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<br /> • ' 3: Hazatd ur Peoperty Iasurance. Horra�ver ehall ltevp tha improvementR nnw exieti��g or hrreafter erected on „
<br /> • .the!'rupe�ty inRUred ngainat lasv by tire,hazards included �vithin the term "axtended coverage"and any other hui.nrda,
<br /> includinB Pluodx or floading,turwhich l.ender requi�es insuronco.Thie insurance shull be maintnined in thc umounta %�'
<br /> and tor thd peri��x that Ixnder re�uir�. '1'he inAUronre cnrrier providin�the insurance ahull he chosen by�3orrawer �' `
<br /> • • subj�ct to l.ender'A appr�val�vhich sbnll not be unrensnnnbly withheld.It Borrower f�ils ta mainwin cavernge described
<br /> abave,I.ender moy,nt l.endor'saption,abtain cnveroge to protect LendCr'R rights in the Praporty in accs�rdance with ;.°.,
<br /> para�ruph 7.
<br /> AIf inauruncn �licica nna retitl�vala ahull tx� er,ceptable to Lender and eheU includu a su►ndard moetgugc clsuse.
<br /> lxnder RhnU have tha ri�ht to hold thr polictea aad renewals. It I.ender requ�res. Horrower shuQ promptly �ive ta
<br /> • . I.ender all receipta of paid pramiume end renewt►I�otic�.In thQ event of loss,Borrower shnll give prompt notire to the �
<br /> � _ insuranco cnrrier and Lender.L.ender may make prcm4 of lass if not inade promptly by Bnrrower. ',"
<br /> ' ' Unlesq i,ender nnd Sorro�ver athenvise ngree in wrifing,insumnca praceeds ehol l be applied co reatorntian or repair '�`;:"
<br /> �� of tha Property dmm�ged,if the restoration or repair is economically feasible and i.endar's securlty ia nat le�ened.Ii tha
<br /> ` , restoration or repai��s not e�ortomicaliy feaeiblo or I.ender'a secutity would ba lessened,the insurance proceada ahell be ;;"��},:
<br /> ° � uppited to tho suma secured by this Security Instrumant,whather or not then due,wttA any axcess paid to Borrower.If �"-ti-
<br /> � Borrntver abandons tho Property,or does not answer�vtthin 30 days a notice from Lender that the insurence carrier has ^{'—�
<br /> offered to settle a claim. then Lender may collect the insurnnce procoeds.Lender may use tbe praaseds to repaic or �=-,-_
<br /> • . restore the Property or ta pay sums secured by tRia Secudty Instrument,whether or not then due.The 3o-day period will �`4i
<br /> I begtn when the notice is given. • -
<br /> ' ` Unless Lender and Bnrrower otherwisa agrea tn wridng,any applicntion of proceeds w principal shall not extend or ��',�
<br /> ��� postpone the due date of the monthly payments referred to in paragrriphs 1 an d 2 or change t he amount o t t he payments.
<br /> - • If under parogreph 21 t@�� Property is acquired by Lender,�orrowers right to any insurance poticies and pro�fs `���
<br /> � � F �lP�.:
<br /> ..' ; � resulting irom demage to the Property prior to the acquisition shall Pass to I.ender to the extent of the sume secured by �,'���
<br /> thie Security Instrument immediat�ly�rior to tha acquisition.
