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<br /> 5. Haznrd or Pro�crty lnsurance. Bono�vcr shaU kcep the improvements now existing or hercaiter erected on the i.--
<br />_ ' Property insurcJ aguinst loss by fire, hazards inclu�lcd within the term °extendcd wvcm�c" 4nd uny othcr I��znrds, including ��,,,,
<br /> floods or flooding, forwhich Lcnder requires insurancc. This insur.incc shnll be maintaincd in thc nnr�u�ts and far thcperiods _
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<br /> „ , th,n Lender rcquires. ?hc insurancr,carricr providing the insurance shall be ehnten by Borrawer tiubject to Lender's �pproval �.,,: :
<br /> which shall not he unreusonably withhcld. If E3orrowec fails to maintain coveragc described above, Lendcr may, at Lendcr's
<br /> option,obtain covcragc to protut l.cndcr's rights in the Property in accordance with patagrapfi 7. —___
<br /> All insurnncc policics and renc�vals shall be ucccptablc to Lcndcr and sl�all include a standard mortgage ctause. Gettder �
<br /> ..� shnll have the right to holdthe policies and renewals. lf I.ender requires, Hono�ver shall promptly give to I.erider all receipts of �_
<br /> • ., paid premiums and rene�vol ne�tices.in the event of loss,Borrower shall�;ive prompt noace to the insumnce carrier and Lender. �_ -
<br /> Lender may make proof of lo�s if itot raade prompdy by Borrower. �
<br /> Unless l,�nder a��d Borrower othenvise agree in writing,insurance proceeds shall be upplied to restoration or repair of the _
<br /> Property damaged,if the restorntion or rcpair is economically feasible and Lender's security is nat lessened.If the restoration or
<br /> • repair is not economically feasible or L.ender's security would be lesseued,the insurance proceeds shall be npplied to the sums �-_
<br /> secured by this Security Instrument, whether or not then due, ��+ith any excess paid to Borrower. If Borrower abandons the _
<br /> Property, or does not�ns«•er within 30 days a noticc from I.ender diat the insurance carrier has offercd to settic a claim,then
<br /> l.ender may collect the insurance proceeds. Lender may use the pmceeds to repair or restore the Property or to pay sums �
<br /> secu�•ed by this Security Instrument,whether or not then due.The 30-day period will begin when the notice is given.
<br /> Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or
<br /> . i po5tpone the due date of ihe monthly payments refened to in paragraphs 1 and 2 or chan�e the amount of the �ayments.If
<br /> � under paragraph 21 the Prop�ny is acquired by Lender, Borrawer's right to any insurance policies and proceeds n;sulti�ng fmm
<br /> � damage to the Property prior to the acquisition shall pass to l.ender to the extent of the sums secured by this Security Instrument
<br /> immediately prior to the acquisition.
<br /> , 6.Occupancy, Preser►•ntion.Maintenance and Protection of the Property; Dorrower's Loan Applla►tfon; Leasehulds.
<br /> Borrower shail ocrupy,cstablish, and use the Property as Borrower's principal residence within sixry days after the execution of ___
<br /> this Security Instrument and shall continue to occupy the Property as Bonower's principal residence for at Ieast one year after --
<br /> �� the date of occupa�icy,unless Lender uthernise agrees in writing, which consent shnll not be unrcasonably withheld. or unless
<br /> extenuating circumstances exist which are beyond Bonower's control. Borrower shall not destrap, damage or impair the
<br /> Prop:rty, allow the Property to deteriorate, ar commic was�e un l[1C CIUNGIt)'. �o��ou:.r st�a!! b:. i"defstslt ?f gnY fnrfri4�irP :
<br /> action or proceecfing,whc�her civil or criminal. is begun that in Lender's good faith judgment could result in forfeiture of the
<br /> t�ropeny or othenvise n�aieri�lly imp:ur the lien createci by this Securiry Instrument ur[.ender's securiry interest.Borrawer may
<br /> � cure sueh a default and reinstate, as provided in para�raph 18,by causin�the action or proceeding to be dismissed with a ruling r,,.
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<br /> that, in Lender's gaud faith determination, precludes forfeiture of the Borrower's iriterest in the Property or other rnaten __
<br /> impairment of the lien created by this Security Instrument or Lender's security interest. Borro�ver shall also be in defuult if �_
<br /> Borro�ver,during the loan application process,gave materially false or inaccurate information or statements to Lender(or failed ;.-:
<br /> to provide Lender with any inaterial information)in connection with the lo:►n evidenced by the Note,includin�,but not limited k ;�,
<br /> to, representa[ions cancemin�Bonower's occupancy of the Property as a princip:il residence.If this Security Instrument is on a �-
<br /> leasehold, Borm�ver sl�all camply with all the provisiuns of the lease. If Borrower acquires fee title to the Properry, the �
<br /> leasehold and the fee titicsh:;ll not merge unless Lcndcr agrees to the mergcr in writing. Y�,
<br /> . • 7.Protection of I.ender's I31g!►ts in the Property. If Borrower fails to perform the covenants and agreements contained in 1��
<br /> • this Security Insteument,or there is a legal proceeding that may si�nificantly affect L.ender's rights in the Property (such as a ��-:.
<br /> proceeding in bankruptcy,probate, for rondemnation ur forfeiture ur tu enforce la�vs or re�ulations),then Lt:nder may do nnd
<br /> pay fur whatever i� ne�:essary co protect the value uf the Propeny and Lencicr's rights in the Property. Lender's actions may
<br /> include paying any surns sa�cured by a lien which has priority over this Security Instrument, appearing in court, paying
<br /> ' reasonable attorncys'fecs and entering vn th:Propeny to makc rcpairs. AlthouUh Lender may tukc action under this pacagrnph ,
<br /> 7,Lendcr docs not have to do so. • �
<br /> Any amounts disbursed by Lc:ndcr undcr this paragraph 7 shall b��omc additional debt of Borrower secured by this
<br /> Security Instrument. Unless Borro�ver and Lender agr��e to other terms of payment, these amounts shall bear interest from the `,�
<br /> } date of disburscnunt at ihe Note ratc and shall he payable. ��•ith interest, upon notirc from Lender to Borrower requesting S
<br /> ; payment.
<br /> 8. Niortga�e Insuronce.If Lendcr rcyuired mongage insuranrc as a rundition of making the loan ��vurcd b�•this Scrurity
<br /> Instrumcnt, Borrower ahall pay the premiums reyuircd to maintain thr mort�a�,e insurance in effect. If, for any resson, the ��
<br /> � mort�age insurance �rover�ge reyuired by Lender laps�s ur re:ues tu be in effcct. Borrower shall pa}•the premiums reyuin�cl to I
<br /> ' � obtain rovecage substantially eyuivalent tu the nu�rtgage insurance pn:viously in etTect, at a cust subst:antiall} cquivalent to the I
<br /> � cost to Borro�ver of thc murtgage insurance pmviously in cffect, from an alternat� mvngage insurcr appmved b}' L�nder. If i
<br /> �ubstantially cyuivalcnQ nrorcgage insur.►nre roverage is not available.Borc�����er shall pay tn Lcnder each month a+um eyual to ,.
<br /> - ! one-t�sclfth of the yeariymongage insur.►nce pmmium being paid by Burcower when the insur.�nce cuvcr.�gc lapscd e�r ceased tu
<br /> •• � ' bc in effert. Lender�ti•i!l accept. use and re.t:un these pay�ttents as a loss nsen•e in licu ot� rrwrtgage insurance. Luss rc�crve ,
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