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<br /> • • 5. Hu•r.nrd or PropeMy Insurance. Borrowcr shull kcep thc improvcrncnts now cxisting on c�rcaftcr crcctcd nn thc
<br /> '� ProFx:rty insuteci against loss by firc, huxurds includcd within thc tcrm "cxtcnded covcragc" and any c�ther hazurds, includin� _
<br /> �� (Inods cir flaadinfi, for which Lcndcr requires insuruncc. This insurancc shull lx maintuincd in the umounts und for thc perii�s
<br /> � that Ixndcr rcyuirc�. Thc insurancc carricr�r��viding thc in:.uruncc tihall he rhoscn hY Surrowcr suhjcct to l.cndcr's appruvul �
<br />_� ?' ��' which shull not bc unrcusonubly withhcld. If Borr��wcr fails to m.iintuin covcragc dcscribcd abuvc, Lcnder may, ut L�;nJr�-'+
<br /> �� opticm,obtuin em�ruge to protect I.ender's rights in the Properry in accardanee with paragraph 7.
<br />-''-��----- All insurance policies and renewuls shull be ucceptable to L.ender und shall includc a stundurd nwrtgage cluuse. Lender
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<br />- ' shall huve the right to hold thc policies and renewals. lf Lcnder requires, Borrawcr shall promptly givc to[.cnder all rcccipts o
<br />_ • ;� paid prcmiums and rencwul notices. In thc event of loss, Borrower shall givc prompt noticc to thc insurance carrier and Lender.
<br /> � Lender may mukc proof of loss if not made promptly by�rrower. _
<br /> Unlcss L.cnder und Borrower othenvisc agree in'writing,insurance pracecds shull bc applied ta rest�rution or repair of thc
<br /> � Property dumaged,if the restoration or repair is economically feasible and Lender's security is nat lessened.If the restaration or
<br /> _ � repair is not economically feasible or Lender's security would be Iessened,the insurance proceeds shall be applied to the sums
<br /> � secured by this Securiry instrument, whether or not then due, with any excess paid to Borrower. [f Borrower abandons the
<br />- - � Property, or docs not answcr within 30 days a notice from Lender that the insurancc currier has offereci to settle a claim,then
<br /> � ' Lender may coUect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums
<br />' ' secured by this Securiry lnstrument, whether ar nut then due.The 30-day perind will begin when the notice is�iven. __
<br /> Unless Lender and Borrawer otherwitie ugrec in writing, any application of proceccis to principAl shall not extend or
<br /> postpone the due date uf the monthly payments rcfcrred to in paragraphs 1 and 2 or change the amount of the payments. If
<br /> ,r: ` under paragrnph 2l the Property is ucquired by Lender, Bonower's right to any insurance policies and proceeds resulting from
<br /> damage to the Property prior[o the acquisitinn shall pass to I.ender t�the extent of the sums secured by this Security Instrument
<br /> - immediatcly prior to thc arquis+tion.
<br />- 6. Occupancy, Preservatian,Maintenance and Pcotection of the Property;Borrower's Loan Appltcatton; Leaseholds.
