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<br /> � ,�• � 5. Hazard or Propedy Insun+nce• Borrower sUall keep the improvements now exisring ur hereafter erec[ed an the '.� � . , � ��, ��
<br /> ' pmpercy insured agaim-t los,by fire.t�a7ards inciuded wiehin the re�m 'extended cuverage'aiW any other hazards.including , • •- • , --
<br /> ---> -=-=� flonds or Suodiug,for which Ixndes req�ire.s in�vrance.T6is insviaicce shall be maintained in the uaaunts and for the periods " _ 1_ _- - - -----
<br /> . ' thai Leader requites. The insurence cxrrier providing the insatance sha11 be cdosen by Botrower subject to Lender's approwei ,
<br /> � which sball not be oiueasonably withheld. If Borcower fails to maintain coverage descrilsed above, l..ender roay, at Lxnder's . ;�•; , � , ;;��
<br /> �, . ? option,obtain wverage to pmtect Lender's rights in the Property in accardance with patagraph 7• � - _ _
<br /> pli;++�;,�policies and renewals si�a11 he acceptable to Lender and shall include a standard mortgage clause. Lender � .: • _ ..�
<br /> � shall have the right to hotd the policies and renewals. If Lender requires,Borroarer stiall prompdy give to Lender ail receipts of i. . , '.�,,.• :`. .
<br /> � paid p�emiums and zenewal notices. In the event of loss.Borrower st�all give pmmpt nodce to the insuiance carrier and Lender. ;'
<br /> Lender may make pmof af loss if nat made prompdy by Borcower. ;.'" .'-'
<br />_ � . j � � , .
<br /> ' writi insvrance roceeds shail be appteed to restoration ar repair of the �, _
<br /> � ; U n 2 e s s L e n d e r a n d B o r r o w e r o t i�e r a v i s e a g r e e m n g. P , . . . .
<br /> �. . pmperty damaged.if the zestoration or repair is economically feasi'bte and Lender's securiry is not lessened.If the restoratian or �
<br /> _ repair is nnt eco�micaliy feas�'ble or Lender's security woutd be lessened,the insurance pmceetls s1�a11 be aFplied to the suros �. . � ; �`,. ;:
<br /> . � seaued by this Sec�iity Instmment, whether or nat then due, with anq excess paid to Bomnwer. If Bonower abandons the �' <�• _.!..K.= :`'.�==;_�-
<br />_ ' ProPertY.or daes not answer within 30 days a nodce from Lender that the iasutance carrier has offered to settle a claim,then � ; ,`.�.,:,^,=�•`
<br /> L,emier may collect the ins�ance Pmceeds. Lender may use the proceeds to repair or restore the Propeny or to pay sams �. • ,��,
<br /> , serured by tLis Se�urity I�uumeni,whether or not then due.The 30-day period wilt begin when the norice is given. � ' �'�`�'�`—=�--
<br /> � � Ualess Lender and Boaower otheiwise agree in writing, any application of pmt�edc co principal shali not extend or _ . - _
<br />- postpone the due date of the montiily payments referred co in pazagraphs 13ud 2 or change the amount of the payments.If under • . ___ - -
<br /> . .� " paragiaph 21 the Praperty is acquired by Lender. Bonower's right to any in.ti�urance policies and pmceeds resulting from _T_'�
<br /> � S damage to the Propertp prior to the acquisidon shall pass to Lender to the extent of th e s u m s s e c u r e d by t h i s S e c�tt ity I n s a n m e n t .. �•o�
<br /> ° immediateiq prior to the acquisiuoa .`�"''�
<br />` , � 6.Ocwpaney,Preservation, Aintpnan�aud ptotedlon of the Pto�erty;Borrower's Loan Appitcatton;I.easehnlds. : . n�'
<br />-- � Bonower shall occupy,es�ablish,and use the Property as Bomnwer's pzincipal residence within siuty dAys after the execation of -�""Y--
<br /> � tt�is S�ity Inst�umeut and shall continue to axupy the Property as Borrower's principal res�dence for at Ieast one year after �,;;,T�:_ (+
<br /> tt�is n
<br /> the date of occupancy,unless Lender ntherwise a�s u►`unnnS•wluch coasent s6a11 not be unreasonably withheld or unless =
<br /> <• ' ' ����ing �u�umstances exi,n wluch are beyond Borrower's conaol. Bosrower shaU not destroy, damage or impais the
<br /> • . '� Property,allow the Property to deterio:ate.or commit waste on the Property. Borrower shall be in default if any forBeitare ' , . �� :,,.__
<br /> . acdon or pmceedin�,whether civil or criminal.is begun that in Lxnder's gaod faith judpnent wuld result ia forfeiUUe of the - �'"'��_
<br />-,i� property or othervvise mate�iallY impair ehe lien created by this Secarity lnsuument or Lender's sec,�wity interest.Borrower may �;-__
<br /> ,'=.�_.-a
<br /> �� c�ue sach a default and reinstate,as provideil in paiagzaph 38.by cavsing the action or proceeding to be ditiwissed wich a mling , • _;,�..,.,-
<br /> _ u . ,..�-_
<br /> ' that, in Leader's good faith determination, precludes forfeitare of the Borrower's intemst in the Property or ot�er material , •• �,�_,.
