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<br /> � �- � � 5.Hazard or Property Insurance. Borrower shali lceep the imProvements now existing or hereafter erected on the Property ! .
<br /> ` ,'� insurcd against loss by 1'uc,hazards included within the tem► "eatended covcrage" and any other hazards,including noods ar �
<br /> � " � ? tlaading,for which Lender requi�es insurance.This insueance shall bc a�aiatained in the acnounts and for the periods that L.ender� , ( ' .
<br /> � tec�uires,Thc insurance carrier providing the insurance shall be chosen by Boaower subject Eo Lender's approval which shaU not�
<br /> ,� :�.� be unreasonably withheld. If Borrawer Pails m maintain coverage descnbed above, I.ender may. at Lender's option. obiain f , `�,, .- � •
<br /> - . � covera ge tn protect Lender's rights in the Property in accordaace with paragraph?.
<br /> • "i .
<br />- - --- '-- - All insurance policies and ra►ewaLs shall 6e acceptable to Lender and shall include a standard mortgage clause.Len d e r s h a l l� - --
<br /> - • have the right to hold the policies and renewals.If Lender requires.Barrower shall promptly giva to Lender all receipts of paid� f '- .
<br /> :;; praniums and renewal natices.In the event of loss,Borrower shall give prompt notice to the insuranee carrier ar►d Lender.Lender� t .' .
<br /> � i may makc pmof of loss if not made prompdy by Borsower. , -
<br /> . Unless L.ender aud Borrower otherwise agnee in writing,insurance praceeds shall be apphed w restorauon or repait of the� `-� - - - - ' .°
<br /> ' `� property damaged,if the restoration or repair is ecanomically feasible and Lender's security is not lessened.If the re�toraiion ar ,
<br /> repair is noi economically feas�le or Lender's security wo�ld be lessened,the insurauce proceeds shall be agplied tn the sums ,: .
<br /> � secured by this Security Instrument, whether or not then due, with any excess paid to Borrowes. If Borrower abandons the , ; � . �-.
<br /> . Property,or does not answcr within 30 days a notice from Lender that the insurance cazrier has oifered to settte a claim,then � �- .:: `�:`-:_
<br /> : .`, Lender may collect the insurance proceeds.Lender may uss the proceeds to repair or restore the Propexty or to pay sums secured �._`;�m<L
<br /> ;�,�,,,
<br /> :. by this Sec.vrity lnstrwnent,whether or not then dae.The 30-day period will begin when the notice is given. ; _; �� ��--
<br /> � Unless Lender and Borrower otherwise agree u►writin8,anY application of proceeds to pru►cipai shall not extend or postpoae .�_-
<br /> � �he due date of the monthly payments refernd to in paragrapbs 1 and 2 or change the amount of the payments.If uader paragraph • � �'�'"�.
<br /> �c ..:�;::�..•
<br /> : � 21 the Property is acquired by L.ender,Bonower's right to any insurance poliaes and praceetis resuhirtg from damage to ttte -. , :y ,���
<br />-�- � �P�Y Prior w the acquis'stioa shall pass w l.eatder w ihe eatent of the sums secured by this Security Instrument imme�iately ... '.•.�:
<br /> � prior to the acquisition. -- •-�';�'
<br />�-'� . 6.Occupancy,Preservation,Maintenance and Protection of the Property; Borrower's Loan AppUcatioa;Leaseholds. ,
<br /> s �� Bormwer shall occupy.establish,and use the Property as Borrower's principal residence within sixty days afu7 the execution of � �:t�,;Y
<br /> ` � this Security Insuument and shall continue to occupy tha Property as Borrower's principal residence for at least one year afeet t�e • `,�'` `=• .
