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<br /> 5.Hazard or Property Insurance. Borrower shall iceep the impmvements now eacissting or hereafter erected an�e�perty t . . �: ., ��
<br /> � irs�eed against loss by fue. 6a7ards included within the tern► "extended coverage" and any other haaards.including tloods or , ' !:
<br /> � floodiag,for wbich Lender requires insuiance.'I9�is insurance sl�all be maintained in the amouats and for the�riods that I.cnder , , .
<br /> ��,�e���pm�r providing the ins�rance shall be chosen by Boaower subject to Lender's approval which shall not i �
<br /> be unreasonably mittiheld. ff Borrower faiLs w rRainntain coverage described above. Lcnder may, at Lender's option, obtain . � ••
<br /> ruvrz:ge t��ra�Lencler's�h►s�n fiP Pmnerty�accordance with nara¢ranh 7. . �_ _
<br /> -� Aii insurauce po2ieies and�enewals shall ts�acceP�able to I.ender and shaU include a standard mortgage clause.i.ender shall -- r--._ ,` _
<br /> have the r�ght to dold the policies aad renewals.If I.eudea requires,Horrower shall promPttY p�e tn L.ender all receipu of paid
<br /> premiums and renewal notices.In the eveni of loss,Borrower sha11 give prom�t rtotice tn the insurance canier and Lender.L.ender . _
<br /> ° may make proof of loss if aot made promptly by Bmrawer. ' � . . • __.
<br /> Unless Lend�and Borrower otherwise agree in writing,insurance proceeds shatl be applied to�Iation or repair of the f , . , .
<br /> property damaged,if the restoiarion or repair is economically feasible and Lender's securiry is not lessened.If the restoration or f •
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<br />� .� repair is not economically feasibte or Lendea's security would be lesseaed.the insittxance proceeds shall be aFPlied co the s�ms 4 . . . . i
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<br /> � serured by this Security Instrume�t, whether or noi then due,with any eacess paid tn Borrower. If Borrowea abandons the F ' - , .
<br /> . Propeaty.or does not answer within 30 days a notice fmm L,endea that the insurance caaier has offered to seule a claim.then . .���,�
<br /> Lender may collect the ms�aance proceeds.Lender may use the proceeds w repair or reswre the Praperey or w pay s�uns secured � :�'-�;: :�:�
<br /> � by this Se,�auity Inslrument,wheth�or not then due.The 30-day geriod will begin w6en the notice is giv+en. , . ,•:,
<br /> Unless Lender and Borrower otherwise agree iu writing,anY aFPlication of proceeds to principal shall not extend or postpone '. _ �
<br /> the due date of the monthty payments referred tn in paraSrdPhs 1 and 2 or cteange the amount of the payments.If under paragraph • • ___
<br /> , � 21 the I'roperty is acquired by Lender,Borrower's right to any insurance policies and proceeds resulting from daznage ro the , ,: �• _=--
<br /> �P�Y Pnor m the acquisition shall pass to Lendea w the ea�tent of We smns securefl by this Security Insaument immediately . ��� ^�
<br /> , prior tn the acquisition. • :.��.:,.�'.l"-`
<br /> 6,pccopaacy,Preservation,Maintenance and Proteetton of the Propertq; Borrower's �.oan Applicatton;LeaseholeLs. .
<br /> cca
<br /> L � Bor,rower shall occupY,estabtish,and ase the Propaty as Borrower's principal residence within sixty days after ihe execution of �:.+r
<br /> ,' this 5ecurity Listrua+ent and shall conunue to occupy the Properry as Bonower's prineipal residence for at teast one year a,fter the . .' :L��Y��}: '_"
<br /> � date of occupancy, unless Lende,r otheiwise agees in writing, which consent shall not be unreasonably withheld, or unless . , . .
