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<br /> 98~ i12352
<br /> 5. Ei�zard or Property Insurance. Borrower �hall kcep the improvements now exlating or hereafter erected on the
<br /> Property Insured against loss by fire, h�zuds included within thc tenn "extended coverage" and any other hazarde, including
<br /> floods or floaJing, for whtch Lender reyuires in�urance. This insurance shall be malntained in the amounts and foc tho periods
<br /> thet Lendor requires, Thc insurance carrier providing the insurance shall be chosen by Borrawer eubjsc� to Lxnder's approval '
<br /> which shall not be unreasonably withheld. !f Borrower fails to maintaln covcrage doscribed abovc, L,,nder may, at C.ender's
<br /> option, obtain coverage to�rotect L,ender's rights in the E'roperty in accordance with paragraph 7.
<br /> All �nsurance policies and renewals shall be acceptable �o l,ender and shall include a standard. mortgage clausr. Lend�r
<br /> shall have the right to hold the policies and renewals. [f L.ender requires, Borrower shall promptly glve to[.ender all reeeipts of
<br /> paid premiums and renewal notices. in the event of Inss, Borrower shall give prompt notice to the Insurance carrier and Lender,
<br /> Lender mxy make proof of loss if no[made prompdy by Borrower. �
<br /> Unless Lender and Borrower otherwise agree ii�writing, insurance prxeeds shall be applicd to res!oration or repalr of the
<br /> Property damaged, if the restoration or repair is economically feasible and Lender's securiry is not lessened. If tl►e restoration or
<br /> rapair is not economioally feasible or Lender's securlty would be lessened, the insurance proceecis shall be applied ta thc sums
<br /> secuced by this Security Instntment, whether or not then due, with azty exccss paid to Borrower. If Borrower abandons thc
<br /> Property, �r does not answer within 30 days a notice from Lender chat the insurance carrier has offered to settle a clalm, then
<br /> Lender may collxt the insurance proceeds, L,ender may use the procads to repair or restore the Property or to pay sums
<br /> sceured by this Securiry Instrument,whether or not[hen due. The 30-day period wili begin when the notice is given.
<br /> Unless L.ender and BocTOwer otherwise agree in writing, any application of proceeds to principal shall not extend or
<br /> postpone thc due date of the rt:onthly payments refened to in pazagraphs 1 and 2 or change the amount of the payments. If
<br /> under paragraph 21 the Property is acquired by L.ender, Borrower's right to.�u►y insurance policies and proceeds resulting from
<br /> damage to the Property prior tu the acquisition shall pass[o Lender to[he extonc of the sums secured by this Security Inscntmcnt
<br /> immediately prior to the acquisition.
<br /> 6. Uccupaqcy, Preservatlon.Maintenance and Protection of the Property;Burrower's Loan Application; Lwseholds.
<br /> Bon�ower shall a:cupy, establish,and use the Propeny as Borrower's piincipal residence within siary days after the eaecution of
<br /> [his Security Instrument and shall continue �o occupy the Proper[y as Borrower's principal residence for at least one yeu after
<br /> the date of occupancy, unless Lender otherwise agras in writtng,which consent shall not be unreasonably withheld, or unless
<br /> extenuating circumstances eaist which aze beyond Bonower's control. Borrower shall not destroy, damage or impair [he
<br /> �roperty, allow the Property to deteriorate, or commit waste on the Pro�xrty. Borrower shall be in default if any forfeiture
<br /> action or proceeding,whe[her civil or criminal, is begun that in Lender's good faitb Judgm�nc could result in forfeiture of the
<br /> Property or ocherwise materially impair the lien created by this Security Ins[rument or Lender's security intereat. Burrower t►uy
<br /> cure such a default and reinstate, as provided in pazagraph l8, by cauaing the action or proceeding to he di�missed with a ruling
<br /> that, iu Lender's good faith determination, precludes forfeiture of the Borrower's interesc in the Propercy or o[her matedv
<br /> ?!Sl�:.'iS2!".."•I 4F!I:t !!"n �s.a�� hy �4Q C�ri�si[� in�r�iln�Rt n� 1r_.n�1er'c ceciqitv Intere.at. SArcower sh�l also be In defi�ult if
<br /> Borrower,during the loan application process, gave materially false or inaccurate informatlon or statemeata to I.ender(or f�llod
<br /> ta provide Lender with any material inforn�atlon)in connection with the lo�n evidenced by the Note, including, but not limited
<br /> to,representations cancerntng Borrower's occupancy of the Property a�a principal resldence. If this SCCUrity Instrument i�on a
<br /> leasehold, Borrower shall camply with all the provisions of the lease. If Botrower acquires fa title to the Pmperty, the
<br /> leasehold and the fee title shall noc mcrge unless Lcnder agrees to the merger in writing.
<br /> 7.Prutection of Lender's�qQhts in the�'roperty. If Bonower fails to perform the covenants ond agraments contained in
<br /> this Security Instrument, or there is a legal procading that may signiCicantly affect Lender's rights in the Property (such as a
<br /> proceeding in bankruptcy, probate, for condemnation or fnrfeiture or to enforce laws or regulations). then Lender may do and
<br /> pay for whatever is necessuy to protect[he value of the Propeny and Lender's rights in the Property. Lender's actions may
<br /> include paying any sums secured by a lten wh(ch has priority over this Security I•nstrument, appearing in court, paying
<br /> reasonable attorneys'fces and entering on the Property to makc repairs. Although Lender may take actian undcr diis puagraph
<br /> 7,Lender do�s not havo to do so.
<br /> Any amounts disbursed by Lender under this paragcaph 7 shall become additional debt of Borrower �ecured by this
<br /> Security Instrument. Unless Bonower and Lender agrea to otlur terms of payment, thex amoun[s shall bear incerest from the
<br /> date of dlsbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Bonower requesting
<br /> payment
<br /> 8.Mortgage Insurxnce. [f I.ender required mortgage insurance as a condition of making the Ioan secured by this Srcurity
<br /> Instrument, Sonower shall pay the premiums required to maintain the m�rtgage insurance in effect. if, for any reason, the
<br /> mortgage insurance covcrage required by L,ender lapses o�ceases to be in effect, Borrower sh�ll pay the premiums required to
<br />- obtain coverage substantially equivalent to the mongage insurance previously in effect, at a cost substantially equivalect to the
<br />_ cost to Borrower of the mortgage insurance previously in effect, from an �ltemate mortgage insurer approved by Lender, If
<br />' substantially equivalent mongage insurance coverage is not available,Borrower shal!pay to Lender each month a sum equal to
<br /> one-twelfth of the yeazly mortgage insurance premium being paid by Aorrower when the insurance coverage lapsed or ctased to
<br /> be{n effect. Lender will accept,use and retain these paymenrs as a loss reserve in lieu of niongage insurance. Loss reserve
<br /> Form 3028 9/99
<br /> ��6RINE)�a2�s�.o2 P•u•�o�a INIIN�:
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