<br /> impaiiment of the lien creaced by this Security Iasmuaent or Lender's security interest. Borrower shap aLtio be in default if • _
<br /> . Boaower,dnring the loan application process,gave materially false or inaccurate infomiation or statements to Lender(or failed � " � ' �-`
<br /> r• •
<br /> . 'y�_:.,
<br /> - • to provide Lender with aay material informadon)in connecaon with tha loan evidenced by the Note.including,but not limited . ��..
<br /> of the Pro e as a rinc al residence.If tl�is Security lnstrument is on a .��Y-
<br /> '� to.representations concecning Bomower's occupancy P nY P iP . • .:.--
<br /> leasehotd. Bormwer shall comply with all the provisians of [he lease. lf Boaower acquires fee 6de w the Properry, the .,. il�;�'..
<br /> � • leasehotd and the fee tide shall not merge aWess Lender agrees to the nierger in writing. ,. '�°`-' '
<br /> ` 7.Prote�tion of Lendes's Rights in the Property.If Borrower fails to perform the wvenants and ageements contained in �� "� " .
<br /> � .1 �
<br /> j . tlus Seciuiry lnstrament.or there is a legal proceedin�that may significantly affect I.ender's rights in the Property(such as a : : ; ' .
<br /> � proceedin�in bankruptcy.probate.far condemnadon or farfeiture or to enforce laws or tegulations).then Lender 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 svms secured by a lien which has priority over this Security lnstrument, appearing ia court. paying
<br /> ' reasonable attomeys'fees aad entering on the Property ta make repaiis.Althuugh Ixncler may take action umler this paragraph . . , ,
<br /> �� 7,Lender does nat have to do so.
<br /> Any amounu disbursed by Lender under this peragraph ? shall bewme addidonal debt of Borrower secured hy this
<br /> '��' i Security Insuument. Unless Borrower and Lender agee to other terms of payment,thesr amaunts shall bear interest from the
<br /> ` date of disbursement at the Note rate and shall be payable. with interest. upon notice froa� Lxnder to Borrower requesdng i ; . . �
<br />''�•; ' payment. ' . _ . :
<br /> � S.Mortgage InSUrance.If L.ender required mortgage inswance as a eondition of makins the loan sec:ured by this 5exurity � � .
<br /> ' Inswment. Bonower shall pay the premiums tequirecl to maintain the murtgage insurunce in effest. lf. for any reason, the '
<br /> '� mortgage insurance coverage required by Lender lapses or ceases to be in effect.Bonower shall pay the premiums reyuirec!to : .
<br /> obtain coverage substanrially equivalent ta the murtgage insurance previously in effea;t.at a wst substantially eyuivalent to the i
<br /> • wst to Bonower of the mortgage insurance previoasly in effect, frum an altenute mortgage insurer appruved by lxuder. If
<br /> . � substantially equ�valent mongage insurance wverage is uot available.Barrower shxll pay to L.ender each month a sum eyual to
<br /> one-twelfth of the yeetly mortga�e insurenc;e premium being ptiJ by 8orrower when the ituvrance cuveragc tap�eJ or�ecl tu
<br /> � be in effect. Lender will accept,use and retxin these paynients as a loss reserve in lieu uf mortgage insur.u��. La�ss teserve ; . �
<br /> Fotm 3028_�l90 ! � '
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