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<br /> 5. Hazard ur Property Insurance. IIonower shall kecp the improvcments now existing or hereafter erected �n the F
<br /> Property insured against loss by firc, hazards included within the term "exterded coverage" and any other hazards, including �
<br /> flo�cis or flaxiing, for which Lender requires insuranee. This insurance shall be maintained in the amounts and far the pe�iods
<br /> that Lender requires. 7'he insurance carrier providing the insurance shal� be chosen by Borrower subject to Len.�er's approval
<br /> which shall not be onreasonably withheld. If B�rrewer fails to maintain ceveragz described above, Lender may, at Lender's
<br /> option, ob;ain co��eragP to protect Lender's rights in the Property in accordance with paragraph 7. :
<br /> All insurance policies and renewals shall be acceptable to Lender and sha;: ;r.clude a standard martgage clause. Lender �
<br /> shail have the right to hoi��he policies�;id renev:�als. If Lender�requires, Borrc�wer shall prompNy give to Lender all receipts of .-S�
<br /> paid premiums and renewa! notices. In i�°.event oF loss, Borrower shal!give prompt notice to the insurance careier and Lender. �
<br /> Lender may make praof of loss if not made promptly by Borrower. �
<br /> Unle:ss Lender and Borrower othenvase agree in writing, insui�ance proceeds shail bc applied to restorati.on or repair of the �
<br /> Property��amaged, if the restoration c�r repair is economically feas9ble and Lender's security is not lessened. If the restoration or
<br /> rep�.ir is not economicaily feasibl�er Lender's security would be lessened, the insurance pmcee.ds shall be applied to the surns u�
<br /> serured I�y this Security Instrument, whether or not then due, with any excess paid to Borrower. If Borro�ver abandons the �j.l
<br /> Prc�perty, or dces not answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim, than
<br /> Lender n;ay collect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums
<br /> secured by this Security instrument, whether or not then due. The 30-day period wifl begi�►when the notice is given.
<br /> Unl.ss Lender and Borrower otherwise agree in wrhing, arxy application of proceeds to principal sha31 not exten� or
<br /> postpone the due date of the monthfy payments r�.ferred to in F.u�agraphs t and 2 or change the amount of the payments. If
<br /> under priragraph 21 the Property is acquired by Lender, Borrower's right to any ir�surance policies and proceeds resulting fram
<br /> damage,to the Property prior to the acquisition shall pass to Lender to!!:�extent of the sums sP„cured by this Securiry Instrument
<br /> immeciiately prior to the acqaisifion.
<br />', 6. Occnpancv, Preservation, Maintenance and Protection of the Praperty; Rorro�•er's Loar� Application; I,easehalds.
<br /> fBorrower shall occupy, e,�tablish, and use the Property as Borrower's principal residencc r;ithin sixty days a('ter the execution of
<br />� this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after
<br />� the date of occupancy, unless L.ender otherwise agrees in wr,ting, which consent shall not be unreasonably withheld, or uniess '
<br />! extenuating circumstances exist wi�ich are beyond Borrower's control. Bonower shall not destroy, damage or impair the
<br /> Property, allow the Property ro dcteriorate, or commit waste on the Property. Borrower shall be in default if any forfeiture,
<br /> action or procceding, whether civil or criminal, is begun that in Lender's good faith judgmeni could result in forfeiture of the '
<br /> Yropeny or otherwise materialiy impair the lien created by this Security Instrument or Lender's security interest. Borrower may �
<br /> cure suci�a default and reinstate, as provided icr paragraph 18, by causeng the action�r proceeciing to be dismissed with a ruling
<br /> that, in Lender's gooci faith detennination, precludes forfeiture of the Borrower's interest in the Property or other material
<br /> impairment of the lien created by this Security Instrument or Lender's security interest, Borrower shall also be in defa�lt if
<br /> Borrower, during the loan application pro<;ess, gave materialiy false or inaccurat�information or statements to Lender(or failed
<br /> to provide Lender with any material information) ia connection with the laan evidenced by the Nate, including, b�t nu.limited :
<br /> to, rapresentations concerning Borrower's c�ccupancy of the Property as a principaf residence. If this Security Instrument is on a :
<br /> leasehold, Borrower shall cn�n�ly with all the provisions of the lease. If Borrower acquires fee title to the Property, the
<br /> leasehc�ld and the fee title sha►. no,merge unless Lender ag?�ees to the merger in wri.ing.r :
<br /> 7. Protr�tion of Lender's itights in the Property. If Borrower fails to perform the covenants and agreements containei in
<br /> this Security Instrument, or there is a legal proceeciing that may significantly affect L.Ender's rights in the Property (such as a
<br /> proceeciing in bankruptcy, probate, for condemnation or forf�;wre or to enforce laws or regulations), then L.ender may do and
<br /> pay for whatever is necessary to protect the value of the Pcnperty and Lender's rights in the Property. L.ender's actions roay
<br /> include paying any sums secured by a ]ien v�hich has priority over this Security Instrument, appearing in court, paying
<br /> reasonable attomeys' fees and entering on the Property to make repairs. Akhough Lender may take action under this pazagraph
<br /> 7, I,encier dces no:have to do so.
<br /> Any amounts disbursed by I.ender under this paragraph ? shall becom� additionai debt of Borrower secureci by chis :
<br /> Security Instrument. Unless Borrrzwer and L.ender agree to other terms of payment, these amounts shall bear interzst from the �
<br /> date of disburserr.ent at thc Note rate and shalt be payable, with interest, upon notice from Lender to Borrower requeseing
<br /> payment.
<br /> 8. Moctge;e Insurarrce. If Lender required c7origage insurance as a condition of making the lAan sec�ired by this Se:urity
<br /> Instrument. Borrower shall pay the premiums required to maintain tl�e moctgage insurance in effect. If, for any reason, the '
<br /> mortgagc insurance coverage required by Lender lapses or ceases to�.ie in effect, Borrower shall pay the premiums require�d ta
<br /> obtain covera$e substantially equivalent to the mortgage insurance prcviously in e:Cfcct, ut a cost substantially equivalent to the
<br /> cost to Borrowcr of the mortgage insurance previously in effecr, from an alternate mortgage insurer approved by Lender. If
<br /> substantially equivalGnt mortgage insurance coverage is not availab!e, Borrower shAll pay to L.ender P.ach month a sum equal to
<br /> one-twdfth of the y�arly mortgage insurance premium being paid by Borrawer when the insurance covernge lapsed or ceased to
<br /> bs in effect. L.cndcr will acctpt, use anci retAin these payments as a loss reservc in lieu of mortgage insurance. Loss reserve
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