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y� . �, _.. .. �;
<br /> ... , _�. . :..� .. ��.:.. . . . . _ _ ,
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<br /> :.<��°z:.. - �_',__.__ ... . _. � � _ . . --•- �
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<br /> . . =�� 98- ������ � . ; : ` .
<br /> � from Lender that.ttte insurance carrier has offered to setde a ctaim. l.ender may coilect the insurance proceeds• ` � . °
<br /> �� ndsr ma in its sole and absolute discretioa.and regardless of any impairment of security or tack thereof.nse the � � E� < ,
<br /> . Le y, �:
<br /> ' . ` proceeds tv repair�or,restore the Property or to pay the sums secured by this Securiry Instnunent.�+hether or nat then � :, . �
<br /> . ,� due. The 3Q-day period will begin when the notice is given. Untess Lender and Bonower atiierwise agree in �
<br /> •"� ,. v�riting,any application of.praceeds to principal shall not extend or postpone the due date of the mont6ty paymenis �, . T
<br /> � referred[o in paragraphs 1 and 2 or change the amount of the paymenis. If under paragraph 21 [he Property is ,�-=� �,`
<br /> " . . , acquired bp Lentler,Burrower's right to an�r insurance policies and proceeds resulting from damage co the Property
<br /> --- - -- rior ta the ae�uis�tiun:shall pass to Lender to the exteut of tlie s�ms secured by[his Se�urity lnstnunent iramediasely � ��. ��_,:'--,:,,:- �=-,,
<br /> '_<. ' P other 6azard insurance.or any other msurance .
<br /> , � prior to ihe acq�{isition. If Banower obtains earthquake insurance,any . ,
<br /> � � . on the Propetty•and stt�h;pnsvrance is not specifically required by Lender,such insurance shall(7 name Lender as
<br /> :::.",� : toss gayee.th�nddt�.�and(iiy be subject to the provisions of thES paragraph 5. �L . _�.;,;:'. :�...:_:;;�'"
<br /> {;;.; F[ti�li�mian3,.in the evena that Borrower shaU elect ta nbtain any other hazard insurance nat specificaUy - ,,,=.-_
<br /> . � � .:_.; required bu�Leader,(including but uot limited to,eazthqualce and hurricane insurance��e r�p�t to tlte Property, `r .. : . - �•:• ._:'.
<br /> Buraower agrees to name Lendet�as loss payee ih�c:e�mder and hereby pledges such�slva�s and proceeds as fusttter °a '4_ :.;
<br /> ' � ' � � security under this Sect�riry Insuument which st�il�b�subject to the pr��+�sfc�as of�puagrapb 5- `i �:� -;:
<br /> ��:.�i�;;,; B�rrawe�s�Applfcation;I.easeholds. `t ..._ , '� '��:
<br /> 6.Fi+eservation,Maintenanre and Pcotec�fia�of tp��operty, r4t ;,.;_T'.
<br /> ,�c�. � = r- u�iri
<br /> ,.'•' -• Borra�c•��Il noi desuoy,damage or imPair the Propeit�,�w the Praperty to d�Iorate,or�:.ommit waste on _ _-
<br /> . .` � the Pro�ty: Borrower shall be in defa�ilt if any forfeiture asi�.�rr.flr pmceeding,wh�er civil or criminal.is 6egun . .�._�..j._:.�,���:�.L.
