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<br /> • 5.Harard ar Praperty Insurance. Borrower shall[ceep the improvements aow existing or hema'Yfer�er�o�n�p�erty - ' � �'"�
<br /> insured against (oss by fue, hazards included within the term "extended coverage" and any other ha�ards,inctuding floods or • ,
<br /> . � flooding,for which I.euder requires insurance.This insivance shall be maintajned in the amounts and for the perinds thaz Lender ' _
<br /> requires.The insurance cara�ier providing the insurance shall be chosen by Borrower subject to I.ender's approval which shall not �
<br /> be unreasonahly withheld if Borrower fails tn maintain coverage described above, Lender may, at Lender's option, obtain : _
<br /> coverage ta proteu Lemder's rights in the Pro�eaty in accordance with pacagtaph 7. ��
<br /> • All insurance policies and renewals shall be acceptable to l.ender and shall include a standard mortgage clause.Lender shall � • '�;.
<br /> � have the right to hoid the policies and renea+aLs.If Lender requires,Borrower shall prompity give w Lender all reteipts of paid � • ,7.-.
<br /> pm.sniums and renewal notices.In We event of loss,Borrower shall give prompt norice to the insurance carrier and Lender.Lendes , �
<br /> may make proof of loss if not made prompdy by Borrower. •`� .
<br /> ' Unless I.euder and Borrower otherwise agree in writing,ins�rance proceeds shall be applied to restnration or repair of the ; • . �-
<br /> Yroperty aamagea,u the reswranon or repavr is economicaiiy i�inlc and I.c��u�.'��i�iiy i.i 1vi Iia����.L`iric iZ,i{Ut'QtIUA OI ; �• --- _---__= -
<br /> repair is not economically feasible or I.ender's security would be lessened,the insurance pmceeds shall be applied W the sums � � �` ` �
<br /> secnred by this Seauiey Instrument, whether or noi thea due, with any excess paid tn Borrower. If Borrower abandons We � • ,
<br /> � Property,or does not answer wit4�in 30 days a norice from Lender that the insurance carrier has offered to seale a claim,then , . . _ . _=
<br /> L,ender may collect the inswcance proceeds.Lender may use the proceeds tn repair or restore the Propeity or to pay sums secured �
<br /> by this Se�rity Insuument,whether or not then due.The 3()-day period will begin when the notice is given. ( - ,
<br /> Ualess I.ender and Botrower othera+ise agree in writing,any application of proceeds to principal shall not extend or postpone � e . _-
<br /> _ the due date of the montWy payments referred w in paragraphs 1 and 2 or change the amount of the payments.If under paragraph .
<br /> 21 the Pcopeity is acquired by Lender, Borrower's righL to any insuiance policies and proceeds resulting from damage to the • :• ��-
<br /> Property prior tn ihe acquisition shall pass w L.ender w the extent of the sums secured by this Sec�uity Insuument immediately � � •a ���..;
<br /> ' prior to the acquisition. . �-��
<br /> 6.Oocupancg,Preservation,Maintenance and Protedion of the Property; Borrower's Loan ApplIcatlon;Lease6oids. . ,� � :l -�-
<br /> Borrower shall accupy,establish,and�se the Property as Borrow�r's principal residence within sixty days after the execution af . :.� • �
<br /> t6is Security Instrument and shall continue w oca�py thee Property as Borrowed's principal residence for at least one year after the .' ' �;'r4;� �
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<br /> date of occ unless Lender otherwise a ees a� writin , which consent shall not be unreasonabl withheld,or unless � ' -
<br /> ��Y• � B Y ..`��;..:�F� .
<br /> • extenuatii►g circumstances exist which are beyond Borrower's conaoL Bonower shall not desuoy,daraage or impa�tl�e Pro{�erty, . ' •� --
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<br /> allow the Propertty to deteriorate, or commit waste on the Property. Borrower shall be in default if any forfeiture acdon or . . s�' •. ;� '�
<br /> proceeding,whsther civil or crimu�al,is hegun thai in Lendea's good faith judgment could result in forfeiwre of the Property or � ,.,. . f
<br /> other�rise materially impair the Gen created by ihis Securiry Insaument or Lender's security intraest Boaower may cure such a ... . [`.
