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<br /> .�..'G�S.w+-�.RS.�..:.._._�.. . ^---�.•_'_"'__.� .« .
<br /> 9��. so�4s� �
<br /> S. Hacard or l'roperty Insurunce. Bortowcr shall kccp the impruvcmenty nuw existing on c�rcaftcr crccted cm thc
<br /> Property insured against lass by fim. hu�ards included within:he tcrm "extended cuvcrage" and uny other htuurd+, inc�udin�
<br /> tlauds or fliwding,fur which l.�ndcr rcyuircti insurancc.This in�uruncc tihull bc maintuin��c1 in the umounts i�nd fitt thc perii�dti
<br /> thut I.ender �rquires.Tfie intiur.►nce curcier prcividing thr insurance tihal! be chosen by Borrower subject tu Ixnder'4 npprovid
<br /> «i�ich shall Rot be unrea5onubly wlthhcld. If Barruwer f�il+to muintuin coveruge described ubavc. [.cnder may,ut I.cndcr'�:
<br /> option,oistuin coverage to protect LendePti rights In the Property in accordance with parugraph 7. _
<br /> All insurance policies and eenewuls bhaU bc acceptable to Lender and shull include u stundacd mortgage clausc. I.ender
<br /> shaU have the right to hold the policfe�nnd mnewals.If l.ender requires,Bonower shali promptty give ta Lendtr a�l recefpts of —
<br /> paid premiums and rcnewnl notiers.In the evern of toss,Bormwet shail give pmmpt�tutice w tl►e insurunre carrier unJ I.c;►tder. �
<br /> Lender may�nake ptoof o4'lass if not made promptly by Bonawer.
<br /> U�less L.ender and Bomower othenvise agree in writing,insur.uice proc�eds shull be applIed to restomt�on or repair of the
<br /> Property dumaged.if the restorution or repair is economi�►Ily feasible and Lender's security is not lessenai.lf the restarution or
<br /> repair fs not ernnomlcally feasible or Lender's security would be lessened.the insurartce proceeds shall be upplled to the sums
<br /> secured by this Security [nstrument, whether or nai then due. wlth any excess paid to Borrower. If Borrov,+er ubtutdons the
<br /> Property.ar dces not answer within 30 duys a notice from i.ender that the insurancr carrler t�as offered to settle a claim. then -
<br /> Lender may coilect the insurance prooeeds. Lender may use the proceeds to repair or restore the Progerty or w pay sums
<br /> secured by this 5ecurity Instrument,whether or not then due.The 30-day period wfU begin when the rtot�oe is given.
<br /> Unless Lender and Borrower otherwlse ogree in writing. any application of proceeds to principal shs�ll rrot extend or
<br /> postpone the due date of the monthly payments referred to in paragmphs 1 and 2 or change the surtount of the payments. If
<br /> under paragraph 21 the Property is acquir+ed by Lender, Borrower's right to any insurance poltcies and pr�noaeds nsuiting fmm
<br /> damage to the Property prior to the acqu�sition shall pass to Lender to the eatent of the sums secured by this Securiry Instcaunem
<br /> iuuuods�3ely prior to the acquisiaan.
<br /> 4,.IQ+ccupancy,Preservation,Maintenance aad PrniedIon of We Property;Barrower's Loan Appllc�tion;I.easeholds.
