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<br /> 98- 112'726
<br /> S. HArnrd or Property Insuranct. Borrower shall kap the improvements now existing or hereafter erected on the
<br /> .Property insured agairt�t loss by fire. haxards includod withln the term "extended coverage" :►nd any c�ther hazards, lncluding
<br /> floods or flooding, for which l.knder rcquins insurance. 1'his insurance shall be malntained in the nmounta and for the pedoda
<br /> that Ixnder requlns. The insurance curier providing the Insurance ahall be chosen by IIorrower subJect to Lender'a apQraval
<br /> which shall not be unreasonably ivlthheld. If Borrower fails to maintaln coverage descrlbed abovo, l..ender tnay, at Lender'e
<br /> optlon,obtaln coverage to protect Lender's righta In the Property in accordance wlch paragraph 7.
<br /> All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. I,.ender
<br /> shall have the right to hold the pollcies tnd renewals. lf L.ender requires,8orrowcr shall prompdy givc ro L.ender All receipis of , _
<br /> paid premiums and renewal noticee. In�he event uf los�, Borrawer shall givc prampt notico to the insurana csurler and I..ender.
<br /> Lender may make proof of loss lf not made promptly by Borrower.
<br /> Unless Lender and Bonower othorwiae agrce in writing, inaurancc proceeds shall be applled to restoration or repair of the
<br /> Property damaged, if thc restoration or repair is x�nomically feasibie and I.ender's security is not lessenad,If the restoration or
<br /> repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applled to the sums
<br /> secured by thia Security Instrument. whether or not tlien due, with any excess paid to Horrower, If Banower abandons the
<br /> Propeny. or daes not answer within 30 days a notice from l.ender that Ihe insurance carrier has offered to settle a cluim,then
<br /> Lender may collxt che insurance proceeds• Lender mny use the proceeds to repair or restore the Property or to pay surYu
<br /> secured by this Security Instrument, whether or not then due. The 30-day period will begin when the notice ta given.
<br /> Unless Lender and Bonower otherwise agra in writing, any application of proc�eds to principal shall not extend or
<br /> postpone the due date of the monthly payments referreci to in paragcaphs 1 and 2 or change the amount of thc payments. If
<br /> under paragraph 21 the Property is acquired by Lendor, Bonower's right to any insurance policics and proceeds resulting from
<br /> damage to the Property prior to the acquisitlon shall pass to Lender to the extent of the sums secured by this Security Insteument
<br /> immediately prior to the acquieition.
<br />= 6,Occupancy,�'reservation,MAlntenance and Protectton of the Property; Borrower's Loan AppNcation; I.easeholds.
<br /> Borrower shall occupy,establish,and use the Property as Borrawer's principal residence within sixty days after the execution of
<br /> this Security Instrument and shall continue to cecupy the Property as Bonower's principal residence for�t les�t one year after
<br /> the date of occupancy,unless L.ender otherwise agras in writing,which wnsent shall not be unreasonably withheld, or unless
<br /> extenuating circumstances exist which are beyond Bonower's contral. Borrowor shall not destroy, damage or impair the
<br /> Property, allow the Property to deteriorate, or commit waste on the Properry. Borrower shall be in default if any forfeiture
<br /> action or procading,whether civil or criminal, is begun that in Lender's good faith judgment could result in forfeiture of the
<br /> Property or otherwise materially impair the lien created by this Security Instrument or I..ender's securlty interest, Borrower may
<br /> cure such a default and reinstate,as provided in paragraph 18,by causing the action or proceeding to be dismi.ssed with a ruling
<br /> that, in Lender's good faith determinAtioa, prxludes forioiiurc ui ii�e oo�rowcr'o i:sstrast in ttlt Pr^g!�!Y �r other material
<br /> - impainnent of the Uen created by this Security Instrument or Lender's security interest. Borrower shall also be in default if
<br /> Bonower,during the loan applic�tion process,gave materi�lly falae or inaccurate information or statementa to Lender(or failed
<br /> to provide Lender with any macerlal information)in conneccion with the loan evtdenced by the Note,includin�,but not Iimited
<br /> to. rcpresentetioni concerning Borrawer's occup�r►cy of the Propeny as a prtncipal residence.tf thi�Socurity Ina[rument is on�
<br /> leasehold, Barrower ehall comply with dl the provisions of the lease. !f Borcower acquires fa title to the Property. the
<br /> leasehold ux1 the fa title shall nut rner�e unle��Lender agras to the merger in writing.
<br /> 7. Protectbn of Leoder's Ri�hl� la tl�e Property If Borrower fails to perform che covenants and agreementa cont�ined in
<br /> �his Socuriry Instrument,or thero ie�le�a proceediug that may signlCicantly affect Lender's rights in the Property (such a��
<br /> proceeding in bankrupccy, pmb�te. for condemnatlon or forfeitun or to enforce laws or ngul�tiona), then L.ender may do md
<br /> pAy for wh�tever is necessary to protect the value of the Property and l.ender's rights in the Property, I.ender's ectiona m�y
<br /> incluAe paying a�►y sums secured hy a lien which ha� priority over this Security Instrument, appeuiag ln court, pnying
<br /> rcasonable�ttorneya' fees and enteriag on the Property to make repalrs. Although L.ender may take action under thla puagr�ph
<br /> 7. l.ender does not have co do so.
<br /> Any amounts disbursed by Lrnder uuder this paragraph 7 shall become additional debt of Borrower sceured by this
<br /> Security Insuument. Unless Borrower and Lender agra to other terms of payment, these amounts shall bear interest from the
<br /> date of disbursement at tiie Note rete and shalt be paysble, with interest, upon notice from L,ender to Borrower requ�sting
<br /> payment.
<br /> 8.MortQaQe[nsursnce. if Lender reyuired mortgage insurance as a cc►ndition of making che loan secured by this S�cudty
<br /> (nstcument, Bonower ahall pay the premiums cequlred to maintain the mortgage insurana in effect. If, for any reason, ihe
<br /> _ mongage insurance coverage raluired by Lender lapses or ceases to be in effect, Borrower shall pay the pnmiuml required to
<br /> – obtain coverage substantially equivalent to the monguge insurance previously in effect,at a cost substantially equivalent to the
<br /> � cost to Bonower of the murtgage insurance preeiously in effect, from an alternate mortgage Insuror approved by Lender. If
<br /> i substa.ntially equivalent mongage insurancc coverage is not available, Bonowcr shall pay to Lender each month a sum equal to
<br /> = one•twelfth of the yearly mortgage insurance premium being paid by Borrower when the insurance coverage lapsed or ceased co
<br /> � be in effcct. Lender will accept,useend retain these payments as a loss reserve in lieu of mortgage insurance. I.oss reserve ,
<br /> 7 Fam 302d 9190
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