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<br /> ig3w U1146
<br /> periods that Lender requires. The insurance carrier providing the*insurance shall be chosen by Ekmwer subject to Lender's
<br /> approval which shall not be unrea.-conably withheld. If Borrower fails to maintain coverage described above, Lender may, at
<br /> Lenders option, obtain coverage to protect Lenders rights in the Property in accordance with paragraph 7.
<br /> All insurance policies and renewals shall be acceptable to Lender anal shall include a standard mortgage clause. Lender
<br /> shall have the right to hold the policies and renewals, If Lender requires, Wvrower shall promptly give to Lender all receipts
<br /> of pa;d premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance carrier and
<br /> Lender. Lender may make proof of loess if not made promptly by Borrower.
<br /> Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of
<br /> the Property damaged,. if the restoration or repair is eoonomic ally feasible and Lender's security is not lessened. If the
<br /> restoration or repair is not economically feasible or Lenders security would be lessened, the insurance proceeds shall be
<br /> applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. If
<br /> Borrower abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has
<br /> offered to settle a claim, then Lender may coPect the insurance proceeds. Lender may use the proceeds to repair or restore
<br /> the Property or to pay sums secured by this Security Instrument, whether or not then doe. The 30-day period will begin when
<br /> the notice is givers.
<br /> Unless Lender and Borrower otherwise agree in writing, any. application of proceeds to principal shall not extend or
<br /> postpone the due date of the monthly payments referred to in paragraphs 1 naid 2 or change the amount of the payments. If
<br /> corder paragraph 21 the Property is acquired by Lender, Borrowers right to any insurance policies and proceeds resulting
<br /> from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security
<br /> Instrument immediately prior to the acquisition.
<br /> b. Occupancy, Preservation, Maintenance and Protection of the .Property; Borrower's Loan Application;
<br /> leaseholds. Borrower shall occupy, establish. and use the Property as Borrowers principal residence within sixty days after
<br /> the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at
<br /> least ant year after the date of occupancy, unless lender otherwise agrees in writing, which consent shall not be
<br /> unreasonably withheld, or unless extenuating circumstances exist which arc beyond Borrowers control. Borrower shall not
<br /> destroy, damage or impair the Property, allow the Property to deteriorate, or commit waste on the Property. Borrower shall
<br /> be in default if any forfeiture action or proc:•eeding, whether civil or criminal, is begun that in Lender's good faith judgment
<br /> could result in forfeiture of the Property or otherwise ma,.:rially impair the lien created by this Security Instrument or
<br /> Lender's security interest. Borrower may cure such a default and reinstate., as provided in paragraph 18, by causing the action
<br /> or proceeding to Ile dismissed with a ruling that, in Lenders good f dth determination. precludes forfeiture of the Borrowers
<br /> interest in the Property or other material impairment of the lien created by this Security instrument or Lenders security
<br /> interest. Borrower shall also be in default if Borrower, during the loan application process, gave materially false or
<br /> inaccurate ;nformation or statements to Leader (or failed to provide Lender with any material information) in connection with
<br /> the loan evidenced by the Note, including, but not limited to, representations concerning Borrowers occupancy of the
<br /> Property as a principal residence. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions
<br /> of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees
<br /> to the merger in writing.
<br /> 7. Protection of Lender's Rights in the Property. If Borrower fails to perform the covenants and agreements
<br /> contained in this Security Instrument, or there is a legal proceeding that may significantly affect Lenders rights in the
<br /> Property (such as n proceeding in bankruptcy, probate. for , ondemnation or forfeiture or to enforce laws or regulations), then
<br /> Lcndcr rray do and pay for whatever is necessary to protect the value of the Property and Lenders rights in the Property.
<br /> Lt-nder s actions may include paying any sums secured by a lien which has priority over this Security Instrument, appearing
<br /> in court, paying reasonable attorneys' ices and entering on the Property to make repairs. Although Lender may take action
<br /> under this pamgraph 7. Lender does not have to do so.
<br /> Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrower secured by this
<br /> Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from the
<br /> date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting
<br /> payment.
<br /> 8. Mortgage Insurance. If Lender required mortgage insurance as a condition of making the loan secured by this
<br /> Security Instrument, Borrower shall pay the premiums required to maintain the mortgage insurance in effect. If, for any
<br /> reason: the mortgage insurance coverage required by Lender lapses or ceases to he in effect, tiorrowcr shall pay the
<br /> premiums required to obtain coverage substantially equiWm;ent to the mortgage insurance previously in effect, at a cost
<br /> substantially cquivalent to the cost to Borrower of the mortgage insurance previously in effect, front an alternate morrtgage
<br /> insurer approved by Lender. If substantially equivalent mortgage insurance coverage is not available, Borrower shall ;ray to
<br /> Lender each month a sum equal to one-twelfth of the yearly mortgage insurance premium bring paid by Borrower when the
<br /> insurance coverage lapsed or ceased to be in effect. Lender will accept, use and retain these payments as a loss reserve in lieu
<br /> cif nrortp;age insurance. Lcm% reserve payments may no longer he required, at the option of Lender, if mortgage insurance
<br /> coverage (in titc amount and for the period that Lender requires) provided by un imurcr approved by Lender again becomes
<br /> available,and is obtained. Borrower shall pay the premiums required to maintain mortgage insurance in effect, or to provide a
<br /> ions reserve, until the requ'rcment for mortgage insurance ends in accordance with any written agreement between Borrower
<br /> and Lender or applicahic hew.
<br /> q. Incpe.ctdon. Lender or iri agent may make reasonable entries upxrn and inspections of the Prolvrty. Lender shall
<br /> give ddorrowcr notice at the time of or prior to an inspection specifying reasonable cause for the inspection.
<br /> 10. Condemnation. 'ilrc proceeds of any award or claim for damagcr, direct or consequential, in connection with any
<br /> SIn1;1e Venlily F'Ik:Inis Mae/FYeddle Mwe UNIFORM INSTRU&IF:NI' Uniform Covenwnln 9M fM,xr.t o fM1►xIge.r1
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