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<br /> � ������ � 41 I�
<br /> , • �. Hazard or Property Insurance. Bortower shall keep the improvements now exist�d�ereafter erected on F ��
<br /> the Property insured against loss by fire,hazards included within the term "extended coverage" and any other hazards, f; • �
<br /> � ineluding floods or flooding,for which Lender requites insurance.This insurance shall be maintained in the amounts t � '
<br /> � ± and for the periods that Lender reqvires.The ir�surance carrier providing the insurance shall be chosen by Borrower ' �. : :'°
<br /> ' subject to Lender's approval which shall no:be unreasonably withheld.If Bonawer fails to maintain coverage described � • � -
<br /> � above. Lendet may,at Lender s option,obtain coverage to protect Lender's rights in the Property in accordance with
<br /> , ParaBraPh 7. �� < •:
<br /> - All insurance policies and renewals shaIl be acceptable to i.ender and shail include a standard mortgage clause. • � - - . - r --
<br /> I.ender shall have the right to hold the policies and renewals. If Lendsr requires, Borrower shall promptly give to . .
<br /> Lertdet all receipts of paid premiums and renewal notices.In the event of loss,Borrower shall give prompt notice to the � , .
<br /> ' insuraace carrier and Lender.Lender may make proaf of loss if not made promptly by Borrower. �'
<br /> f Uriless Lender and Bonower otherwise agee in writing,insurance proceeds shall be applied to restoration or repair _ ' _:_ _w
<br /> �t of the Propertp damaged,if the restoratian or repair is economically feasibte and Lender's security is not lessened.If the . �
<br /> restoration or repair is not economically feasible or Lender's security would be lessened,the insurance proceeds shall be • � • -
<br /> applied to the sums secured by this Security Instrument,whether or not then due,with any escess paid to Bonower.If ' ' � ;�
<br /> Borrower abandans the Progerty,or does not answer within 30 days a notice from Lender that the insurance camer has � " `` ' ' '—
<br /> offered to settle a claim, then Lender may collect the insarance proceeds. Leader may use the proceeds to repair or ' s,�"�"�,-
<br /> restore the Property or to pap sums secured by this Security Instrument,whether or not then due.The.30-day period will • _ -. ' -
<br /> ` begin when the notice is given. ;:� �• �;�s
<br />• Unless I.ender and Borrower otherwise agree in writing,any application of pruceeds to principal shall not estend or '�'r;��+;� �� ° ' �-
<br /> postpone the due date of the monthly papments referred to in paragrap'as 1 and 2 or change the amount of the paymenis. '� • ; ��`"'='�
<br /> •.;,:•`, -•:. � ,
<br /> If under paragraa�� 21 the Praperty is acquired by Lender, Borroccer's right to any insuras�ce policies and procee�s � �. . : : '�•, `���`>•�—
<br /> • t::. � ' ''S`��
<br /> . resulting from�amage to the Praperty prior to the acquisition shall pass to i,end�r to the estzat o�the sums secured b5 . . �� ���.
<br /> , ��� tlus Szcuritq Instrument imffi�diately prior to the acquisition. ` ; .�,,, , ;;,� ��
<br /> � 6.�ccupancy.Preservation,Maintenance and Protection of the Propsriy; Bonower's Loan Application; �':'�,;;
<br /> �"; Leassholds.Borrower shall occupy,establish,and use the Propertq as Bonower's principal residence within sisty days ' = �. �!�� -�
<br /> after the eaecution of this Security Instrument and shall continue to occupy the Property as Borrower's principal ;�,�,� +#`���";
<br /> ' residence for at least one year aftec the date of occupancy,unless Lender otherwise agrees in writing,which conseat shall . . .: �.`; ; ..