<br /> �x�ua�ng cir+puastances eaist which are beyond Borrower's conbcoL Boirower sLall not destroy,damage or impair the Property, , i _
<br /> uatin . • •
<br /> allow the Property tn deteriorate, os commit wa�te on the Property. Borrower shaU be in default if any forfeipue a�tion or E� _, —
<br />� proceEding,whether civil or criminal,is begun that in Leaider's good faith judgment could resWt in forfeiwre of the Propeaty ar ,:�-: -� ."�'.� - �`
<br /> oth�wise matcxiall y im p a i r the lien created by this Security In�tnunent or I.ender's security interes�Bomower may cure sveh a
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<br /> . • and reinstate,as vided in parag,raph l8.bY causin8 the acdoa or pr o c e e i l i ng t o b e d i s m i s s e d w i t h a r u l i n g t h a t, i n : ��f� �:�j '
<br /> default P�
<br /> Lender's good faith determinauon,precludes forfeimre of the Borrower's int�est in the Property or other material impairme�►t of . ,. '' �� �
<br /> the lien created by this Security lnsuument or I.en�eer's security interest.Borrower shall also be in default if Borrower,during the . : .;�� . _
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<br /> loan applieaati�oa process�B�ve mateaially faLse or inaccurate information or statements w Lender(ar failed to provide Lettder with ' .
<br /> - any material u�formadon) in connection with t!►e loaa evidenced by the Note. inclnding,but not limited to, repzesenrations __ . '.�.. � .
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<br /> conceming Boaower's occupancy of the P ropeaty as a principal residence.If this Security Inswment is on a leasehoid.Bonower ' - �.,:` �'-�
<br /> ; sball camply with all the provisions of the lease.If Bonower acquires fee tide tn the Property.the leasehold and the fee dtle shaU _ Y'; �
<br /> �' not merge untess Lender agrees to the merger in writing. • , E.:�
<br /> + o r m t h e c o v e n a n t s a nd a eements contained in _,,. , "��ueriiil�i.
<br /> � 7.Protection of Lender s Rig6ts m the Property. If Boaower fails to perf Sr � r�,�,.,; .
<br /> �� "� this Securiry Instrument,or theae is a legal proceeding that may significanUy affect Lendes's rights in the Propeny (such as a . � �;.
<br /> ' ,; proceeding in banlauptcy,pmbate,for condemnarion or forfeiture or to enforce laws or reguladons).then I.ender may dn and pay ��'';
<br /> � for whauwer is necessary w protect ihe valus of the Property and Lender's rights in the Property.Lender's acrions may inctude .,.
<br /> P�8 �Y � ��� by a lien which has priority over this Security Inswment,aPqearin8 in court+ Paying reasonable ."y_�}.,.�.�4,;�,°
<br /> � ;f attnmeys' fees and enUering on the Property w make repairs. Although Lender may take acdon under this pamgraph 7,Lenda `\�-�-•-:._
<br /> � = does not have to do so. • � •• "�`
<br /> �' Any amounts disbursed by Lender under this paragraph 7 shall become addidonal debt of Bomowe�secured by this Security • �,
<br /> ( Inswment Unless Boaower and Lender agrce w other terms of paymer►t,these amounts shall bear interest&om the date of •..: .� �,.,� - -
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<br /> � disbursranent at the Note tate and shall be payabte,with interest,upon notice from I.cnder to$orrower requesdng paymen� '
<br /> � a.Mortgage Insurance. If Lender required mortgage insurance as a candidon of makiag the loan sec�ued by this Security .}''�"�Y -
<br /> ..� Insavment,Borrowei shall Day the premiums required ro ma9ntain the mortgage insurance in effect If, for any reason, the _ . . —
<br /> mortgage insuiance coverage required by Lender lapses or ceases to be in effect,Borrower shall pay the premiums required to
<br /> obtain covemge substantialty equivalent to the mortgage insurance previously in effect,at a cost substantially equivale�t to the ° � • . -
<br /> cost to Borrower of the mortgage insurance previoasly in effect,from an altemate mortgage insurer approved by Lender. If � . ' __
<br /> substasitially equivalent mortgage insurance wverage is not available.Borrower shaZl pay to Lender each month a sum eqaal eo . : .
<br /> 4 on�twelfth of the yearly mortgage insniance premium being paid by Boaoaer when the insurance coverage lapsed or ceased[o . • �
<br /> � be in effect Lender will accepi. use and retain these payments as a loss reserve in lieu of mortgage insurance.Loss reserve ,�
<br /> � Fotm 3028 9l90 • �°=--
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