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<br /> �- ~ �� • . � 5. HaTard or Praperiy Insura�tce. Borrower shaU keep the impro��ements now existing or hereafter erected on the `
<br /> }" , . Property insured againct lass by fire, hazards included within the term 'extended coverage"and any other 5azards, includi�g_. ° •� •�
<br />�' ' '` � . �.. :: ' `�
<br /> •_ , � � tloods or flooding, for arhich Lender requires insurance. 'I1�is insurance shalt 6e maintained in thc amonnts artd for the periods �
<br /> �.; -,T that Lencler requires. 7'he insi►rance carrier providing the insurance shall be chosen by Borrawer subject to Lender's approv� ` '. �
<br /> �_ � which shali not be unre�asonably withheld. If Borrower fails to maintain coverage described above. Lender may, at Lender'� - �- � -
<br /> `_t..-.:.
<br />- - � _= ; — aption,e�btain coverage to protect L,ender's rights in the Propeety in accordance witfi paragraph 7 � �--- --_
<br /> All insurance policies and renewals shall be acceptabte to ixnder and shall inclade a standard mortgage clause. Lender � ';;,..� � •
<br /> _ `� - shall have the right to hotd the policies and renewats.If Lender requires,Borrower shall promptty give to Lender all receipts of � " ��' ��' �'
<br /> � = paid premiuins and renevral rtotices.In the event of loss.Borrower shail give prompt notice to the insurance carrier and Lender. � ` -
<br /> `�'� Lender may malce praof of toss if not made promptly by Bormwer. � - _ ,'
<br /> �:�` . � Unless Lender and Borrower othervvise agree in wriGng,insurance proceeds sha11 be applied to restoration or repair of the w .{ ; ` �� -��
<br /> f� �. Property dama ged,if the restoration or r e pair is economicall y f e a s i b l e a n d l.e n d e r's s e c u ri ty i s n o t l e s s e n c d.I f t h e r e s t o r a t i o n o r �
<br /> ; repair is not economirslly feasibte or Lender's security woutd be lessened, the insurance procceds shaU be applied to the sums � "'` �`
<br /> r.ecured by this Security Instrwnent, whether or not the�t due, with any exress paid to Borrower. If Bonower abandons the � ''���. ;
<br /> �' . Property,or does not answer within 30 days a notice from Lender that the insurance carrier has offered to senle a claim.then ' '
<br /> Lender may collect the insurance praceeds. Lender may use the procceds to repair or restore the Praperty or to pay sums " ` _
<br /> ;` • . . � secured by this Security Insuument,whether or not then due.The 30-day period aill 6egin when the notice is given. ` L4`��
<br />- . Unless Lender and Borrower otherarise agree in writing, any applicapon of proceeds to principal shall not extend or :. ;•`':�" '
<br /> ��=� ' os ne the due date of the monthl �g p g p y ` ' `"�:�"°-
<br /> s�;�.
<br /> ;:-: s. P � y payments referred to in ra hs 1 and 2 or chan e the amount of the a menu. If • ,.3_�__
<br />•�� ,_ `� ; under paragraph 21 the Property is acquired by Lender. Borrower's right to any insuranoe policies and praceeds resuiting from ' ° � ' "��_
<br /> v..
<br /> �.:: . - damage to the Property prior to the acquisiuon shall pass to Lender to the extent of the sums secured by this Security[nstrument � � 9=
<br /> �'j imm e diately prior to the acquisition. ,�,'�;:
<br />.,.; •
<br /> • , 6.Occupancy,P�eservatton,Maintenance and Protect�on of the Property;Sorrower's Loan Appl[catian;Leaseholds. �.`��,r'*'�:
<br /> � '.«�•=-`-°
<br /> . Borrower shall accupy,establish,and use the Property as Borrower's principa!residence within sixty days after the execuaan of � ,;,.,. .;:__,�-:
<br /> � ' this Secnrity Instrument and shall continue to occupy 1he F'roperty as Borrower's principal residence for at teast one year after - � ',� ` '
<br /> the date of occu unless[.ender otherwise �_�
<br /> • • � pan�y. agrees in writing,w•hich consent shall aot be unreasonably withheld,or unless • °�.-�:=�
<br /> � . � . extenuating eircumstances exist which are beyond Borrower's controi. Borrower shall not destroy, damage or impair the M,�':.