<br /> . , . ; ; ` • �-`��
<br />'F . . �.a,..�„:
<br />-� ` ". date of occupancy, unless Leader othenvise agrees in wricing, which conseat sdall not be unreasormbly withheld, or unless ��;
<br /> eatenuating circumstances exist whicb are beyond Borrower's conuol.Borrower shaU not destroy,da�nage or impair the PropertY, ,°�:� �
<br /> ��:
<br /> • allow the Prapeny w deteriaratc,ar comaut waste on the Properey. Borrawcr shall be in default if any forfeiwre action or ..-���
<br /> '�,.o.�.�'??3�„
<br /> . proceeding,whether civil or ciiminal,is begun that in Lender's gaod faith ludgmeat co�ld result in farfeiture of the Property or . � •js?�:�_
<br /> � ' otheraise materiatly impair the lien cxeated by this Security Inswment or Leader's security interes�Borrower may cure such a '.�;;^�;:.i
<br /> � � default and reinstate.as provided in paragraph 18,by causing ehe action or pmceeding w be dismissed with a mling that.in r
<br /> � �� Lcnder's good faith deteaninatian,precludes forfeiture af the Borrower's interest in the Property or other material impainnent of . �;�`._
<br /> � • � ehe lien cresud by tbis Securiry Insuument or Lender's security interest.Bosower shall also be in default if Bonower,during the „ =''''
<br /> 1,y�,
<br /> �� ' . toan appfication process,gave maurially false ar inaccurate inforn�ation or statements to Lender(or faited to provide Lender witii '°��� ,�
<br /> any material information) in connection with the loan evidenced by the Note, ineiuding, but aoi limited to, rePreset►tations ,. .;-�_-
<br /> . , conceming Bonower's occupancy of the Property as a principal residence.If this Security Inswment is on a leasehotd.Bonower ..,-�.,'.:;�_.
<br /> • shall comply with all thc provisions of the lease.If Boaowcr acquires fce dde w the Property,ihe leasehold and the fee 6Ue shall :..._�;._r
<br /> • ' - not merge unless 1.cnder agrees to the merger in writing. ' '=' -�
<br /> 7.Protectian of Lender's Rights[n the Property. lf Borrower fails to pedorm the covenants and agreements wntained in �"��
<br /> . this Security Inswment,or thcre is a legal pmcecding that may significanAy affecc Lender's rights in the Property (such as a � ,, ;;qT
<br /> : � proceeding in bankrupccy,probatc,for condcmnation or forfeiture or to enforcc laws or regulauons),�hcn Lender may do and pay � .. ;�
<br /> � �� � for whatcver is neccssary to protcct the value of the Property and Lcnder's rights in the Property.Lcndcr's acdons may include . ; i��
<br /> :.s�-.
<br /> � paying any sums secured by a lien which has prioriry over this Security Instrument,appearing in court, paying reasonable , ;
<br /> aaomcys' fccs and cntcring on thc Property to makc rcpairs.Although L.cndcr may talcc ac6on undcr this paragraph 7.L.cnder '��`-�.;-_,
<br /> ` docs not havc to do so. ' '
<br /> '..�s, . ' Any amaunts disbursed by Lender under this paragraph 7 sh�ll become additional debt of Borrower secured by this Security • . , .
<br /> � • ,� Insuumcnt Unlcss Borrowcr and Lendcr a�ree to other tem�s of payment,these amounts shal!bcar intetcst from the datc of , .. , .
<br /> � disbarsemcnt at the Note race and shall be payablc,with intcres�upnn noticc from Lender to Borrower requesdng paymen�
<br /> . � S.Mortgage Insurance. If Lender reqnired mortgage insurance as a condition of making the ioan secured by this Secwity � .: .
<br /> � Inswment, Borrowcr shall pay the prcmiums rcquircd to mainiain Ihe mortgagc insurance in cffec� If, for any rqson, thc -
<br /> mon�age insurance coverage required by Lender lapses or ceases to be in effect,Bonower shall pay the premi�uns reyuired to
<br /> - � obtain coverage substanpally equivalent to the mortgage insuranca previously in effect,at a cost substantially equivatent ta ihe
<br /> � � cost ta Borrower of �hc mortgagc insurnnce prcviously in cffec� from an altcmatc mortgagc inswcr approvcd by Lcndcr. If •
<br /> � � substantially cquivalcnt mortgage insurancc covcragc is not availablc,Borro�ucr shall pay w Lcndcr cach month a sum cqual to
<br /> • one-twelfth of the ycarly mortgage insurance premium bcing paid by Bonower when the insurance coverage lapsed or ceased to ,
<br /> . bc in cffcct. Lcndcr will acccpt, usc and retain thcsc paymcnu as a loss rescrvc in licu of mortgagc insurancc. Loss rescrvc
<br /> • Fo�m 3028 9I90 �
<br /> �•8R(NE)�92�21-ot aago 3 oi e imuais: ,
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