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<br /> . 5. I�nznrd or Pr��perty lnsurance. F3nrrowcr tihull kcep thc improvements nc�w cxi+ting ��n c�reaftcr crectcJ on thc
<br /> -., Properry insured ugainst loss by fire. hu�ards include<i within the term "extendeJ covcruge" and any uther hur;irds, including
<br /> , f1oc�Js cir flix�ding, for which l�:nder requires insurunce. This insurunce tihall be maintained in the amc�unts und for the peric�ds __
<br /> ihut Lender reyuires. The insuranee currier pr��viding thr insurance tihall be chosen by Borrower�ubject tci Lrnder's approvul
<br /> which shall not bc unrea�imubly wiQ►I�cld. If Burruwer fails tu muintain cu��erage dcscribcd abrn•e. Lender tnay, nt Lrnder'�
<br /> -T� option,obtain coverage ta protect l.ender's rights in the Propeny in aecordunce with paragruph 7. �•r"
<br /> -- All insuranee policies and renewals shall be acceptable to C.ender and shall include u standard mortgage cluuse. Lender
<br /> ' � shall have the right to hold the policies und renewals. If Lendcr requires, Borrower shall promptly give to [.ender all receipts af
<br /> ��"`9"'� puid premiums and renewal nntices.In the event of loss, Hurrower shall�ive prompt notice to the insurance carrier and L.ender. ,
<br /> • l.endcr may make proof of loss if not made promptly by Borrower.
<br /> Unless Lender and Bonower atherwitie agree in writing, insurance proceeds shall be applied to restoration or repair of the _•
<br />. Property damaged.if the restoration or repair is economically feasible and Lender's security is not Iessened.If the restoration or �:.
<br /> .. repair is not economically feasible or I.ender's securi[y would be lessened,the insurance proceeds shall be applied to the sums
<br /> secured by this Security Instrument, whether or not then due, with any �xcess paid to Borrower. If Borrower abandons the =:�"
<br /> Property, ur does not answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim, then �':
<br /> ' Lender may collcct the insurance procecds. Lender may use thc procceds to repnir or restorc the Property or to pay sums ��_
<br /> secured by this Security Instrument,whether or not then due.The 30-day period will begin when the notice is given. �-
<br /> Unless Lender and Borrawer othenvise agree in writin�, any application of proceeds [o principal shall nul �zte»d or --
<br /> postpone the due date of the mon[hly payntents refened to in paragraphs I and 2 or change the amount of the puyments. If �
<br /> " undcr paragraph Zl the Propeny is acquircd by Lender, Borrowcr's right to any insurance policies and praceeds resulting from --
<br /> - �. damage to the Property prior to the acquisition shall pass ta I.ender to ihe extent of the sums secured by this Securiry Instrument �-
<br /> immediately prior to the acquisition. _
<br />_ ' 6. Occupancy,Preservatton,Maintenattce and Protection of the Property; Borrower's Loan Applicution;Leaseholds. —
<br /> ' Borrower shall occupy, establish,and use the Property as Borrower's principal residence within sixty days after the execution of �-_
<br /> �''" this Security Instrument and shall continue to occupy t�ie Propeny as Borrower's principal residence for at least one year after �.,-
<br />� �Y'""`� the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless _
<br /> ""''' '�� extenuating circumstanees exist which nre beyond Borrower's control. Bonower shall not destroy, damage or impair the __
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<br /> "�� Property, allow the Property to detcriorate, or commit waste on the Property. Borrower shall be in defuult if any forfciture =
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<br />"`.����� action or proceeding, whether civil or criminal, is begun that in Lender's good iaicii judgmenc couid rrsuii i��fu.faituic of itie _
<br />'-'�'-�.�:'.'��` Property or otherwise materially impair the lien created by this Securiry Instrument or Lender's security interest. Borrower may
<br /> _���.��;:,;�� cure such a default and reinstate,as provided in paragrapn 18, by causin�the action or proceeding to be dismissed with a ruling
<br /> .:`�"=�{'�K;:{� that, in Lender's good faith determination. precludes forfeiture of the Bonower's interest in the Property or other material
<br />_�_;��;,�,F;��� impairment of the lien created by this Security Instrument or Ler.der's securiry interest. Borrower shall also be in default if
<br />-_='-.�'=�'`"� Borrower,during the loan application process,gave materially false ar inaccurate information or stutements to Lender(ar fai(ed
<br /> ''�`�� to provide Lender with any materiul information)in connection with the loan evidenced by the Note,including,but not limited
<br /> ��e't�� to, representations concerning Borrower's occupancy of the Property as a principal residence.If this Securiry Instrument is on a
<br /> �"-�� leasehold. Bonower shall com I with all the rovisions of the lease. If Borrower acquires fee titic to the Property, the
<br />-- ��• PY P
<br /> _'-'�'�"� leaschold and the fee title shall not merge unless L.cndcr agrees to the merger in writing.
<br /> _=— 7.Pcotectton of Lender's Rlghts in the Property. If Borro�ver fails to perform the covenants and agreements wntained in
<br /> � this Security Instrument, or there is a legal proceeding that may significantly uffect Lender's rights in the Praperty (such as a
<br /> proceeding in bankruptcy, probate, for condemnation or forfeiture or to enforce laws or regulations),then Lender may do und
<br /> --- pay for whntever is necessary to protect the value of the Property and Lender's rights in the Property. Lender's actions may
<br /> -- include paying any sums securr:d by a lien which has priority over this Security lnstrument, appearing in wurt, paying =
<br /> -- reasonable attorneys' fees and entering on the Pmperty to make repairs. Although Lender may cake action under this paragcaph
<br /> �==�=� 7, Lender does not have to do so.
<br /> -�—"'--""� Any amounis disbursed by Lender under this paragraph 7 shall become additional debt of Bo►•rower secured by this -
<br /> - - _._ Securiry lnstrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear intcrest from the
<br /> -----� date uf disbursement at the Note rate and shull be payable, with interest, upon notice from I.ender to Sonower requcsting
<br /> _..._,�_�� payment.
<br /> __'''"� 8.Mortgage Insa�rance.If Lender required mortgage insurance as a condition of making the loan sccured by this Se�uriry
<br /> Instrument, Horrower shall pay the pmmiums required to maintain the mortga�e insurunce in effect. If, for any reason, the
<br /> .�.-,s,..y mortgage insurance coverage required by Lender lapses or ceases to be in effect, Borrower shall pay the premiums required to
<br />—_�'-'-"�� � obtain coverage substantially equivalent to the mortgage insurance previously in effect,ar a cost substantially equivalent to the
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<br /> ''`••�-�.;:� cost to Borrower of the mortgage insurance previously in effect, from an alternate mortgage insurer app��ovcd by L.ender. If �_
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<br />�;�,;:�;��, � substantially equivalent murtgage insurance wverage is not availablc,Borrowcr shall pay to Lender cach month a sum equal to _
<br />_ - - one-twelfth of the yearly mortgage insurance premium being paid by Borrower when the insurance coverage lapsed or ceased to __
<br /> - - be in effect.L.ender will accept, use and retain these payments as a loss reserve in lieu of mortgage insurance. Loss reserve �
<br /> ' ,-� Form 3028 9/90 �
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<br />- ". ' " Pugo 3 of 8 �„
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