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<br /> 5. Hezard or Property Ingurnnce. Borcower shall keep the impravementa now exlsting or hereafter erected on�tlte
<br /> • Propeny iasurul agaiatit loss Uy fire, ha7ards included within the term "eatended coverdge" and any other hazards, including �
<br /> floods or flooding, for which Lendcr requires iusurance.'i'his iasuranc�shall be mainteined in the amounts Fu►d for die pedals
<br /> tl�t Lcader requires. The insurance carrier providing the insuraace shall be chosen by Banower subject to Lxnder's approval •
<br /> _, •' wUich shall not be wueasonably wlthheld. If Bonower fails to maintain coverage described above, Lender may, at L.ender's ,_
<br /> •+� opdon,obtaln coverase to protect Lender's rig6ts in the Property itt accordance with paraBraPh 7• •,
<br /> All insurnnce policies and renewals s�all be acceptable to Leuder and shall ieclude a standard mortgage clause. Lender . _
<br /> „ I shaU have the rlght to hold the palicles and reaewals. If Lender reqiuces,Bonower shall praffipdy give ro Lender all receipts of : . _
<br /> i paid pnnuums and renewal nndces.ln the eveut af loss,Borrower sl�ttll give prompt nodce to the insun►nce currier and Lender. + - i;:.•
<br /> Lender may make proof of loss if not made pmmpdy by Borrower. ����'-
<br /> � . :,t�.ti:,
<br /> Unless Lender and Borrower otherwise agree In wriung,insurance proceeds shall be applied to restoradon or npair of the , ; ,�:_------
<br /> '{ pruperty damaged,if the restorndon or npair is economically feasible and Lender's security is not lessened.If the restoradon or �� �j_
<br /> � repair is not economically feaslble or I.ender's secutity would be lessened,the insurance proceeds shall be applied to the sums :-,`�;��__ _
<br /> + secured by this Security Insuument, whether or not then due, with any excess paid to Borrower. If Borrawet abandons the : �.:
<br /> Property. or dces not answer within 30 days a nodce from Lendee tl�at the lnsur�nce carrier has ofFered W settle a elaim, then �` _"_ -- ----
<br /> � Lender mny collect the insurance proceeds. Lender may use the proceeds tv repair or restore the Property or w pay sums , -
<br /> '"' secured by this Security Inshuraent,whether or uot then due.The 30-day period will begin when the nodce is given. ... __
<br /> � � Unless Lender and Bonower othernise agree in wrlting, any applicadon of proceeds co prtncipal shall not extend or _,`j���
<br /> � '` '� postpone the due date of the monthly payments referred to in paragraplis 1 and 2 or change the amount of the payments. If under ,r�
<br /> " `��� paragraph 21 the Property is acquired by Leader, Borrower's risht to any ir�sur'ance policies and praceeds resulting from '���"��,����
<br /> ���`#`p�
<br /> . •• ! damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Securlty Insuument
<br /> .;,'� immediately grior to the acquisidon. _
<br /> - � 6.Occupancy,Preservatlon,Malntenance and Pcotection o+f the Property;Boaower's Loan Appitcatton�Leaseholds. ;
<br /> �7 BonoNer shall occupy,establish, and use the Property as Boaower's principal residence within sixty days after the execudon of
<br /> ' Securit Instnunent and shall continue to occupy the Property as Bozrower's principal residence for at least one year after ���
<br /> tbus
<br /> _ � y o � , a nnahl withheld, or unless �
<br /> the date ot occupancy,uniess I.ender orherwis� ax�ccs ii,�riting,w�hi;,�r.on�ns.lz..1!aQi be i.nre.s----Y ;.as�
<br /> ' �. extenuating circumstances exist which are beyond Borrower's control. Borrower shull not destroy, dama�e or Lnpair the :::
<br /> � �';'�+ Property, allow the Property to deteriorate.or c:ommlt waste on the Property. Borrower sball be iu defavlt if any farfelwre ��
<br /> action or proceecling, whether civil or ctiminal, is begua that in Lender's good faith judgnent could res�ilt in forfeitun:of the ,-�
<br /> . Property or otherwlse materially impair the llen created by this Secnriry Insuument or Lender's security interest.Borrower may . ,;��
