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<br /> 98- :11��6
<br /> 5. Hoznrd or Property iasucs�nce. I3orrower shall kecp the improvements now�xisting or hercafter erected on the
<br /> Property insured ngainst loss by fire, hat,�rds includal within the term "extcnded coverage"and uny other haxards, including
<br /> floods or flcxiding, for which L.ender requires insuruncc. This insurnnce�hull bc maintuined in the umounts a�xl for the peri«!s
<br /> thnt Lender requires. The insu�ance carrier pruviding the insurunce shall be chosen by I�rrower sUbject tu Lrixier'ti upprovul
<br /> which shall not be unreasonably withheld. lf Horrower fails ro maintuin cc�verage described nt�ve, l.cnder m�iy, s�t L.endor's
<br /> option, obtain coverage to protect L.�nder's rights in the Property in acwrdance with paragraph 7.
<br /> All insurance policies and renewals shell bc acceptable to L.cnder and shall inctude a siutKlurd mRrtdage clausc. L,eixler
<br /> shall have the right to hold the policies and renewals.If Lcnder requires,fiorrower shall promptly give to Ixnder all rcceipis of
<br /> paid premiums and renewal notices. In the event of loss, Bc,rrn�ver shnll give prompt notice tothe insurancc currier und l,ender.
<br /> I.cndcr may make proof of loss if not made promptly by Borrowcr.
<br /> - Unl�.ss L,ender and Boaower otherwise agree in writing,insurance proceeds shall �;applied to restnration or repair of the
<br /> Property damaged,if the restoration or rcpair is xanomically feasiblc and I.ender's security is not lesscned. if the restoration or
<br /> repair is not economically feasible or Lender's security would be lessenod,the insurance praeeds shell be applied to the sums
<br /> secured by this Security Instrument, whether or nnt then duc, with any excess paid to Bortower. If Borrowcr abandon.r• the
<br /> Property, or daes not answer within 30 dnys a notia from I.cndcr that the insurzn� carri�r has offeral to settic a claim, then
<br /> Lendor may collect the insurance proceods, Lender may use the proceecis to repair or restore the Property or ta pay surrs
<br /> :,ecured by this Security Instniment, whether or not then due.The 30-day perlaci will begin when the notice is given.
<br /> Unless l.endcr and Bonower atherwise agree in writing, uny application of proceeds t�principal shall not extend or
<br /> postpone the due date of the monthly payments referred to in paragraphs 1 and 2 oi•chsnge the amount of the payments. If
<br /> under paragruph 21 ¢he Property is acquired by Lender. Borrower's right to any insurance policies and proceeds resulting from
<br /> damage to the Property prior to the acquisir.ion shall pass to Lender to the extent of the sutns secural by this Security Instn►ment
<br /> immediately prior to the acquisition.
<br /> 6. Oocupancy,Preservation, Malntenance wnd Protectlon ot the Property;Borrower's Loan AppUcAtioa;I.rn.seho�ds•
<br /> Aorrower shall occupy,establish,and use the Property as Borcower's principaf residence within sixty days aRer the executian of
<br /> this Security Inslrument a�xi shall continue to occupy the Property as Borrower's principal residence for at leust one year after
<br /> the date of occupancy,unless Lender otherwise agras in writfng, which consent shall not be unroasonably withheld,or unless
<br /> extenuating circumstanses exist which are beyond Borcower's control. Borrower shall not destroy, damage or impair the
<br /> Property, allow tho Property to deteriorate, or commit waste on the Property. Borcower shull be in defeult if any forfeitute
<br /> action or proceeding, whether civil or criminal,is begun that in Lender's good fnith judgment could result in forfeiture of the
<br /> Propeny ar otherwise materially impair thc lien created by this Security Iast�ument or Ltnder's security interest.Borrower may
<br /> cure such a default and reinstace,as provided in paragraph 18,by causing the acti�n or procading ta be dismissod with a ruling
<br /> that, in Lender's gocxi faith detcm�ination, preclud�s forfeiture of the Banower's interest in tha Property or other mAterial
<br /> impni�uici�i uf i5e li�t'�Cic.:+.C3 by i!1't� S°�1I'i:� T_TS!rum�nt er trrKiPr'� cecurity int�rest. eorrower shall also be in default if
<br /> Borrower,during the loan application process,gave materially false or inaccurate informatien or statements ta Lender(or feiiod
<br /> to provide Lender with any material information) in connection with the loan evidencal by�ho Note,including,but not limited
<br /> to,rapresentati�ns cuncerning Bonower's occupancy of the Property as a principal residerzce.If this Security Instrument is on a
<br /> leasehold, i3orrower shall comply with all the provisions of the lease. If Banuwer acquires fee title to the PropeRy, the
<br /> leasehold and the feo title shall not mtrge unless Lender agrees to the merger in writing.
<br /> 7.Protectlon ot Lender's Rfghts ia the Property.If Borrower fails to perform the cavenants and agraments contained in
<br /> this Security Instrument, or there is a legal proceoding that may significantly sffect I.ender's rights in the Property (such as a
<br /> ptoceeding in bankruptcy, probate, for condemnation or forfeiture or to enforce laws or regulations), then I.ender may do and
<br /> pay for whatever is necessary to protect the value of the Propeny and Lender's dqhts i n the Property. Lender's actians may
<br /> include paying any sums securod by a lien wtaich has priority over this Security [nstmment, appearing in court, paying
<br /> reasonable attorneys'fees and entering on the Property to make repairs. Although I.ender may takc actiun under this paragraph
<br /> 7,Ixnder das not havc to do so.
<br /> Any amowits disbursed by L.ender under this paragraph 7 shall become additional debt of Borrower stcurcd by this
<br /> Sccurity Instrument. Unless Borrower and Laider agree to other tenns of payment, these unounts shull bear interest from the
<br /> datc of dis6urseme�t at the Note rate and shalt be payable, with interest, upon notice from Lender to Bonower requesting
<br /> payment.
<br /> S.Mortgugc Ingurance.If l.ender requirai mortgage insurance as a condition of making the loan secured by this 5ecurity
<br /> Instrument, Borrower shall pay the premiums required to maintain the mortgage itisurance in effect. If, for any reason, the
<br /> mortgage insurunce coverage required by Lender lopses or ceases ta be in r,ffect,Borrower shall pay the premiums required to
<br /> obtain r.overage substantially equivalent to the mortgage insurance previously in effect,at a cost substantially equivalent to the
<br /> cost to Bonower of tha mortgage insurance previously in effect, from an alternate mortgag�insurer approved by Lender. If
<br /> substantially equivalent mortgage insurance caverage is noi availsble,Barrower shall pay to Lender eaeh munth a sum equal to
<br /> one-twelfth of the ycarly mortgage insurance premium bcing paid by Borrower whtn the insurance coverage lepsed or ceased to
<br /> be in effect.Lender will accept,use and retain these payments as a loss reserve in l ieu of inortgage insurnnce. Loss reserve
<br /> Form 3028 9/80
<br /> rnye 3 ot 8
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