<br /> Borrow�r shall occupy.establish.and use the k'roperty as Batrawer's priaci�.l residenoe withIn sixty days after the ea�ecutIon of
<br /> this Security Instiument and shall continue ta oe�py the Property as Bomo�ver's principa!tesideaae for at least one year after
<br /> the date of occupancy,unless Lender othenviss�rees in a�aiting,which cansent•shall aot be unreasanably withheld. or unless
<br /> exteaL•nting circumstances exist ofiich are beyond Bornon�er s control. Bormwer slculd not destroy. damage or impair the
<br /> Pm��,altow the Property tv d�eriorate,or commit n�ste on the Property. Borcor'er shall be in def�ult If any forfeiwre
<br /> ac�ion ar prnoeeding,whether civil or criminal,is begun tP�at in Lender's good faith judgment oould result ln forfeiture of the
<br /> Propr�ty or othenvjse materiaUy imQair the lien c�neated by tlils Security Instrument or Lender's security iaterest. Borrower muy
<br /> aue such a default and�einstatc. as pmvided in paragreph 1$.by causing the action or proceading w be disyuissed with a niling
<br /> tiiat;6�i Lender's good faith detem�inadon,prec(ud�.s forEeiture of the Borrower's intcrest in the Pmperty or other matertal
<br />. Iaigaitment of the!!ea created by thic S�curity insnum�c�r Lender's security interest. Ebrrower shali aiso i�e in defauit if _
<br /> Borrower.during the loan applicarion Qtoc�,cs,garre mat�riaQly,�a1se or inaocurate iuformaHon or statemenu to Lender{or failed
<br /> w provide Lender with any awterial Rn�ac�:v�p�n oona�tion vujth the loan evidenced by the Note.dacluding,but not liauted
<br /> to,representadons oonceming Ii�aower's oCCUpancy of the Property as a principal cesideace.If this Sec��caity Insmuuem is on a
<br /> teasehold, Borrower shall ca►t�]y wlth a11 the provisions.of the lease. If Borrower aca�uires fee titfe w ttte Property, the
<br /> leas�hc�ld and the fce tide s6ali t3oa merge ualess Lende,egr�es w the merger in writvsg. . .
<br /> �,a;Protection of I.eader's�3ghts in the Pe+operty If Borrower fails to perfoim the covenanu and eg�+eemenis oontained in
<br /> this Saa�city Inswment.or thet+e is a legal pnooaeding that may sigaificandy affect L.ender's rights in the ProPertS' (snch as a
<br /> pi�ooeeding in banlwptry.pmbate,far candemnation or forfeituie or w enfome Iaws or c�egulations).thea Lencler cnay do nnd
<br /> pay for whatever js nec�sacy to protect the valus of the Pmperty and Lender's rights in the Property. Leader's actions may
<br /> include paying any sums �cured by a Uen which has priority over this Security Insnument. a�pearing in aonrt, paYing
<br /> reasonable suoraeys'fees and entering on the Property w make repaiis.Although Lender may talce actioa under this paragrapb
<br /> 7.I.ender das not have to do so.
<br /> Aay amounts disbursod by l�ender undc�dhis paragraph 7 shall beoome addlti.onal debt of 8arrower seared by this �
<br /> Secudty Instnun,ent. Unless Barrower and I.ender ag�ee w oWer terms of payment,these amounts shall bear interest from the '.
<br /> date of disburser�xnt at the Note rate and shall be payable. with interest, upon aotice�rom I.cnder to Borrower•�equestin$;, :� :
<br /> PaYment. ,•_ ,,� � ' . ',
<br /> 8.Mortgpge Ius�noe.If Lender rpqnired mortgage insuranoe as a condition of making the loan secuced by th1s�$ecurity`:' '��
<br /> Inst�um�t, Borrower shall pay the premiums re�uired to maintatn tha mortgage insurance in effecx. if. for any reaEpn�,the:�� '
<br /> mortgage ins�uanoe ooverage required by Lender lapses or ceases to be in effeCt.8orrower shall pay the premiums required w
<br /> obtain coverage substantially equivalent to the mortgase iasuranoe previously in et�ect.at a cvst substantially equivzlertt w the
<br /> oost to Borcower of the mottgage Insuranae previously in effect, from an altemate mortgege lnsu�r appioved by �:,ender.If
<br /> substantially equivalent mortgage insaraace coverage is not available.Borrower shal{puy to Lender each month a s�equal to
<br /> one-twelfth of the yearly mortgsge insutance pmntium being pa�d by Borrower when the insuianoe coverage lapsod or ceased to
<br /> be in effect.Iender will aooeQt. �se and�+etain these payments as a loss resenre in lieu of mortgage insnreafle. Loss tesen+e
<br /> Farta 3028 9/80
<br /> Page 3 af 8
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