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<br /> 5. �nM or ih+upeety Insnrnna. Borrower ehail k�ep thc improwemems naw cxisting or hercaRer erecteci o� tt►e
<br /> Pro�trty lnsared agalnst laxs by fire, huzards irMludat ti•�ithin tho term "extcnited covcra�c" und any a�ther hnzards, including
<br /> floods ur floading, far which L.ender rcyvirey insurancc. This insurc�nce shntl bc maintnined in thc nn�aunts and far the peciads
<br /> that l.ender res�uices.The insurniuc cnruer pmvtding tl�e Insueunce shull be chasen by Barcuwu�subject co l.ender's appr�vul
<br /> � which shall nnt bc unrcasonnbly wlthheld. if liorrawer foitn ai maintain caverage describ�l abave, L.ender may. nt L.ender•R
<br /> nptbo��.abtatn rovcrage ta pratect Lendcr's righ�s in thc Property in accardunce with paragraph 7.
<br /> All insurancc polfcl�und remwals shali be acaptnble tu L.ender and shalt include e stundard nartgego daure. I.ender
<br /> shull have thc ti�ht ta hold the policies and renewnls. If I.cnder rcynirew, H�irrowor shnll promptly Afvc ta Lender all tcceipis of
<br /> � paid premlams am!r�cnewul notices.In the event of loss. Borrawer shnll gtve prompt natice to the insurnnce currler und Lender.
<br /> L.ender muy maa�Scce proof of loss if not made pmmptly by Borrower.
<br /> Unless Lender and Bonower otherwise agree in wrlting, ins�rance proceeds shaU be uppl�ed to t+�staratian or repair of the
<br /> Property dnmaged.if'the rMStorndon or repair iA eronort►icnliy feasible und l.ender's secudry is not lessenod.If the restorntion or
<br /> ; reps�Ir is not ecanomically feasible or Lender's security wauld be lesscntod,the insumnce proceeds shall be applie�to the sums
<br /> ! secured by this Security Instniment,whether or nos then due. with any excess pald to Borrower. if Borrower ctbandons the
<br /> Property. or does not answer within 30 days a notice from I.ender that the insurunce carrIer has offer+ed to setUe u cluim.then
<br /> Lender may collect the insurance Qroceals. l.ender rnay use the proceeds to repair or restore the Property or to pay sums
<br /> secured by tdiF Security Instrument.whether or not then due.The 30-day pertod will Isegin when the notice is�iven.
<br /> Unless L.ender and Borrower othenvise ugrce in writing, uny Application of procced.g to pdncipal shall not extend or
<br /> , postpone the due date of the mont!►ly payments refernd to in ptungraphs 1 and 2 ur change the amnunt of the puyments. If
<br /> � under paragraph 21 the Property is acquited by Lender, Bomawer's right to any insurance polictes and proceeds resuldng fmm
<br /> � danwge to ihe Property prior to the acquisition eh�l{pass to Lcnd�r to thc exter�t of the sums sccurcd by this Seturity Instrurttcnc
<br /> � imme�Iately prinr w the acquisldon.
<br /> i 6.Occupan�y,P�+eservatton, Matnteaance end Prote�foa oi the Pcoperty;Borro�yer's Loan Appitcadon;I.easeholds.
<br /> Borrower shal!occupy, eswblish,und use the Property us Borrower's pr3ncipal restdence within sixty days after the execution of
<br /> this S�curiry Insnument and shall cantinue to occupy the Propeny as Borrower's principul residence for at least one yeai after
<br /> the date of occupancy. unless Lender otherwtse agrees in wrlting. which rnnsent shall not be unreasonably withheld,or ualess
<br /> eatenu�dng ciecwnstances exist which are beyond Borrower's control. Borrower shall not destroy. dumage or impair the
<br /> Property. ellow thc Property to detedorute. or commit waste an the Property. Borrower shall be in default if any forfeiture
<br /> ; uction or procceding,whether civjl or criminal. is begun lhut in Lender's good faith judgment could result in forfeiture of the
<br /> � Properry or otherwise muterially impair the lien zreated by this Securiry Instrument or Lendcr's security interest.Borrower may
<br /> i cure such a defnult and reinstate,us provided in paragraph 18.by cnusing the action Ar prc�ccedin�to be dismissod with a ruling
<br /> 1 tlsat. t�I.c�dcr's gcxsd'faiifs d�rrsnirtatioa. prrclud�farfcitura of thc Barro�:xr's intcress in thc Pmp�; ar othcr matoria!
