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<br /> S.Hazard or Property Insurance. Borrower shall keep the improvements now existing or h�reafter erected on the Property _ ��`,;�•
<br /> insured against loss by fue,hazards included within the tem� "eatended coverage"and any other ha�ards, inclading ttoods ar , � �
<br /> flooding>for wtuch Lender requires insurance.This inssuance shall be maintained in the amounu and for thc periods that Lender . •—
<br />- m,guires.'Ihe insNauce carcier providiag the insurance shall be chosen by Borrower sub}ect to I.ender's approval which shall not . _�`
<br /> be unreasonably withheld. If Bonower fails to maintain coverage described above, Lender may, at Lender's option, obtain
<br /> coveaage to protect Lender's rights in the Progerty in accordance with paragcaph 7. ; . . �
<br /> All insurance policies and renewals shall be acceptable tn Lender and shall include a standard mortgage clause.Lender shall ; : ,. ,
<br /> have the right to hold the policies and renewals.If Lender requires,Borrower shall promptly give to Lender all receipts of paid � � � �
<br /> premiums and renewal aorices.In the event of loss,Borrower shall give pmmpt notice to the insurance c�rrier and Lender.I.ender � . - , ;�
<br /> may make proof of loss if aot made prnmpdy by Borrower. � . '
<br /> Unless Lender cu►d Borrower otherwise agree in writing,insurance proceeds shall be applied tn resrorarion or repaa of the � . • . .
<br /> Property damaged,if the resuoration or repair is economically feas[ble and Lender's security is not lessened.If the restoration or . ��
<br /> repair is not economicatly fe�'ble or L.ender's security would be lessened,the insuruue proceeds sha11 be applied to the sums � . � . _
<br /> secured by this Seattity Instrument,whethea or noi then due. with any excesc paid tn Borrowea. If Borrower abandons the
<br /> � � Property,or does aot answer within 30 days a notice from Lender that the����nce carrier has offered to settle a claim,theu : : . �_
<br /> ; Lender may collect We insurance procceds.Lender may use the pmceeds to repair or restnre the Propeaty or tn pay sums secured _ ,
<br /> ; by this Saauity Insirument,whether or not then dae.'Ihe 30-day period will begin when the notice is given. : � . � ' �: -
<br /> • Unless L.euder and Borrowea otherwisc agree�writing,any applicarion of proce�tis to principal shall not extend or postpone ; , � ','.�
<br /> _ ''L, -_
<br /> the due date of the mondily payments refeired w in paragraphs 1 and 2 or change the amount of the paymenis.If under paragraph . , ��-:_
<br /> • . 21 the Properry is acquired by Lender, Borrower's right tn any insurance policies and proceeds resulting from damage to the .•
<br /> . Property Prior to the acquisition shail pass w Lender w the e�ctent of the s�uns secured by this Security Instnunent immediately . �X� ���.
<br /> prior to�he acquisi6on. :. . ��
<br /> `c��:!�i �
<br /> : 6.Oc�pancy,['reservation,Maintenance aad Proiection oP the Property; Borrower's Loan Appliration;i.easeholds. . � . _
<br /> Borrower shall occupY,establich,and use the Property as Borrowcd's principal residence within sixty days after the execurion of � • . � I"� #.• '
<br /> � t h i s S e c u r i ty Instcument and shall contimue to occu p y the Pm p e a t y as Borrowei s principal residence for at least one year after the �,,•.�V� —
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<br /> ,�• date of occupancy, unless Lender othcavvise agrees in writing, which consent shall noi be unreasonably withheld, or unless . ;.:+.� �� . _
<br /> excennating circumstances exist which are beyond Bonower's wnuol.Borrower shaU not des►JOy,damage or impair the Property+, ° �.� ' s
<br /> . allow the Progaty to deteriorate, or commit wastc on the Property. Borrower shall be in default if any forfeiwre acrion or � �,,�'`` � ��{ . f=-
<br /> proceed'n�g,whqher civil or criminal,is begun that in Lender's good faith judgment could result in forfeiwre of the Property or � �s• �::-'1 —
<br /> � otherwise materiaUy impair the lien creazed by this Security InsWment or Lender's security interest Borrower may cure such a � ���� . �
<br /> default and reinstate.as pmvided in pazagraph 18. by cansing the action or proteeding to be dismissed with a niling that, in � _�^-=
<br /> � Lender's good faith determinabion,precludes forfeiWre of the Barrower's intemst in the Property or other material impairment of __,__ � � '
<br /> �� the licn created by this Se�rity Inst:ument or Lender's security interest.Borroaer shall also Ise in default if Bonower.during the , � : . , f�, , ,�.
