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<br /> 5. Hazurd or Property Iacurence. Dorrower shall keep the improvements now existin�or herea�er ereci oon the ' ���?��;s'�
<br /> • Propeny insured agalnst loss by fire, ha�arda included wichin che term "extended coverage" and any other hazards, includin� . , , �-_
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<br /> ' floods or flooding, for which Lender requlres insurance. This insurance shall be maintaiaed In the amounts and for the periods h �,:,�;������.Y a.._
<br /> ,.,.,�,- that Lender rcquires. The incurance carrier providing the insurance shalt be chosen by Borrower subject to L,ender's approval =•-�,�--
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<br /> �� which shall not ba unreasonably withheld. If Borrower fails to maintain coverage descr[bed above, Lender may,at Lender's -,-;;;�1,�.,s;;�•:�.��,
<br /> option,obt�in coverage to protect Lender's rights in the Property in accordance with paragraph 7. '>r'-��-��, "�"'�L
<br /> All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. L.ender ,��,_�;�±a`4��`""�.
<br /> shall havQ th6 right to hold the policies and renewals.If Ixnder requires,IIorrower shall promgtly give co Lender all receipts of ' �_N��=�`�=°�=
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<br /> I paid premiums and renewal notices. In the event of loss. Borrower shall give prompt notice tp the insurance carrier and Lender. �-w x_�__ ___
<br /> � I.ender raay mnke proof of loss if not made promptly by Bonrower. �'_ .- -
<br /> ' Unless Lender and Borrower otherwise agree in writing,insnrance proceeds shall be applied to restoration or repair of the �-�•_-� -
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<br /> �4 Praperry damaged,if the resroration or repair is economically feasible and Lender's securiry is not lessened.If the reszor�tion or r.
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<br /> :�,':'';�^ �' repair is not economically Yeasible or Lender's securiry would be lessened, the insurance proceeAs shall be applied to the sums � ,;t:�,�,�---- --
<br /> secured by tl�is Securiry lnstrument, whether or not then due, with any eacess paid to$orrower. If Borrower abandons the ���Rl;=:
<br /> :` � Property,or does not aaswer wichin 30 days a notice from Lender that the insurance carrier has offered to settle a claim,then ,;_.A�
<br /> . Lender may collect the insurance proceeds. Lender may use the proceeds to repair or reston the Property or to pay sums _�
<br /> "� secured by this Security Instrument,whether or not then due.The 30-duy perlod will begin whea the notice is given. �i.;ux},=
<br /> ` Unless Lender and Borrowar otherwise agree in writing, any application of proceeds ro principal shall not extend or �;.�_u=-
<br /> . � � postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amouut of the paymenta. If --,��;•.
<br /> under paragraph 21 the Property is acquired by Lender. Borrower's dght to any insurana policies and proceeds rcaulting from �a--���
<br /> d a m a g e t o t h e P r o p e r ry p r i o r t o t h e a c q u i s l t i o n s h a l l pa ss to I.ender ro the extent of the sun�s secured by this Sxuriry Instrument E;.;._,.