<br /> I impstirn�ent of the Iten crcated by this Serurity Inst�vment or Lender's securit� interest. 8orrower shall also be in default If
<br /> �orrower,during the loan upplicntion process,guve matedally false or inaccurate jnformatIon or statements to L.ender tor failed
<br /> ' to pmvide C.ender with any material information)in connectton with the toan evidenced by the Note,includtng.but not limited
<br /> to.r+epnsentattons concerning Borrower's occupancy of the Property as a principal residence. If tf�Is Secudty Instrument is on a
<br /> IeaSeleald. Borrower shnU comply with al! the provistons of the lease. If Barrower ucquires fee title to the Property, the �'`
<br /> ' leasetiold and the fee title shall not mer�e unless L.ender agre�s to the merger in wr�ting.
<br /> 7.Pt+otecttoa of Lender's Ri�htsti in the Property. if Borrower fails to perform the covenants and a�reements contained in
<br /> this Secarity Instrument, ar there is a Iegal proceeding that may signiticantly affect I.ender's rights tn the Pnoperty(such as a
<br /> ' pmc�eding in banlrruptcy.probate. for wndemnation or forfeiture or to cmforce laws or regulatIons}, then l.ender may do und
<br /> pay for whatever is necessary w protect the value of the Property and Lender's rights in the Property. L.ender's actions may "�•.
<br /> i�clude paying uny sums secured by a lien which has priority over this Security Instrument. appearing in rnurt. payjng
<br /> �rasvnable attomeys'fees and entering on the Property to make repaics. Although[.ender may txke action nader this paragruph
<br /> 7,Lender dces not have to do so.
<br /> Any amounts disbursed by I.ender under this paragraph 7 shali beoome additlonal debt of Barmwer secured by thls
<br /> Security Insmiment. Uniess Borrower and Lender agree to other terms of payment, these amounu shall bear intec+est from the �`'
<br /> date of dlsbursement at the Nate rate and shall ba payable. with interest, upon notice frorr� Lender to Borrower requesting ::`_��
<br /> paYment. �4.�:
<br /> 8.Aqorfgr+se Imvrence. If L.ender requirell mortga�e insurance as a conditIon of mstking the loan secured by this Security .-,
<br /> Inswment, Borrower shall pay the premiums �equired to maintain the mort�age insurance in effec¢. lf. for any ceason, the .
<br /> mortgage insurartce covera�e required by Lender lapses or ceases to be in effect.Bomower shall pay the premiums required to
<br /> obtaIn ooveray�e substantially equivalent to the mort�age insurnnce previously in effect.at a cost substanti�lly equivalent to the
<br /> wst to Bortower of the moct�age insurancc prevtously in effect. from a�i altemnte mortgage insurer approved by L.endcr. If
<br /> substantially equivulent mortgage insuranoe cavernge Es not uvailable.Borrower shall pay to Lender cach month u sum equal to
<br /> one-twelfth of the yearly mortgage insuranoe premium being paid by Bomnwer when the insurance coverage lapsed or ceased to :�
<br /> be in effcct.I.ender will acocpt.use and retain tbess payments es a toss r�eseeive tn tieu of mortgage insucanee. Loss reserve -
<br /> iFort�n 3028 9/80
<br /> IPope 3 ot 8 ..
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