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<br /> ' ' Ali uisurance poticies and renewats shall be acceptable to Lender aad shall include a standard mortgage clause.Leadet' � � • �
<br /> , " . - shall have the right to hotd the policies sad renewais.If I.ender requit�„ Bortower shall prompily give w Lender all _ • - ;u :
<br /> , • ` , seceipts of paid premiums amd renewal notices.In the event af Ioss,Horrower shall give prompt notice to the insuraace C� .;�`, _ .
<br /> . carrier ead I.euder.Lender may make proof of loss if uot made promptly by Borrower. � <<�:..<< ;,�_; ;:.' f�
<br /> ' . • :.. � Unle�I.ender and Borrower otherwise agi�ee in wriYing.insurance proceeds sball be applied to restoration or repair of � `�` � � ..
<br /> •�,;.� the Psoperty damaged, if the restoratioa or repair is eoonomically feasibte and Lender's security is nat lesseaed.If the � <• :,
<br /> '�:� `. _ restoraiion or repair is aot economically feasibis or Leader's securitp would be lesseued,the insnrauce groceeds shall be � -----
<br /> }� � aPPked to the soms sec�ued by this Security Instrumen�whether or not then due,with any escess paid to Borto�rer.If � - .
<br /> ` : - Botcower abaadons the Property.or doe�a not answer wit}un 3d daps a notice fmm Lender that the insurance carrfier bas� �;'.��=::= ' • , ',-.
<br /> � " oHered to settle a claim.then Leader map collect the insuraace proc�eds.Lender may use the proceeds to repair or restore <, ' .. ;
<br /> ,; �- . � the Property or to pay sums secured by this Secusity Instrument,whether or not then due.The 3U-day period will hegia� • '
<br /> -� . . �.,
<br /> � . �` when the aotice is given. ;:
<br /> • Ualess Leader and Borrower otherwise agree ia writiag,anq application of proceeds to principal shall not eatend or `
<br /> ` . �� . postpoae the dus date of the monthly payments referred to in paragraphs 1 aad 2 or change the amount of the paymeats.If c` �-�
<br /> ' � under paragrapb 21 the Progerty is acquired bp Lender,Borrower's right to any insurance policies and praceeds resulting � ' •-+r�__
<br /> t ' from damage to the Praperty prior to the acquisition ehalt pass to Lender to the eatent of the sums sec�red bq this
<br /> - `. , , Secwitq Iastrumeat immediatelq prior to the acquisition. o- �� —"-_
<br />; ` ' 6.Uccupaacq. Preservation, Maiateaeace aad Protection of the Property; Borrower's Loan Application;
<br /> - ' ., I.easeholds. Borsower shall occupy,establish,and use the Property as Borrower s principal residence witbin siaty days -
<br /> . aftet the egecution of tlris Secu�itq Instrument aad shall wntinue to occupp the Property as Borrower's principal residence �.�;,,. '-` - -
<br /> •• for at least one pear a#ter the date of accupancy. untess Lender otherwise agrees ia writing, wluch consent shall not be • '=
<br />:�E � , � unreasonablp withheld,or unless eatenuating circumstances esist which are beyond Borrowe�s wntrol.Bamower shall not � ��F—_
<br /> . �' destroy,damage or impair the Propertp,allow the Property to deteriorate,or commit waste on the Property.Borrower ' �`'�" =-=
<br /> • shall be in default if any forfeiture action or ptoceeding,whether civil or criminal, is begun that in Lender's good faith _ --.
<br /> ' judgment cauld result in forPeiture of the Property or otherwise raateriallq impair the lien created bq this Security " -
<br /> ' � Iusuvment or Lender's security interest.Bosrower may cure such a default asld reinstate,as provided in paragraph 18,by , �'"' ``-
<br /> ` `; �:._..__
<br /> ;���^ causing tbe action or proceeding to be dismi�ed with a ruliag that, ia Le7tder's good faitb determinatiaa, precludes - s��-
<br /> �' .. forleiture of the Barrowes's inter�t ia the Property or other material impairment of the lien created by this 5ecurity y`" ' •�,;:��
<br /> � ' Instrument or Lender's security iaterest.Borrower ehall also be in default if Borrower,duriag the loan application proce�. � �`�`=
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<br /> •:!�. . . . � '_=`. gave materislly false or inaccurate iaformation or statements ta Lender(or failed to provide Lender with any materisi � '�.,... �_-,_.