<br /> • Borrower shall occupy,establish,and use the Propeny as Borrower's principul residence within sixty duys after the execution of
<br /> this Security Instrurr�ent and shall continue to occupy the Property as Borrower's principal residence for at Ieast one year ufter
<br /> - the da4e of occupar.cy, unless L.ender otherwise ugru:s in writing, which consent shull not be unreasonably withheld, or unless
<br /> � extenuating circumstunces exist which are beyond Borrower's control. Borrower shall not destroy, da�iiage or impair the
<br />- . Propertp, allow tne Propeny w�letC�iu�uce. or car��riii xastc er. the Pr�pc�y. Rnrrnwer sh�ll be in defnult if any forfeiture
<br /> action or prcxecding, whether civil or criminal, is begun that in L.ender's good faith judgment could result in forfeiture of the
<br />-�• '. Propeny ar othcrwise materialiy impair the licn crcntcd by this Security Instrument or I.ender's sewrity intcrest. Borrower may
<br /> - cure such a default und reinsiu[e,as provided in paragraph 18, by causing the action or proceeding to be dismissed with a ruling
<br /> thut, in Lender's good faith determination, precl�des forfeiture of the Borrower's interest in the Property or other ►naterial
<br /> � � � '� impairmcnt of thc lien crcuted by this Security Instrument or Lender's security interest. Borrower shall also be in default if
<br /> ., .� ,� Borrower,during the loan application process,gave materially false or inaccurate information or stntements to L.ender(or failed
<br />- �� ro provide Lender with any material informatian) in connection with the loan evidenced by t he Note, inc lu ding, b u t n o t l i m i t e d
<br /> '�•• • to, representations concernin};Borrower's occupancy of the Property as a principal residence. If this Security Instrument is on a
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<br /> -�'' "`"�T Ieasehold, Borrower shall comply with u.11 the provisions of the Icase. If Borrower acquires fee title to thc Property, t e
<br />` � � Icaschold und the fee tidc shall not mcrge unlcss L.cnder agrccs to thc mergcr in writing.
<br /> Y`'��"p"' 7. Protectlon of I.ender's Ri�hts in the Propert,y.[f Borruwer fails to perform the covenants and agreements contained in
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<br />�r.�,,�.�. .�� ' this Security Instrument, or there is a Icgal procceding that may signiticantly affect Lender's rights in the Property (suc as a
<br />�;:,-• .r-.7.•�' proceeciing in bankruptcy,probate, for condemnation ur farfeiture or to enforce laws or regulations), then l.ender may do and
<br /> - �� pny for whatever is recessary to protect the value of the Property and Lender's rights in die I'ropeny. Lender's actions may
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<br /> include paying any sums sccurcd by u licn which has priority over this Security Instrument, appearing in court, puymg
<br /> :. neusonablc iittorneys' fccs and entcring on thc Property to makc rcpairs. Altliough Lender may take action undcr this paragraph
<br /> � . 7, Lcnder docs not havc to do so.
<br />- -- •_ Any amounts disbuned by Lender under this paragraph 7 shall hecomc additional debt•of Borrower secured by this
<br />°�� ��,,.°.r,� . Security Instrument. Unless Borrowcr and L,cndcr ngrce to other tcrms of paymcnt, thcsc amounts shull bear interest from the
<br /> _ °, , , datc of disburscmcnt ut thc Note rate xnd shall bc payublc, with interest, upon noticc from Lendcr to Borrower reyuesting
<br /> . payment.
<br /> ' 8.Mort�uge Insurunce. If Lcndcr rcquireJ mnrtgage insurancc us a rondition of making thc loan secured by this Security
<br />- ; � .' [nstrument. Borrower shall paJ� the premittms required to maintain thc mort�age insurnnce in effect. If, for any reason, the ,
<br /> mortgagc insurancc coveragc rcyuircd by Lcndcr I�pscs or ccascs w bc in effcct.Borrower shall pay thc premiwns requircd to
<br /> ' * ohtuin ruverage substantially equivalent to the mortgage insurancc previously in effect, at a cost substantially equivalent to the
<br /> " � cotit tu Borrowcr of the mortgagc insurance previi�usly in effcct, from an alternate mortgage insurer approved by Lender. If
<br /> � substantially eyuivalent mortgagc insurance coverage is not avuilable. Borrowcr shall pay to Lender euch month a sum equal to
<br /> . Ot1C-�WCIfIII Ot II1C yl'�lily Illll�lb8�l` insuranee premium being paid by Bcirruurr when the insur3nce coverage lapsed or ceased to
<br /> • be in effect. Lender will acccpt,use anJ retain these p:q�ments xs a Iciss rescrvc in lieu uF inangage insuranec. Loss rcserve
<br /> Form 3028 9/90
<br /> Pano 3 0�6
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