<br /> H�' immediately priot to the acquisition. J�� _
<br /> 6.Occupancy, Preservatton,Maintenance and Protxtlon of the Property;Borrower's Loan Appllcation4 L.easeholds. _— '�"-
<br /> �, Borrower ahall accupy,es[ablieh,and use the Propeny as Bonower's priacipal residence within sixty days afcer the exxutlon of
<br /> �hin Securicv instrumen� and sh�ll continue to occupy the Property as Borrower's principal residence for ac Ieast one yeu after
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<br /> the date of occupancy,unless Lender otherwise agras in writing,which consent shait aot be uareasonabiy wiilihein,or uula�s °
<br /> eatenuating ctrcumstances exise which nre beyond Bc�rrower's control. Borrower shall not destroy, damage or tmpair tha �_-
<br /> Property, allow the Propeny to deteriorata, or commit waste on the Property. Borrower shall be la default if aay forfeiture � _
<br /> actlon or proceediug,whether civil or criminal,is lxgun that ia Leader's good faith judgment could result ia forfciturc of thc _
<br /> - Property or otherwise matedally impair the lien created by tbis Securlty Instrument or Lender's aecutlry interest.Borrower may
<br />- cure such a default aad reinstate,as provided in paragraph 18,by causing tho actlon or procxding to be dismissed wit6 a ruling
<br /> that, in Lender's good faith deternaination, precludes forfeiture of the Borrower's interest in che Property or other mnterial
<br /> " ' impainnent of the lien creatal by this Security Inst[ument or Lender's security interest. Borrower shall also be in dcfault if '�•-
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<br /> ' Borrower,durfng the loan applicati�n process,gave materially false or inaccurate information or statementa to Lender(or failed __
<br />- . to provide Lender wi�h any material inforwation)in conuection with the loan evidenceci by the Note,lncluding,but not limited
<br /> '' ' to.representations concerning Borrower's occupancy of the Property as a principal residena. If thls Security Instnirnent is on a
<br />�`^ �•*�••�•��,� leaschold, Boaower shall comply with all the pmvisions of the lease. If Borrower acquins fa dtle to the Property, the
<br />-�"°•� '�"`• leasehold and the fee title shall not merge unless Lender agrees to the merger in writing.
<br />�_'"'�' °'� - 7.Protectilon otl.euder's Righta in the Property.If Borrower fails to perforcn the covenants and agramenta contained in
<br /> . this Security Insuument. or there is a legal procced'mg that may significantly affxt Lender's rights in the Property(anch as a
<br />_ proceeding in bankruptcy,probate, for condemnatioa or forfeiture or to enforce laws or ngulations),th�n Lender =nay do and
<br />=-'I� pay for whatever is necessary to protect the value of the Property and Lender's rights in the Property. Lender's actiona may
<br /> � .• �` Include paying any sums secuted by a lien which has piioritp aver this Security Instn�ment, appearin8 in couR. PaY�B
<br />_- reasonable attorneys'fces and ent�ring on the Propecty to make npairs.Although Lender may take action under this paragraph
<br /> �`'`�A`� � 7.Lender das not have to do so.
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<br />,;;,,;�•-• � Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrower secund by this
<br /> - ' � Security Instrument.Unless Borrower and Lender agree to other terms of payment,these amounta shall bear interest from the
<br /> ' date of disbursement at the Note ratc and shall be payable, with interest, upon notice from I..ender to Borrower requesting
<br />_ payment. :;== ---—
<br />- 8.Mortgage Ireuranca If L.cnder required rnortgage insurance as a condition of making the loan secured by t6is Security �,���_
<br />- Instrument, Borrower shall pny the pnmlums required to maintain tlie mortgage insurance ia effect. If, for any nason, the =-- -
<br /> - r mortgage insurance coverage required by Lender laps�s or ceases to ba in effect,Borrower sball pay the premiwns requic+ed to _� ,.+;
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<br /> obtain coverage substantially equivalent to the mongage insurance previously in effect,at a cost substanttally equivalent to the �:;�i s ,��.5,,
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<br /> - , � cost to Bonower of the mortgage insurance previously in effect, from an altemate mortgage insunr approved by I.endcr. If � r�, . ;, , �;
<br /> substantially equivaleat mortgage insurance coverage is not available,Bonower shall pay to Lender each month a sum equal to •ti , ,;�::'
<br /> ' one-twelfth of the yeuly mortgage insurance pnmium being paid by Borrower when the insurance coverage lapsed or ceased to `. `..�4;iM<���_;
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<br /> be in effxt.Lender will accept,use and cetain these paymenG�as a loss reserve in lieu of rnortgage insurana. Loss reserve '��:,�.,�;:
<br /> - • _ Fam 3028 9/80
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