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<br /> S. Hn7Ard or Property [nsueunce. Borrowcr shall kcep the improvements now existin� or hereafter cr�.ctQd an the
<br /> Property insured oguinst loss by fire.hazards includcd wlthin the term extended coverage und any other haznrds, lncluding
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<br /> floods or floading, for which [.ender requims insurance. This insurance shuq be maintained in the amoun�g and for the pedods
<br /> thut Lender rcquires. The i�surance cu�er pravidin�the insurunce shull be chosen by Borcower subject to Lender's npprovnl
<br /> ' which sh�ll not be unreason�►bly withheld. If Barrower fails to muintain coverage described abave, Leader muy, at Lender's
<br /> option,obu�n covera�e to protect Lender's tights in the Property i�uccordance with purosraph 7.
<br /> Ail insurance policics and renewats shall be ncceptablc to Lender und shull tnclude u stnndnrd mortgu�e cluuse. Lender
<br /> shalt heve the right ta hoid the policies and renew�ls.If i.cnJrr ceyuires. Iiocrowcr sha!!promptly givc to L�:ndcr all ecccipts of �
<br /> paid premiums and renewal rtotices.In the event af loss.Borrower shnll give pr+ompt notice to the insurnnc;c carrier und Lender.
<br /> � Lender may make proof of loss if not made promptly by 1Bonawer.
<br /> � Unless I.ender and BorrowPr otherwise a�ree in writing. insurance procecds sha1S be applied to restoruttan or repair of the
<br /> ; Property damage�,if the restoration or repair is economically feasible and Lcrtder's security is nat lessened.If thc restorntian or
<br /> repair is not economtcally feasible or Lender's secur�ty would be lessened.the fisurance proceads shall be applicd ta the sums
<br /> sacuted by this Security instrument. whether or not then due, wlth uny excess psid to Bonower. If Borrower abandons the
<br /> Property,or does not answer wlthin 30 days a notice from Lender that the insurance carrier has offered to setde a ciaim,then
<br /> Lender may collect the insurance pmceeds. Lender may use the proceeds to repair or ratore the Property or to pay sums
<br /> i secured by this Security Instrument.whether or not then due.'Che 30-day pedod wlll begin when the notice is�iven.
<br /> � Ualess Lender end Borrower otberwise agree in writing, any application oi'proceeds to principal shall not extend or
<br /> postpone the due date of the monthly payments referred t� in paragraphs 1 and 2 or change the amount of the payments. If
<br /> � under paragraph 21 the Property ts acquired by Lender, Borrower's right W any insurance policies and pmceeds resulting from
<br /> damage to the Property prlor to the acquisItion shail pass to Lender to the extent of the sums secured by this Secudty Instrument �
<br /> immediately prior w the acquisidon.
<br /> � 6.Ooeupancy,Preservation,Maintenance and Pt+otection of the Property;Borrower's Loan Application;Leaseholcis.
<br /> ; Borrower shall occupy.establish.and uss the Property as Hoaower's pr�ncipal residence within sixty days after the execaition of
<br /> this Securiry Instrumeat and shall cont�nue to occupy the Property as Borrower's principat resldence for at least one year aRer
<br /> the date of occupancy.unless Leader oihenvise agrees in writ�ng. which consent shall not be unreasflnably withheld.or urilesa
<br /> extenuattng circumstances exist which are beyond Borrower's conuol. Borrower shall not desu+ay. damage or fa�ra;r the
<br /> Property, aqow thc Property to deteriorate, or commit waste on the Property, Borrower shall be in default if any forfeiture
<br /> action or proceeding. whether clvil or crlminal.is begun that in Lender's good faith judgment could result in forFeiture of the
<br /> Property or otherwise materially impair the lien create�by this Securlty Inswment or Lender's securiry interest.Horrower may
<br /> � cure such a default and reinstate.as provided in paragraph 18.by causing We action or proceeding to be disraissed wlth a niling
<br /> ; that, in Lender's good faid� determination, precludes forfeitu�+e of the Bomower's intenest ia the Yroperty or other materiai `
<br /> � impairment of the lien created by this Security Instiument or I.ender's securiry interest. Borrower shall also be in default if
<br /> i Borrower,during the loan application process.gave materiaUy false or inaccurate informarion or statements to Lender(or failed
<br /> Ito provide L:ender with any material infartnation)in connection with the loan evidenced by the Note.iacluding,but not limite�
<br /> � to, represeniaiions oonceming Bortower's oxupancy of the Prnperty as a principai residence.If this Security Instiument is on a
<br /> � leasehold. Borrower shall comply w(th ail the provisions af the lease. 1f Bomawer acc{uires fee tltle W the Property, the
<br /> lcasehold and the fee tide shall not merge unless Lender agrces to the merger in writing.
<br /> � 7.Protedion of Lender's Rights in the Property.If Borrower fails w perform the covcnants and agreements contaaned in
<br /> thia Security Instrument.or there is a legal prooeeding that may significandy affact Lender's ri�hts in the Property(such as a
<br /> proceeding in bankrupuy,probate, for condemnation or forFeiture or to eaforce laws or n�ulations).then Lender may do and
<br /> pay for whatever is necessary to protect the value of the Property and Lender's rights in the Property. I.ender's acNons may
<br /> include paying any siuns secured by a lien which has priorlty over this Security Insmiment, appearing In court. paying
<br /> reasonable attomeys'fces aad entering on the Pcoperty to malce repairs.Although Lsnder may take acilon uuder this paragraph
<br /> � 7. Lender does not have to do so.
<br /> � Any amounts diabucsed by L.ender under this paragraph 7 shall become additional debt of Bormwer secuned by this
<br /> Ser,uriry Instrument. Unless Borrower and Lender agree to other terrns of payment, these amounts shall bear interest frnm the
<br /> date of disbwsement at the Note rate and shali be payable, with interest,upon notice from Lender to Borrower requesting
<br /> payment.
<br /> 8.Mortgsge Insurance.If Lender tequired mortgage insarence as a wndition of making the loan secured by diis Security
<br /> Instmment. Borrower sball pay the premiums required to maintaia the mortgage insurance In effect. If, for any reason, the
<br /> mortgage insurance coverage required by Lender lapses or c�ases to be in effect,Borrower shall pay the premiums requi�d to
<br /> obtain coverage substantially equivalent to the mortgage insuranoe previously in effect,at a cost substantially equivalent to the
<br /> cost to Borrower of the mortgage insurance previousty in effect. from an altemate mortgage insurer approved by Lender. If
<br /> substantiaAy equivalent mortgege insurance coverage is not aveilable,Borrower shall pay to Lender each month a sum equal to
<br /> one-twelfth of the yearly mortga�e iasurance premium bein�paid by Borrower when the insurance wverage Iapsed or ceased W
<br /> be ttt effect.Lender will accept,uss and c�etain these payments as a loss raerve In tieu of mortgege insurance. Loss reserve
<br />_u , Form 3028 9/90
<br /> - Page 3 of 8 • .
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