<br />- cure such a default and reinstate.as provlded in paragraph 18.by causing the action or proceeding to be dismissed with a rulin8 •4;
<br /> � that. in I.ender's good faith determinadon, ptecludes forfeiture of the Borrower's interese in the Property or otl�r maurlal _
<br /> , impairment of the lien created by this Security Insuument ar Lender's security Interest. Borrower sball nlso bs in default if :--
<br /> ° � Borrower�during the loan applicadon process,gave materially false or inaccurate infom�asion or statementa to L.ender(or failed ' �
<br /> to pmvide Lender with any material infomzadon)in cannecdan wlth the loan evidenced by the Note,including,but not limited
<br />- � , to,representadons concerning Aorrower's occupancy of the Property as a principal residence. If this Securlty Instrument ie on a _
<br />� " " leasehold, Borrower shall comply with all tbe provisivns of the lease. If Horrower acquires fee title to the Property, the ��__—
<br /> ,�.� ;�,`.�.�,., leasehold aa�d the fee dtle shall not merge unless I.eader agrees to the merger in writing. .�
<br /> '•i�.:.. . 7.Prutediou of I.ender's Rt�l►ts ln t!n Frape:ty.If Honower fails to gerfoim t�e covenants and agt�ements contained in E;-
<br /> -,�:°�;w. :�.� this Sxurity Iastcumenc. or there is a legal proceeding that may significantly affect Lender's rights in the pmperty (such as a �
<br />-°;:',;�r. ; procceding in baalQUptcy,probate,for wndemnadon or forfeittue or to enfonce laws or reguladons), then Lender n�y do aad f::
<br />�:�,,�, : ;� pay for wbatever is necessary co protect the value of the Property and Lender's rights iu the Property. Lender's acdons may
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<br />��=_,�_�, . include paying any sums sec►uecl by a lien whlch bas priority over tLis Securfity Insmuneni. appearing in court, payuig ��
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<br /> -���;�:a. t�easonab�e attomeys' fees and entering on tl�e Property to make repairs. A1tliough Lender may take acdon under this paragraph
<br />�� -`-:��.:ri: 9,Yx�ler does not have to do so. --
<br />�.��°.•� Any amounts disbursed by Lender wder this paragcaph 7 shall become additional debt of Bnnower secured by diis __
<br />�'� -h� � Security Insmiment. Unless Borrower and Leader agree to otlier tern�s of payment.these amounts shall bear interest from tlie =—
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<br /> ��E4`"`"'' "� date of disbursement at the Note cate aad shall 1�e payable, with interest, upon notice from Lender to Borrower requesdng _���
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<br /> paymcnt. =��-
<br /> ,. 8.1VIort�a�e Insurance.If Lender requlred mortgage iasurance as a condidon of malting the loan secured by this Security . �
<br />- Insnvment. Bonower s�hall pay the premiums reqeiired W maincain tae mortgage intiutance in effect. If, for any reason, the ���_-�=-`--"'°-°°�.
<br /> mortgage iusurance coverage reguired by Lendet lapses or ceases to be in effect,Borrower s]�aZl pay the premiums required to --���`��
<br /> obtain coverage substantially equivalent to the mortgage insvrance previously in effect, at a cost snbstantially equivalent W the �:��;,,�,�,---�_�
<br /> cost to Bomower of the mortgage insurance previously in effect, from an altemate mortgage insurer appmved by Lender. If :-,-;�*���;h-�--=_:
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<br />_ + substanrially equivalent mortgage insurance coverage is not available,Borrower shall pay W Lender each month a sum equal ro ~�::;�r:••«._��=�,�
<br /> ��:�.R��
<br /> �. one-twelfth of tIie yearly mortgage Insurnnce pxemium being paid by Aorrower when the insurance coverage lapsed or ceased W . ,a� .
<br /> be in ef�ect. Lender will accept, use and�etain these payments as a loss nserve in lieu of mortgage insurance. Iass reserve �"',`?�?"�� ,.:,_. �
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