<br /> default and reinstate, as provided in paiag�aph 18,by causing the action or proceeding tn be dismissed with a niling that, in • � '�. :.��
<br /> . L.ender's good faith determina6on,precludes farfeiture of the Borrower's intcsest in the Property or other matraial impairment of �� � � -'�{
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<br /> the lien aeated by this Security Insuumenc or Lender's security interest.Boirower shall also be in defautt if Borrower,diuing the ' .' .�' ,�,'�"�;t
<br /> . l o a n a p p l i c a t i o n p r o c e s s,g a v e m a t e r i a ll y f a l s e o r i n a c c u r a t e inf o r m a tion or statements w Lender(or failed to pmvide Lender with ,_ . _. ;:� _
<br /> . any matcrial inforraation) in wnnection witb the loan evidenced by the Note, inclading, but not limited w, reptesenlations .,�� � •
<br /> • conceming Borrower's occupancy of the Properiy as a principal residence.U this Security Insaument is on a leasehold,Boaower � `��_;�;;��_
<br /> . shall comply with all the provisions of the lease.If Borrawer acqaires fee dde to the Propeaty,the leasehold and the fee tide shall ' •: 's�''�
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<br /> • not merge unless Lender agrees to the merger in writing. . � '�r..:� .;-
<br /> 9.Protection of Lender's Rig6ts in the Property. If Borrower fails w perform the covenants and agreements contained in • . � _-�""`"-
<br /> this Security Insaument,or there is a legal pmceeding that may significantly affect Lender's rights in the Properiy(such as a ' ��ti'�'���
<br /> --;� proceeding in banlauptc}+.probate.for condemnation or forfeiUue or w enforce laws or regulations).thr,�Lendtx muy do and pay - �° � `;,�: :°
<br /> _ for whatever is necessary to protect the value of the Propeaty and Lender's rights in the Prope�ty.Lender's actions may include '
<br /> � paying any sums secured by a lien which bas priority over this Secarity Instrument,appearin8 � ��. PaY�B reasonable , ��-�--
<br /> attomeys' fees and entcring on the Properry to make repairs.Although Lender may take acdon under this paragraph 7.Lender � , ����'�
<br /> does not have w do so. �
<br /> Any amounis disbtused by Lend�under this paragraph 7 shall become additional debL of Barrower secured by this Se.curity �� �.�"�'�
<br /> � Instrument Unless Borrowea and Lender agree w other tearns of payment,these amounts shall bear interest from the date of ' . ''4:.- ��;-
<br /> . disburscment at the Note rate and shall be payable,with interest,upon notice firom Lender w Borrower reyaes6ng payment • . � �
<br /> S.Mortgage Insurance. If Lender required mortgage insnrance as a condition of making the loan secured by this 5ecuriry . • . �
<br /> Inswmen� Boirower shall pay the premiums required to maintain the mortgage insurance in eifec� If. for any reason. the • . -
<br /> mortgage insurair,�:.averag�rrquued��+ Lender lap�es or ceases to i,�i��eifect.Bom�wer�1�all�ay ihe�remiums r�uired to .- --- ---
<br /> obtain wve.rage subsiantially equivalent to the mortgage insurance previausly in effect„at a cost substantially equivalent to the �`
<br /> cost to Boirower of the mortgage insurance previously in effect,from an altemate mortgage insur�approved by I.ender. lt
<br /> substantially equivalent mottgage insurance coverage is not available.Borroaer shall pay to Lender each month a sum equal w � . �
<br /> on�tweffth of the yearly mortgage insurance premium being paid by Borrowu when the insurance coverage lapsed or ceased w . � ��
<br /> be in effcc3. Lender will accep� use and retain these payments as a loss reserve in lieu of mortgage insurance. Loss reservc � —
<br /> ,� Form 3028 9/90 f _
<br /> ,.I ��6R(��(82t2).o1 Page3ois InnlaU: I� .� �
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