<br /> ' not b e unreasona b l wi t h he l d,or un less e x t e nua tin circum s t a nces e x i s t w h i c h a r e be o n d B o r r o w r r's c o n t r o l.B o r r o w e r • ' "'•�
<br /> , shall not destroy.damage or impair the Property,allow the Property to deteciorate yor commit waste on t he Property. , . '�� t
<br /> Bonower shall be in default if any forfeiture action or proceeding,whether civil or criminal,is begun that in Lender's � . *'�,. ����
<br />: 5 good faith judgment could result in forfeiture ot the Property or otherwise materially impair the lien created by thie �` •
<br /> • Security Tnstrument or Lender's security interest. Bonower may cure s�sch a default and re�instate, as provided in - '�
<br /> .: �'*�
<br /> ? paragaph 18, by causing the actian or proceeding to be diamissed with a ruling that, in Lender's goad faith '''`R� �� �
<br /> i determination,precludes forPeiture of the Horrower'a interest in the Property or other material impairment of the lien ' �'��''�''�i ' f
<br /> created by thie Security Instrument or L,ender's security interest.Borrower shall elso be in default if aorcower,during ._' }
<br /> the loan application process. gave matetially talse or inaccurate information or stntements to l.ender (or failed to � �' ��'� .' -
<br /> . •� provide IPnder with any materiel information)in connection with the loan evidenced by the Note,including,but not . �� .�,: .
<br /> - limited to. representatiane concerning Botrower's occupancy of the Praperty as a principal residence. If this Security :;_
<br /> Instrument ie on a leesehold,Aotrower ahaU comply with all the provisions of the lease.If Borrower acquirea tee title to � ��� =���`-'r'
<br /> � the Property,the leasehold end the fee title shall not merge unless Lender agrees to the merger in writing. '�:�-, �".°="'=---
<br /> � 7. Protection of I ander's Rights ia the Property.If Borrower fails to perPorm the covenanta and agreements ,�' '�+��
<br /> conteiaed in this Security[nstrument,or thete is a legal proceeding that may significantly affect Lender's rights in the '��`i-�.'�—_ ``1
<br /> Ptoperty (such as a proceeding in bankruptcy, probats. for condemnation or forPeiture or to enforce lawe or � -�,�;�_�� �
<br /> regulations),then Lender may do and pay for whatever ia nece�sary to protect the value of the Property and Lender's
<br /> � righte in the Property. Lender's actions may include paying any sums secured by a lien which has priority over thia :;��
<br /> ;_� Secutity Instrument,appearing in court,paying reasonable attorneys'fees and entering on the Property to make repaire. ' -, ' '`.
<br /> Although Lender may take action under this paragraph 7,Lender doea not have to do so. �+`• `-�`�=
<br /> � A n y a m o u n t s d i s b u r s e d b y L.e n d e r u n d e r t h i a p a r a g r e p h 7 s h a l l b e c o m e a d d i t i o n a l d e b t o f B o r row e r s e c u r e d b y t h is :� '
<br /> Security Instrument.Unless Borrower and Lender agree to other terms of payment,these amounta shall bear interest '''""� '' =_
<br /> ' from the date of disbursement at the Note rate and ahall be payable.with interest,upon notice from Lender to Borrower . ���F •.� °�
<br /> ' requestingpayment. '��'��'� �� —
<br /> . . 8. Mortgage Insurance. If I.ender requised martgage insurance as a condition of making the loan secured by this ' Y ` ���.�
<br /> • Security Instrument,Borrower shall pay the premiums required to maintain the mortgage insurance in effect.If,for any " ''
<br /> reason. the mortgage insurence coverage required by Lender lapses or ceasea to be in e4tect,Hortower shall pay the � '
<br /> � premiume required to obtain coverage substantially equivalent to the mortgage insusence previously in effect,at a cost .� _
<br />� svbstantially equivalent to the cost to Borrower of the mortgege insurance previously in effect, from an alternate .•• � ' � • _
<br /> ' martgage insurer approved by Lender. If substantially equivalent mortgage insurance wverage ia not available, . •
<br /> " Borrower shall pay to Lender each month a sum equal to one-twelfth of the yearly mortgage insurance premium being • �� �
<br /> paid by Borrower when the insurance coverage lapsed or ceased to be in effect.Lender will accept,use and retain these . , � ..� �=
<br /> � payments as a los9 reserve in lieu of mortgage insurance. Loss reserve payments may no longer be required, � . _-�--
<br /> �; ' : �.
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