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<br /> -,3:� 5. Hazard or Pra�xrty Insurnnce• 8ormwer shall kecp thc improvemcnts nuw cxiscing on c�rcaftcr crcctcd on the
<br /> '4� Property insurcd ugainst lo�s by firc, huzards includcd within thc tcrm "cxtendcd covcragc" und any uthcr hs�inrds, inrluding�
<br /> �! flocxls or flacxling.(or whic�i l,cndcr rcquu•c� in.w�an�:c. Tliis in�uranre shall hc mnintaincd in ilic amuunts��nd R�r Uic periods �
<br />=J� that I..ende� requires.The insurunce currier prnviding the insurunce shull hc chosen by Uorre�wer suhjerl tn Lender'+ uppmva�
<br /> .°.�;� w•hich shall not bc unrcasoniibly withheld. If Borrowcr fuils to maintain covcrugc describcd ubi�vc, l.endcr rnay. at Lcnder'
<br /> . option,obtain covcragc tn pro�ect l.cndcr's rights in thc Property in accordancc with pnragruph 7. C�
<br />- AU intiurnnce policies nnd renewuls shall be acceptable [o I..ender and shall include u st�md.ird mc�rtga�.e clause. I.ende
<br />`�ti;f-. shall have the right to hold thc policics und rencwals. If L.cndcr rcquires,Borrower shall prompdy givc to Lendcr all reccipts o
<br /> _ paid premiums nnd renewal notices.!n the event uf loss,Borrowcr shall give prompt notice to thc insurunce carrier und[.ender�
<br /> ;;};� Lender may make proof of loss if nat mnde prumpdy by Borrower.
<br /> Unless L.ender and Borrower atherwise:�gree in writing, insurnnce proccecis shall be applicd to restorntion or repnir of thc
<br />`���� Propeny damaged,if the restoration or repair is economically feasible and L.ender's security is no[ lessened,If the reswration or
<br />'=��� repair i:;not economically feasible or L.ender's security would be Iessened, the insurance proce:ds shall be npplieci ro the sums
<br /> ,�s;� secured by this Security Instn�ment. whether or not then due, with any excess puid to Borrower. If Borrower abandons tha
<br />:�r�;,,� Propercy,ur d«;s nnt answer within 30 days a notice fram I.ender that•the insurance carrier has offered to setAe a claim, then
<br />�':�:+±,ill [.ender may collect the insurance pruceeds. Lender may use the proceeds to repair or resture the Pr�perty or ro pay sums
<br /> =µ, secured by this Sewrity Instrument,whcther or not then duc.The 30-day{►eriod will begin when the notice is given.
<br /> -``r,"�� Unless Lender and Borrower oeherwise agree in writing, any application of proceeds ta principal shall not extend or
<br /> - postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of�he payments. If
<br />:��� under paragraph 21 the Propeny is aequired by Lender,Borrower's right to any insuranee pc�licies and proceeds resulting from
<br /> -__y„�,. dama�e to the Property prior to the acquisition shall pass to L.ender to the extent of the sums secured by this Security Instivment
<br />- — immeciiately priar ro the ncquisition.
<br /> � 6. Occupancy,Preservutton,Maintenunce and Protection of the Property;tiorrower's Loan Applicatlon;I.easeholds.
<br />-_�PPw Borrower shall occupy,establish,and use the Property as Borrower's principal residence within sixty days after the execution af
<br />--- this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after
<br />- r�,�dete of occupancy,unless I.ender otherwise ugrees in�vriting,which consent shall nat be unreasonably wiihheld, or unless
<br />=--— extenuating circumstances exist which are beyond Borrower's conirui. B�cio:��r �tal! rai ���troy. dams;e e* imp�ir the
<br /> --= Property,Rllow thc Property to dcteriorate, or commit waste on the Property. Borrowcr sh�ll be in dcfault if any forfeiture
<br />-- action or procee.ding, whether civil or criminal, is begun thut in I.ender's good faith judgment could result in f�rfeitura of the
<br /> - Property ar uthe�wise materially impair the lien created by this Security Instrument or Lender's security interest. Bonower may
<br />°:a� cure such a dcfault and reinstate.as provided in puragraph 18,by cuusing the action or proceeding to be dismissec!with n ruling
<br /> - that, in Lender's good faith deteimination, precludes forfeiture of the Borrower's interest in the Property or other material
<br /> - impairment of the lien created by this Securiry Instrument or L.ender's security interest. Horrower shall also bc in default if
<br /> � Barrower,during the loun application process,gave materiaUy false or inaccurate information or statements to Lender(or failed
<br />=----- to provide L.ender with any material information)in connectiun with the loan evidenced by the Note,including, but not limited
<br />�_=_�-- to,representations concerning Borrower's occupancy of the Property as a p�incipul residence. lf this Security Instrument is on u
<br /> - leasehold, Bonower shall wmply with all the provisians of the lease. If Borrower ucquires fec title to the Propzrty, the
<br /> � leasehold und the fce title shall not mergc unlcss Lender aSrBorro cr fail sto�n rt'o�rm he covenants and agreenxnts contained in
<br /> — 7.Protection of Lcnder's Rights in the Property. 1�
<br />__�� tliis Sccurity lnstrument, or thc.re is a legal proceeding that may significantly affcct Lcnder's rights in the Property (such us a
<br /> _-- proceeding in bunkruptcy, probate, for condemnation or forfeiture or to enforce laws or regulations), then Lender may do and
<br /> ;,� pay for whatcvcr is necessary ta protect the value of the Propeny and Lcndcr's rights in the Property. Lendcr's actions may
<br /> �.,,.. -
<br /> include paying uny sums secured by a lien which has priority over this Security Instrument, appearing in court, paying
<br /> reasonable attorncys' fee.s and entering on thc Property to muke rcpairs,Although Lcnder may take nction under chis paragrap
<br /> �-s''-�'� 7,Lender daes not have to do so.
<br />.�� Any amounts disbursed by L.ender under this paragraph 7 shall become sdditional debt of Borrower secured by this
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<br />-- ;_,:�� Sccurity Instrument. Unless Borrowcr and Lcndcr agrec to other terms of paymcnt, these amounts shall be:u interest from the
<br /> ''=�"=°'� date of disbursemcnt at thc Note rate and shall be payable, with intcrest, upon notice frum I.ender to Borrower requesting
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<br /> _ - • payment.
<br /> "• • 8.Mortgage Insurunee. If Lender requirec!moitgage insuranee as u condition of making the loan seeured by this Secucity
<br /> ' Instrumcnt. Borrower shull pay the prcmiums rcquircci to maintain the mortgage insurance in effect. If, for any reason, tlie
<br /> �: mortgage insurance coverage required by Lender lapses or ceases to be in effcct, Borrower shall pay the preroiums required to
<br /> !� obtain coverage substantially equivalent to the mortguge insurance previously in effect, at a cost substantially equivalent to the
<br /> �: cost to Borrower of the rnort�age insurancc prcviously in effect, t'rom an alternatc mortguge insurer approved by Lender. If
<br /> s: subsiuntially eyuivalcnt mongagc insurnnce coverage is not available,Borrowcr shaU puy to Lender each month a sum equal to
<br /> one-twclfth of thc ycarly rnortgiige insurance premium bcing paiJ by Bnrrowcr when thc insurance covcrnge lapsed or ccascd to
<br /> be in effect.Lender will uccept,use and retain these payments us a loss reserve in lieu of mortgage insurance. Loss reserve
<br /> Form 3028 8/90
<br /> Pago 3 01 6
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