<br /> � cbat in�er's gaod faith judgment could result in forfeitare y'�.�c Pcoperty or ottterwise materialiy impair the lien ' � �
<br /> ' ` 3 create���is Security Insuument or.Lender's seanity irsec�t: .�e�r��r uray�re such a defaulr and reinstate, � :w '
<br /> . as provi�3:�in paragraph 18.by causing the action or praceedit?"�r�a��sed with a ruling that.in Lender's good '•. .:,L'��`�;;-
<br /> . . . . faith decei�iriation.precludes farfeiture of the Borcower'��n�i��Pcoperty or other material itnpairme:?t;vf •.,,. ..:_ .:�,���,_,:.�
<br /> the liea created by this Sec�rity Instnunent ar Lendet's s�ri.t�i��st. BoFrower sY�a.41..ai Borrower's own exg�; .=��'""-
<br /> � appear in and defend ax�acaon or pmceeding Purportin8 to r��the�.�ty or any.��tion thereof or Bbrrc��e�$ , , _�Me> _
<br /> � title thereto,the valictlt}s ar priority af the lien created by this Se�urety T�ent.or ti�righu or gaw�ers of Lender � .�.��;,�;;;
<br /> � nt or the Pr 1#11:�rauses of actiori of�ei�wer, whether . F.,< _ a.,;.
<br />. . . or Ttustee with respect to this.Security Instmme ��=..: ��: t�j ` _,
<br /> .� accrued hetiore or after the date of tbis Serurity Instrumetu.fos d�as inj�ry to the�i'roperty a�.aity pazt tf�,:"e�uf,
<br /> . : .-i�;i� ;, ar in�on vuith any transaction financed in whole or ix��.t he pro c e e d s o f t l t e Note�r an y atlr�i��te . '.
<br /> . :. �r�d.by this Security Instrument by Lender:,¢c sn cann��a with or affecting t&e Properry e�.�r�a;c c�af, �... `
<br /> . � F� V•
<br /> . � '::�;� ��,��t�,�g puses of action arising in tort or cod�ct aad c'�es of acaon for fraad or concealmemC�af�..+�`"���, .''.a. ,;,
<br /> . , -fi r,z�thereof shall be paid directly to�m,�r:�tr�,r�r ,.�
<br /> . ;< ; . „is�;,as�ier s aption,assigned co Lender:a���.-��� I such ra�'.s to ttc�.se.�. " ---,��
<br /> j'.'. : .•de�tsir�t�refrom all its expenses, including reasvna�ie.�ti!�meys' fees. maY aPP Y P � :3`"'� ,.
<br /> �. ` � gecured�S-�t°this,Security Insuument•or.to any defr�ien�y uttd�r[his Security Instrument or may re�ease any��a ��.:�,,:;�ij� ,. .t
<br /> " thi y p ear in azi�.Prosecute irj��ts =
<br />- . ;`:s so rereived by it or any parc thereof,as Lendce uray elect. Lender ma .�at its o rion,apP , f t�
<br /> �� - own name any actioa or procee�ng to enforce ariy such cause of acrion and may make any comprar�se or settlement 5 Y �,�,
<br /> � � .:�^�f; thereof. Borrocver agrees to execute such further assignments and any other tnstnunents as froBC t i me to t i me may ��_._
<br /> � be necessary to effectuate the foregoing provisions and as Lender shall request. Borrower shall also be in default ,' :,
<br /> if Borrower, during the loan applicadon prucess, gave materially false or inaccurate information or statements to � ��.._
<br /> :, •.. .,r.�:��=
<br /> ':� ��r-
<br />: . Lender(or failed to provide Lender with any material inforn�arion)in connection with the ioan evidenced by the Note, :+.: _
<br /> - � ut�ludin$, but not limited to. representatioas conceming Borrower's occupancy of the Propr�c}� as a principal .
<br /> .:. �i � : :-. � residence:, If this Securlty lnsawnent is on a leasehold,Borrower shall comply with all the prw��s of ttte lease. . -�
<br /> <., � r�/ � �: :, If Botc�sw�s�cquires fee tltle to the Property.the leasehoid s�d the fee title shall not merge unless�er agn�s to ;, �, r
<br /> the mer�in writing. '''
<br /> � i! . 7. Prutectinn of Lendch's Rtgbts.ia We �peaty. If Borrower fails to perform tii�:+psL��a:-'�">a�d 3 ,... n�:
<br /> ... �..,i
<br /> �ert Lender's
<br /> . � . :.. ;i agreements contained�n this SecuritX Iasuum.�s:or there is a legal proceeding that may signific�mi�,i�.. ;:, , � ,�. .,, �,
<br /> � ,.,:',�r��. •�i rights in the Properry(such as a pmcx�ding in b�ptcy',er+obate.for condemnation or forfeiture��to enforce laws " :ti*� '
<br /> ���.�';�:i�%<�• or regulations). then Lender may ��.i and pay for wha��r�is necessary to protect the value of the Prop�ty and /..`��� �+-.:
<br />- Lender's rights in the Property. I.ender's actions may ineihde paying any sums secured by a lien which has priority .
