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<br /> • • �-r•� i.�c�.��rp. Borrower shall k the im rovements now eacistin or hereafter erected on We `` . .`,, �� �` ~'
<br /> ,� 5. HarBrd or Prop�ty � P g . `,� :;
<br /> '`` ' ��,r, Pcoperty insured againsY loss by f�re.ha7ards included within the term "extended coverage"and any other hazards.ittciuding , . - ` "{
<br /> ' floods or flooding,for which Lender requires insurance. This insurance shall 6e maintained in tfte amounts and for the periads� � `` ��`�'. '
<br /> . : r':�."�-."� . - ....
<br /> that Lender requires.The insntance carrier pro�iding the insurance s h a l l be c hosen by B orrower su bjec t to I.e n der s ap p r o v a l� ��.. �V�� <<
<br /> . �•
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<br /> ._� _ which shall not be unreasonably withhefd. If Borrower fails to maintaia coverage described above. Lender may, at Lender's 0 _
<br /> option,obtain caverage to protect ixnder's rights in the Property in accordance with paragraph 7. �:. • �•
<br /> . , _ All insuranre palicies and renewals shalt be acceptable to Lender and shall inclade a standard mortgage clause. Lender� • , •�
<br /> - . "�` shall have the right to hold the policies and renewals.If Lender requires,Bonower shall promptly give to Lender all teceipts of� .`f.�`
<br /> � " paid premiums mtd renewal natices.In the event of toss,Borrower shall give prompt noGce to the inwrance carrier and Lxnder.� ' � -�- �
<br /> � ' �'�� Lender may make proof of loss if not made{�romptfy by Borrower. �
<br /> . ._..{ . '.'-.::__��F.'
<br /> Unless l.ender and Borrower otherwise agree in writing,insurance praceeds shall be applied to restoration or repair of the�
<br /> . � ' - .y Property damaged.if the restotation or repair is economically feasihte and Leader's secvrity is aot lesserted.If the seswration or ,,., �',�".'�"�:'
<br /> • , •� repair is not economicaUy feasble or Lender's security would be tessened.the insurance procxeds shall 6e applied to the sums , .
<br /> , ?'"� secured by this•5ecvrity Instrument, whether or not then due, with any excess paid to Bornower. If Borrower abandons the
<br /> •• Property,or does not answer within 30 days a natice from Lender that the insurance carriet has offered to settle a claim,then �<,; ,<;;'..t::�. _
<br /> Lender may oolled the insurance proceeds. Lender may use the proceeds to repair or restore th� Property or to pay sums � � -
<br /> :' .. - secured by this Secvrity Instrument.whether or not then due.The 30-day period wilt begin when the notice is given. : .�..� `:•.<:—__
<br /> � ` Unless Lender and Bormwer otherwise agree in writing, any application of pmoeeds to principal shall not extend or � --
<br /> ;. <... .� ' -
<br /> � postpone the due date of the monthly payments refemed to in paragraphs 1 and 2 or ch�nge the amonnt of the payments. If ' ��:"' •. � �g
<br /> �.. . ,:� _ •_-- `-
<br /> , _ under paragraph 21 the Properry is acquired by Lender,Borrower's right to any insurauce polieies and proe�eeds resuiting fcom -__
<br /> ,. ; �.'°�, damage to the Property prior to the acquisition shall pass to Lender to the extent of the sum5 secured by this Security Insuument ' � � ;�
<br /> immediately prior to the acquisiEion. < � jY. {
<br /> . 6.O c c apaacy,P r e serva t ton,M a i n tenance a n d P c o t e c t f o n o f t h e P r o p e rt y;B o r r o w e r's L o a n A p p l t c a t[o n;L e a s e h o l d g. t '�''r'�"'�°.
<br /> '. - - - Borrower shall occupy.e.ttablish,aud use the Property as Borrower's principal residence within sixty days after the execution of _ :�_ ,f,���!�=`.