<br /> loan app l i c a rion pmcess,gave ma t e r i a lly f a l s e or inacc u t a t e i n fo a n a t i o n o r s t a t e m e n t s t o L.e n d e r(o r f a i l e d t o p r o v i d e L e n d e r a r i t h � ��;�,t
<br /> ' any material information) in cannection with the loan evidenced by t�e Note. including, but nat limited to, representarions ' �'�;:�'^ '
<br /> �:-, :' ";:r.
<br /> conceming Bosrower's occupancy o f t he P c o p e,r t y as a princip a l resi d en c e.I f W i s S e c u r i ty I n s u u m e n t i s o n a l e a s e h o l d,B o m u w e r � . . ;..,;,.,,,
<br /> ' " shatl comply with aIl the provisions of the tease.If Borrowea acquires fee dde to the Properry,the teasehold and the fee atle shall ' � ' -'"�
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<br /> � . not merge unless l�udea agrees W ihe merger in writing. : „z.'E#�
<br /> 7.Protection of I.Ender's Rlg6ts?n the Property. If Borrower faits to peaform the covea�ants and agreements contained in • . . '`'-���'��
<br /> � ihis 5ecurity Instrument,or there is a legal proceeding that may signilicandy affect I.ender's rights ua the Property(sucb as a � '; � '�.
<br /> � proceeding in bankrUptcy,probatc.for wndemna6on or forfeiwre or tn enforce laws or regulations).then Lenda may da and pay :_ �• ��
<br /> for whatever is necessary�tn protect the valise of the PropeRy and Lendea's rights in the Propeny.Lender's acdons may include • ., �
<br /> paying any sums secared by a Gen which has priority over this Security Instrumen� appearing in wwrt, paying reasonable . _ ' ;-"
<br /> attomeys' fees and entering on the Property to make repairs.Although Lender may take acaon under this paragraph 7.Lcnder � . ����+ �`
<br /> . does not have to do so. . � .
<br /> Any amounts disbwsed by Lender unde.r this paragraph 7 shall become additional debt of Borrower secured by this Security . . �� -� .:
<br /> � Instrument Unless Boirower and Lender agree to other tem�s of payment,these amounts shall bear interest from the date of '
<br />' disbursement at the Note rate and sha11 be payable,with interest,upon notice from Lender tn Bmrower requesting payment . .
<br /> . 8.Mortgage Insurjtnce. If Lender required mortgage insurance as a condi6on of making the loan secured by this Security _
<br /> , Instrnment, Borrower shall pay the premiums required to maintain the mortgage ins�rance in effec� If, for any reason, the ` � f"�
<br /> martgage insurance coverage required by Lender lapses or ceases to be in effect,Botrower shall pay the premi�uns required to ', "
<br /> obtain coveaage substantialty eq�ivalent to the mortgage insurance previously in effect,at a cost substanvally equivalent ro the � � . •
<br /> cost to Botrower of the mottgage insurance previously in effect, from an altemate mortgage insurer approved by Lender. If .
<br /> substantially equivalent mortgage insurance coverage is not availab2e.Borrower shall pay to Lender cach month a sum equal to • . —
<br /> on�twelfth of the yearly mortgage insurance premium being paid by Borrower when the insurance coverage lapsett or ceased to ; . � .
<br /> be in effect Lender will acccpt, use and retain these payments as a loss reserve in lieu of mortgage insurance. Loss reserve i � ' .
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<br /> • Form 3028 9�90 .
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