<br /> , ��P-
<br /> .'�i � , Property, allow the Property to deteriorate. or commit waste on the Property. Borrower shall be in default if any forfeiture • �� �`�°•�'•'
<br /> , , .��
<br /> ; : action or prac.eeding, whether civil or criminal,is begun that in Ixnder s good faith judgment could result in forfeiture of the `'.�` --
<br /> Pro e ar othenvise materiall �m � '�-
<br /> . .' • •' p �'ty y ' pair the lien cceated by this Security Instrument or Lender's security interest.Borrower may , ��'�:�-•_'=
<br /> . � cure such a default and reinstate.as provided in paragraph 1S,by causing the action or proceeding to 6e dismissed with a ruling � • .. � ".'_
<br /> •i that, in Lxnder's good faith determination, precludes forfeiture of the Borrower's interest in the Property or other material �;;:�?.�'�,•
<br /> '`�;. r. ;
<br /> ; impairment of the lien created by this Security Instrument or Lender's serurity interest. Borrower shall also 6e in det'ault if •�"`� � -
<br /> �;;.�r
<br /> - Borrower,during the loan application pracess,gave materially false ar inaccurate informatian or statemen�s to Lender(or failed � •• f�:• �� h�-
<br /> r�t_--
<br /> � .. �� to provide Lender with any material information)in connection with the loan evidenced by the Note,including,but not limited � �''"�
<br /> ::�::,.
<br /> i to, representations conceming Borrawer's occupancy of the Prop�rty as a principal residence. If this Security Instrument is on a ��:'��`
<br /> ' leasehold. Borrower shall camply with ali the provisions of the lease. If Borrower acquires f�e title ta the Propeny, the ' -�_•�'�
<br /> :��� tcasehold and the fee titte shall not merge unless I,ender agrees to the merger in writing. ��—
<br /> , . • 7.Pratection oY Lende�'s Rights in the Property.If Borrower fails to pedorm the covenants and agreements contained in �. . ;i��..
<br /> r . - � � th'ss Security Instrument, or there is a legal proceeding that may significantly affect l.ender's rights in the Property(such as a �••'•�"'
<br /> .;;,'• . ��
<br /> proceeding in bankruptey.probate, for condemnation or forfeiture or to enforw laws or regulationc), then l.ender may do and
<br /> � pay fnr whatever is necessary to prote�:t thc value of the Property and l.ender's rights in the Property. Lendei s aciions may
<br /> � � � include paying any sums secured by a lien which has priority over this Security Instrument, appearing in court, paying � �� . . .
<br /> . i reasonable attomeys' fees and entering on the Property to make repairs.Although l..ender may take action under this paragraph � ' � "
<br /> .. . 7. Lender does not have to do so. - � � "
<br /> , � � Any amaunts disbursed by Lender under this paragraph 7 shall become additional debt of Borrower secured by this ,• � • : �
<br /> Security Instrument. Unless Barrowcr 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 naticc fmm Lender ta Borrower reyuesting � : �
<br /> ::: ,:: . payment. . ..
<br /> , 8. Mortgage Insurance.If Lender required mongage insurance ati a condition of making the laan secured by this Security • '� :
<br /> , , Instrument. Borrower shall pay the premiums required to maintain the mortgage insurance in effect. If, for any reas�n, the �
<br /> mortgage insurance coveragc reyuired by I.ender lapses or ceases to be in eftect. Bonower shall pay the premiums reyuired to ' • �
<br /> , � obtain coverage substantially equivalent to the mortgage insurance previously in effect. at a cost SubstanliaUy equivalent to the �
<br /> . , cost to Borrower of the mortgage insurancc prcviously in effect, from an altcmatc mortgagc inwrer appraved by Lcndcr. If
<br /> , . +ubstantially r,quivalent martgage insurance coverage is nat available. Borrower shall pay to i.ender each month a sum eyual to •. �
<br /> � '� . one-twelfth of the yreriy mortgage insurance premium being paid by Borrower whcn the insurance cavcrage lapseei or ceased to � "
<br /> f^' i be in effect.Lcnder wiU accept.u�e anJ retain thc�e paycncnts as a loss re�erve in lieu of mortgage insurance. I.utis rc�erve •
<br /> - ,«..
<br /> � . � . ' Form 3028 9/90 �
<br /> Payc 3 0�E
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