<br /> .. . . • -. '{ information)in connection with the taan evidenced by the Note,including.but wot limited to.represeatations conceming =:,4..,..,; �° __�
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<br /> � � ` Borrower's occupancq of the Property as a principal residence.If this Security Instrument is on a leasehold,Horrower shall . �.-�
<br />-t;s�'� ` comply with all tha provisions of the lease.IY Borrower acquires fee title to tha Property.the leasehold and the fee title � �
<br /> ' "� , shall not merge unless Lender agees to the merger in writing. • � -`-:�%=.'=-=
<br />`��"�� . ' . 7. Protection of Leader's Rights in the Property. If Borrower faila to perForm the cavenants artd agreemeata . �"-�'�
<br /> _ � � ' � contasned in thia 5ecurity Instrument,or there is a legal proceeding that may significantiy affect Lender's rights in the -����
<br /> � �' Ptopertq(such as a proceeding in bankrupuy,probate,for condemnation or forfeiture or to enforce laws or regulatione), �. `
<br /> � - � � ��� � � then Lender may do and pay for whatever ia necessary to protect the value of the Praperty and I.ender's rights in the ' '�"-=
<br /> '•�� ° • ,: g.�.
<br /> . • �_ Ptoperty.Lender's actions may iaclude paying any sums secured by a lien which has priority over this Secutity Instrument, . � � . Y�:�"'�
<br /> ." � . •� � BPpCSi111g fil C011ft,payiag reasoaable attorneys'fees aad entering on the Property to make repairs.Although I.ender may •. , ��- '�—
<br /> -� . take action under this paragraph 7,Lender dae9 not have to do so. , �� °�''�
<br /> � Any amounts disbursed by Leader under this paragrepb 7 ehall become additional debt of Borrower secured by this �
<br /> � ' • Security Instrument.Unless Borrower and Lender agce to other terms o4 payment,these amounts shall bear interest from � � �-
<br /> , . the date of diabursement at the Note rate and shall be payable, with interest. upon notice from I.ender to Borrower , �� �
<br />:: {. � . requestiag papment. ,
<br /> • �-
<br /> � 8. Mortgage Insurance.Ii Lender required mortgage insurance as a condition of making the loan secured bq Ehis �_
<br /> - • : ' Security Instrument,Bonower shall pay the premiums required to maintain the mortgage insvrance in effect.If,for any •�
<br /> � ' reason,the mortgaga insurance coverage required by Lender lapses or ceases to be in effect, Horrower shatl pay tha • . � ��:�
<br /> ' remiums r uired to obtain covera e substantiall � '��''�' '
<br /> , . p eq g y equivalent to the mortgage insurance previously in effect.at a cost ' ,
<br /> .. . . substantiaUy equivalent io the cost to Borrower of the mortgage insurance greviously in effect,from an altemate mortgage '
<br /> . . insurer approved by Lendes.If sabstantially equivalent mortgage insurance coverage�a not available.Borrower shall pay to , . �
<br /> . I.ender each month a sum equal to one-twelfth of the yearly mortgage insurance premium being paid by Bono�ver when � •
<br /> � the insutance coverage lapsed or ceased to be in effect.Lender will accept,use and retain these payments as a toss reserve � � .
<br /> �. in lieu of mortgage msurance.Loss reserve payments may no longer ba required,at the option of Lender,if mortgage • . .
<br /> �. � • insuranca coverage(in the amount and for the period that Lender requires) provided by an insurer approved by Lender � '
<br /> °' : again becomes available aad ia obtained. Borrower ahall pay the premiums required to maintain mortgage insurance ia ' � •
<br /> . efPect, ot to provide a loss reserve,until the requirement for mortgaga insurance ends in accordance with any written • � .
<br /> . . , agreement between Borrower and Lender or applicable law. � �
<br /> . � 9. Inspectioa.Lender or its agent may make reasonable entries upon and inapections of the Property. Lender shall • ' .
<br /> . � giva Borrower notice at the time o4 or prior to an inspection specifying r.easonable cause for the inspection. . :
<br /> ' Pege 3 0!6 Form 3028 9190 . �
<br /> I •
<br />: � CMORT3/NECMT3 9fi67975 � . :
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