<br /> this Security Instrument and shall continne to occupy the Property as Bnrrower's principal residence for at least one year after
<br />--�. � • F' the date of occupancy. unless Lender otherwise agrces in writing,which consent shall not be unreasonably withheld,or unless �
<br /> '' �; ,: � extenuating circumstances exist which are beyond Borrower's control. Borrower shalt not destroy, damage or impair the : '..�'
<br /> Property, allow the Pr+opzrty to deteriorate, or commit waste on the Property. Bonower shaU be in default if any forfeiture =,�"i:� -
<br /> • � action or proceeding,wheiher civil or crimic�al.is begun that in Lender's goad faith judi;ment coutd result in forfeitnre of the � • � : �;
<br />. Property or otherwise materially impair the lien created by this Security Instniment or Lender s security interest. Borrower may `' �
<br /> � . . cure such a default and minstate.as provided in paragraph 18,by causing the action or proceeding to be dismissed with a ruling , •
<br /> , :'r,r: „ ; „�..
<br /> .� tha� in Lender s good faith determination, precludes forfeiture of Ute Borrower s interest in the Property or other material
<br /> ' � ' impairment of the lien created by this Security Insuument or Lender's security interest. Borrower shall also be in default if ' ��
<br /> . " ►.�sl�i�
<br /> , ' . � Borrower,during the laan application process.gave materially false or inaccurate informauon or statements to Leader(or failed ���
<br /> ,.. .. .,..
<br /> :` „ •���-
<br /> � to provide Lender with any material information)in connection with the loan evidenced by the Note.i�lading.but not limited , :�:� ��"'
<br /> � �.
<br /> � to.representations conceming Borrower's occupancy of the Property as a principal residence.If this Security lastrument is on a � '���
<br />" - leasehold. �onower shall comply with ali the provisions of the lease. If Borrower acquires fee title to the Property, the •� •' ���-
<br /> leasehold and the fee title sha1J not merge uniess Lender agrees ro the merger in writing. .. ' ���;
<br /> . ,�.;• 7.Pruteetion of Lender's Rights in the Properiy.If Barrower fails to perform the covenants and agreements cantained in ' � ::' �r:.�-_.---
<br /> " this Security Instrument,or there is a legal praceeding that may significandy affect Lender's rights in the Property(such as a °--�-_ __ —.
<br /> . � ' proceeding in bankruptcy,probate, for condemnauon or forfeiture or to enforce laws or regulations),then I.ender may do and • � ,� �:�:-�-��
<br /> � � .- - pay for whatever is necessary to protect the value of the Praperty and Lender's righu in the Property. Lender's act{ons may � : !� `�
<br /> • • . incWde paying any sums secured by a lien which has priarity over this Security Instrument, appearing in court, paying , •• _
<br /> . reaso�wble attorneys'fees and entering on the Property ta make repairs. Although Lender may take action under this paragraph :� � . ' `��
<br /> 7,Lender does not have to do so. . � •
<br /> : . Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrower secured by this ' •
<br /> - . Security Instrument. Unless Borrower and Lender agrec to other terms of payment. these amounts shall bear interest from the '" � ' . . ;
<br /> , � . date of disbursement at the Note rate and shall be payable. with interest, upon notice from Lender to Borrower reynesting �.' �
<br /> ., , paymene. . . , ;,.
<br /> . . . S.Mert�age Insurance.If Lender rcquired mortgage insurance as a conditian of making the loan secured by this Security �" '� • •
<br /> ::,.,L
<br /> : Insirument. Borrawer shall pay the prcmiums required to maintain the mortgage insurance in effect. lf, far any rqsan, the � .
<br /> � � � mortgaae insurance coverage required by I.ender lapses or ceases to be in effect.Borrower shall pay the premiums required to . � ' . ' ,
<br /> obtain coverage substantially equivalent to the mortgage inrurance previously in effect.at a wst substantially equivalent to the � � �
<br /> cost to Borrower of the mortgage insurance previously in effect, fram an altemate mort�age insurer approved by Lender. lf ' • .
<br /> '., substantially equivalent mortgage insurance coverage is not available.Barrower shall pay to Lender each month a sum equal to � �
<br /> � one-twelfth of the yeariy mortgagc insurance premium being paid•by Borrower when the insurance wverage lapsed or ccascd to • • ` .
<br /> • be in eifect.Lender will accept, use und retain thcse payments as a loss reserve in lieu of mortgage insurance. Loss reserve . .
<br /> .' . , Form 3028 9l80 ' � .
<br /> - � Pape 3 of 8 ' .. � ..
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