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<br /> :� • 5. Biazard or Propeaty Insw�ance. Borrower shall keep the improveme�ts now exisung or hereafter erected on the � � � __
<br /> j Pioperty insured against loss by fire, hazards included within the[erm "extended coverage" and any other hazards, including _ _
<br /> �� floads or flooding, for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods . ; -
<br /> 1 that Lender requims. The insurance carrier providing the insuraace shall be chosen by Borrower subject to Lender's approval . _
<br /> whish shall not be unreas�nably withheld. If Borrower fails to maintain covetage described above, Lender may, at Lender's V
<br /> � option,obtain coverage to protect Lender's rights in the Property in accordance with paragraph 7. � ' ' `
<br /> • '. All insuranrx policies and renewals shall be acceptable to LQnder and shall include a standard mortgage clause. Lender ' .:—
<br /> '� ` shali have the right to hotd the policies and renewals. if Lender requires,Borrower shalt p:omptly give to Lender all receipts of � � , '
<br /> � paid premiums and renewal notices.In the event of loss.Boaower shall give prompt aotice to the insurance carrier and Lender. : ,
<br />, � i Lender may make proof of loss if ao[made promptly by Borrower. ,
<br />.- . and Borrower otherwise a ree in writin ,insurancc roceeds sha11 be applied to restoration or repair of the � '._.�._ _ __�____ _,- -_
<br /> � Unless Lender 8 B P
<br /> . .� progeay datnaged,if the restoration or repair is economically feasible and Lender's security is no[lessened. If the restoration or � � � '
<br /> repair is nat economicaJlv feasible or Lender's security would be lessened,the insurance proceeds shall be apptied to the sums , :.
<br /> � secured by this Securiry Instnutteat, whether or noc then due, with any excess paid to Borrower. If Borrower abandons the
<br /> ' i Property, or does not answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim, then , , . . .._ _
<br /> � '• Lender may collect the insurance pruceeds. Leader may use [he proceeds to repair or restore the Property or to pay sums ,
<br /> secured by this Securiry InstrumenI,whether or not then due.11te 30-day period will begin when the notice is given. --:� "'f
<br /> Unless Lender and Borrower othenvise agree in writing, any application of praceeds to principal shall not extend or � �.
<br /> postpoae the due date of the monthly paymen[s referred to in pazagraphs 1 and 2 or change the amount of the payments. If `. • ___ �..
<br /> uader paragraph 21 the Property is acquired by L.ender, Borrower's right to any insurance policies and proceeds resulting from �`.;.•i._'�_�
<br /> daznage to the Property prior to the acquisition sflall pass to Lender to the extent of the sums secured by this Security Instrument . ,
<br /> •�;��l"�°<3'°"„�;.,
<br /> �' immediately prior to the acquisiuon. '" � �. �
<br /> ,��
<br /> : 6.Occupancy,Preservalfon,Maintenance and Proi�ction of the Property;Borrower's Loan Application;Leaseholds. �_.
<br /> Borrower shall occupy,establish,and use the Property as Borrower's principal residence within sizty days after the execution of ��--
<br /> :;,t_ —
<br /> : this Security Instrumeut and shall continue to occupy the Property as Borrower's princip a l resi d e nce for at least one year after : ` ,. ��. '�
<br /> the date of occupancy,uniess L.ender otherwise agrees in writing,which wnsent shalt not be unreasonably withheid, or unless '•.�.';-:..• .,-- —
<br /> eatenuating circumstances exist which ue beyond Borrower's conuol. Borrower shall not desuoy, damage or impair the � ' :�,�.
<br /> , . Properry. allow the Property to deteriorate, or commit waste on the Property. Borrower shall be in default if any forfeiture . �-----
<br /> acuon or proceeding, whecher civil or criminal, is begun that in Lender's goad faith judgment caWd result in forfeiture of the � � • -�,�,�. ,.
<br /> Property or otherwise materially impair the lien created by this Security lnstrument or Lender's security interest. Borrower may _
<br /> cure such a default and reinstate,as provided in paragraph 18,by causing the action or proceeding to be dismissed with a ruling �= �
<br /> that, in Lender's good faith determinatiun, precludes fodeiture of the Bonower's interest in the Property or other material - '?�' " }� �
<br /> . impaument of the lien created by this Security Instrument or Lender's securiry interest. Borrower shall also be in default if �:�;', � °' ;�
<br /> Borrower,during che loan appfication process,gave materially false or inaccurace information or statements to Lender(or failed ;r � '
<br /> .... ...: ,.
<br /> to provide Lender with any material information)in connection with the loan evidenred by the Note,including,but not limited • .
<br /> to, representadons concerning Borrower's occupancy of the Properry as a principal residence. lf this Security Inscrument is on a ��,:c;.-,, V ��'
<br /> leasehold, Borrower shalt comply with all the provisions of the lease. If Borrower acquires fee title [o the Properry, the �+ � '���'�
<br /> ���,�� ,
<br /> leasehold and the fee tide shall not merge unless Lender agrees to�he merger in writing. �� �yer,�- �� •
<br /> � - ?.PcotecGtan af Lender's R[ghts ia the Property.If Borrower fails[o perform the covenants and agreeraents contained in '"=�.�_� �•
<br /> this Security Instrument, or there is a legal proceeding that may significantly affect L.ender's rights in the Propert}+ (such as a �
<br /> �• proceediag in bankruptcy,probate, for condemnation or forfeiture or to enforce laws or regulations),then L.ender may do and ���-� `=�, "=
<br /> ' pay for whatever is necessary to protect the valus of the Propetry and Lender's rights in the Propetty. Lender's actions may
<br /> f�.��,;��°:�:.-
<br /> include paying any sums secured by a lien which has priority over ttus Securiry Instrument, appearing in court, paying ��r���
<br /> ' . -reasonab2e attomeys'fees and entering on the Property[o make repairs.Although Lender may take action under this paragraph �':;�_�,
<br /> 7,I.ender does not have to do so. `�""
<br /> Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Bonower secwed by this "'`
<br /> ���"'
<br /> �' Securiry Instrumen[. Unless Borrower and Lender agree 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 notice from Lender to Borrower requesting '�'�t-
<br /> �, ::,-�:�s.
<br /> '•s paYment. �i�-t'��.�
<br /> 8.Mo e Insurence.!f l.ender r uired mort a e insurance as a condition of makin the loan secured b this Securi "�
<br /> �� �I � g 8 Y �Y .��:��.
<br /> Instmment. Bonower shall pay the premiums reyuired to maintain the mortgage insurance in effect. If. for any reason, the _���••••
<br /> _ 4' morsgage insuram°.e coverage required by Lender lapses or ceases to be in effect. Borrower shall pay the premiums required to Y,�
<br />• ab3ain coverage substantially eyuivalent to the mortgage insurance previously in effect,at a cost substantially equivalent ta the •: ..��."~T
<br /> cost to Borrower of the mortgage insurauce previously in effect, from an alternate mortgage insurer approved by Lender. If , •-
<br /> � �? substantially equivalent mortgage insurance coverage is not available.Borrower shall pay to Lender each montl�a sum equal to ��;�"$"�'"'� '
<br /> � ._.:.-..:.-_,.,.: .��.
<br /> one-twelfth of the yearly mongage insurance premium being paid by Borrower when che insurance coverage lapsed or ceased to � .,n�,,;�,>,,,�:,�,,�;;,;
<br /> ' be in effect.Lender will accept,use and retain these payments as a loss reserve in lieu of mortgage insurance. Loss reserve . _ <•.,: .: .
<br /> Form 30 9! 0 .Y�'ux.~:':������~�
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