<br /> ' � y ;� over this Security Ir�trument,appearing in covir,.paying reasonable attorneys'fees and enterin�.i3i�the Property to :,,. ,
<br /> .`. make repairs. Although Leniter may take ar�i+3��tndez this paragraPb T. Lender is not requi',�Lo do so. My� . • •
<br />`_` . amounts disbursed by Lender under this paragraph 7 si�a�f became additionat debt of Boaa�ac.�r'secured by this . . � :.'
<br />,:} .. . . . ".•; .� ,. , �.
<br /> Secu ri t y l n s t r u m e n t. U n l e s s B o r r u w e r a n d I.e u d e r a g r e e fia�ti�er ter�ns of pa y ment,t&ese amounts shall bear interest ;
<br /> from the date of disbursement at t h e Note rate L*�effect fcarr.time to time and sha116e p�ya6Ie,with inte�est:opon� � ��;,`•���?;.;.;� '
<br />-t '. •,t�r .;�i. .
<br /> '- � aotice from Lender to Borrower requesting paytnent. . '.,` � _.�..:.,....'.
<br />.,; 8. Martgage Insuranoe.if L.ender required martgage insurance as a wndit�on of making the loan secnred � . `. , :,�, . . ..
<br /> _ .�.•..r.
<br /> yr i!•i:ttRi;l
<br /> t ;; b y t h i s S e c u r i ty l n s t r u m e n t,B o r r o w e r s h all pa y the premiums required to maintain the mortgage insuraace in effect.� � � .:•`l;,,;.. +�«..:.,
<br /> ' ", if. for any reason.the mortgag�insurance coverage required by Lender lapses ar ceases to be in e ffeet.Bornow c�r� � ,,Y �
<br /> shali pay the premiwns required to obtain coverage substantially equivalent to the mortgage insurance ptevious4y in , ..;..(,..r �'�.;,�
<br /> _ � �' � effect.at a cost substantially equivatem ta the cost to Borrower of the mortgage iasurance pceviously in effect.from '�� .: .
<br />:t; . ; an altemate mortgage insurer approved by Lender. lf substantially equivalent mortgage insurance coverage is not
<br /> ` availabie.Bonower shall pay to Le�Wer each ireonth a sum equal to one-tweifth of che yearty mortgage insurance
<br /> � . .
<br /> � � premium being paid by Borrower when the insurance coverage lapsed or ceased to be in effect. lxnder will accept. .
<br /> . , � . _.. .
<br /> . use and retain these payments as a loss reserve in lieu of mortgage insurance. Luss reserve paymen�s may no longer r
<br /> 6e required.at the option of Lender.if mortgage insurance coverage(in the amount and for the periad that Lender ,
<br /> `` . requires)ptovided by an insarer approved by Lender again ber.omes availatute and is obtain9d.° Butruwer shall pay �',.�:_ .. . ....
<br /> ;�' _ the premiums required to maintain mongage incurance in effect.or to provide a loss resetve.antil�the requitement . . ,
<br /> �. � .
<br /> +. . .. .
<br />.�
<br />,,,,
<br /> "` -'=-----..:= N�� P� 3 of 8 , �Exxossi �t�c�.�Nr21.ie�► , .
<br /> :`� ? FIXEQ IIiATE PROGRAAI � . . . .
<br /> ��i � . � Borrotver Initl�ls ,
<br /> ��' �1 _
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