotd. Bonowes shall comply with all the provisions of the lease. If Borrower acquires fee ride to the Propercy. the .• � __
<br /> `� • teasehold and the fe�utle shall not merge unless Lender agrees[o the merger in writing. . '�—
<br /> x,;•: ;.�' . `. , ments contained in �� �'.��__�
<br /> �. � ' 7.ProtertEon of Lender s Rig6ts in the Property.If Borrower fails to perform the covenants and agree __.
<br /> �:� , ' � � this Security Instrumem.or thera is a legal praceeding that may significantly affect l.ender's righu in the Property(such as a �.:,- �
<br /> �-
<br /> proce�ding in bankruptcy,probate,for condemnation or forfeiture or to en force laws or re g u l a t i o n s),t h e n L e n d e r m a y d o a n d .,,F _
<br /> ;-;;:' � • pay for whatever is necessary•to protect the value of the Property and Lencler's rights in the Property. Lender's actions may �+ '""* __ ____
<br /> - include paying any sums secured by a lien which has priority over this Security Instrument. appeaang in court, paying _ -_
<br /> % � � ..� reasonable attomeys'fees and entering on thc Property to make repairs.Althou�h Lender may take action under this paragraph � r _-
<br /> �' � ���� 7,[.ender does not have to do so. '�"• ''•��- ��
<br /> +`-�i' � ;' ' • ' Any amounts disbursed by l.ender under this paragraph 7 shall become adclitional debt of Borrower secured by this .•�•„'�s�_�t�°•�:•-
<br /> ° ;;�•----�
<br /> � � Security Instrument. Unless Borrower and Lender agree to other terms of payment. these amounts shall bear interest from the ,
<br /> � ' . date of disbursement at the Note rate and shati be payable, with interest, upon noiice from Lender to Bonower requestin� ~:��-�-�---��-';
<br /> �f.... • payment. • . .
<br /> "� ' ' 8.Mo�age lnsurattce.If Lender required mortgage insurance as a condition of making the loan secured by this�ecvriry
<br /> � ,� instrument. Borrower shall pay the premiums required to maintain the mortgage insurance in effect. If. for any reason, ehe ,., ;,�,_
<br /> . � � mortgage insurance coverag:required by Lender lapses or ceases to be in effect.Bonower shall pay the premiums rcquired to -
<br /> ':�.•� obtain coverage sutsstantialty equivalent to the mortgage insurance previously in effect.at a wst substantially equivalent to the •
<br />•E�`' cost to Borrower of the mortgage insurance previously in effect, from an altemate mortgage insurer approved by Lender. if ` ,.�
<br />-`•t ' substantially equivsilent mortgage insurance coverage is not available.Barrower shall pay to Lender cach month a sum eqnal to ,
<br /> ' ;•� • one tweifth of the yearly mortgage insurance premium being paid by�orrower when the insurance coverage lapsed or ccased ta . .
<br /> i. :�: . be in effecl.Lender will accept,use and retain these payments as a toss reservc in lieu of mortga;e insurance. Loss reserve �
<br /> '. � ; Form 3028 9/90 .
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