<br /> 6.Occupancy��'reservation�A4aintonance and Protectioa of the Propsrty;Bonower's Loan Applicatton; ,_-
<br /> . Leaseholds. Borrower shall occupy,establish,and use the Propetty as Borcower's principal residence within eixty days �-
<br /> �"' after the execution ot tttia Security Instrument and shall a►ntinue to oxupy the Property es BornoNer's principal '-
<br /> �� residence for at least one year atur tha dete oi occupns�cy,unless Lender othernise agrees in writing,cvhich consent shall
<br /> � not be unreasonably wlthheld,or unless extenuating circumstanc�exiet whtch ure beyond Barrower's control.Borrowec
<br /> ' sholl not destroy,damnge or irnpair the Property.allow the Property to detertorate.or commit a�este oa tha Property. ��
<br /> .. �. Borrower shall be in default if any torfeiture action or proc�ding,whether civtl or criminal�in begun that in Lendec's �__-
<br /> �� ��: good feIth judgment could result in torfeitureof tha Property or otherwise materiafly impair the lien created by thie
<br /> �+� �. S$eutity Inatrument or dxnder'e security interest. Borrower may cure cuch a default and reFnstate� es provtded ln
<br /> . pata8ra�it I8, by causing the ac"sion or pracocding w bo ciinmie3u! wiit� a ��ilif�g it,ei, i�� Lcn�ci'& �t',�x�x3 faiil� - -
<br /> au 3
<br /> ' '..''';:� determmation,pra:ludea Porteitur�of the Horrower's interest in the Property or other rmateriel impnicment o4 the lien
<br /> ' ' ��' created by this Se�utity InstrurnmZ a*I.ender's security Intereist.Bortuwer shall also ba in deteult�f Borroaer,durit�g
<br /> • tha loan applicatton ptocess, gave materiaUy talse ot tnaccurate Information or statements to Lestder (or failed to
<br /> �� provide Lender with uny meterial intormacion)in co�ection w(th the loan avidenced by the Nota, tncluding.but not
<br /> �' � ;;� ' limited to,represent�ti��rua conamin� Borrower's occupancy ot the Ptoperty as a principal residence. If thie Security =
<br /> ' , Instrument is on a l�se?�ald,Sorrowor shall comply cvith ell tha provistons ot the lease.If Borrowor acquirea fee title to -
<br /> � � . the Property,the lea�ehold and tho feo titla shall not merge unless Lender agrees tra the mergex in wdting.
<br /> •� ' 7.Protection of Lender's liighta in the Property.It�omower fails to perform the covenants and agreementa
<br /> contained in this Secuttty Instrument,or there is a legal proceeding thnt mny significantly atfect Lender's dghte in the --
<br /> ��r " Properey (such as a proceEding in bankruptcy, probute, for condemnatton or forfeiture or to enforoe lowa or _
<br />=�' ' regulations).then I.er►der may do and pay for whatever is nacessary to pmtect the value of the Pmperty and Lender's
<br /> �••;":' a rights in the Property.Lender's actiona may include paying aa�y suma secure�by a lien which hes prtority over thia
<br /> `.��.� Securit
<br /> ,,. ��;,'�;,;,A y Ins?rument,appenr�ng in aaeu•b,paytng reasonable attarneys'iees and entering on tha Property to make repairs.
<br /> „�:;,�,_.;.,.,��,� ; Although Lender mny tolce ttction undvr tt►ls paragraph 7,Lender daes not havo to do so.
<br /> Any nmounte die6ursPd by Lender under ttus paragrnph 7 shell become additionel debt of Borrower secured by thie
<br />�'� � Securtty Instrument.Yhaiesa Borru�ver nnd Lender agee to other terms af psyment,these amounts shall bear intere.�t
<br />' ,' � - from the date oi diaburs�ment at the Note rate and shall be payable�with iret�re�t,upon notice irom I.ender w Borrower
<br />�:.��. requestin� $payment. __- -
<br /> ;��� ; �.Mortgago Insuraace. Itl.ender required mortga�e inaurence es a condition of making tha lonn secured by s�1�is
<br /> , Seourity Instrumont,Borroaer ehall pay the premiums requited to meint�►in the mortguge insurance in enect.I��far any
<br /> ?y�, �'. � reason,the mortgaga tnsurance coverage requited by Lertder lapses or ceoses to be Ia etfect,Bara�e�wer ehall pay tha =_�
<br /> �yr' 7'_'' '" premiums e�equlrad ta obtain coverege substantia9Dy equivalent to the mortg�ge inaurance provious3�u�a�effect.at a cost `'`_��
<br /> �r".�•= "t - -
<br /> „�;,�.�. substantiatly equivalent to tha ccrst to Borrower of the mortIIege ineurrmce previously i�► ettect. trom an alternate -
<br />--�;����:,;:���'<<<�°; mort�oge is�.:urer approved byl.enQer. Ii r;ubstentieiiy cquiv�ient m�ngnge in:a�ra�ce wvcra� is u�i nV8lInS1e, E.�--_
<br /> " "�'�"�`+•��� Borrower ahali pay to I..ender eech month a sum equal to one-twelfih of the yearly mor¢gnge insuranca premium betng
<br /> ;?l; � � paid by Borco�ve�r when tfie insurance coverage lapsed or c:eased to be in eifect.Lender will accept,use und reinin thesa -� .
<br />-` . z• paymenta as a Icus reserve in lieu of mortgage insurance. Loss res�rve p�ymonts may no longer be required, ��-_
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