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<br /> -- - ---�- iticludin;flaeds or f�ooding,far!�hfclt Lpnder tcyulses insurenc�. 'I'liis insuranc.c shall he maintnlned in thc aniou�ts nnd ___._._
<br /> " for the perlods thnt Lender requires. Tlie Insurance currler providing the insurance shull be chosen by Bonower subject to
<br /> � Leader's npproval which shall not be unr�easonaUly withbeld. If Borrower fails to muintnin wvera�e descrlbod above,
<br />� •�.� Lender mey,at l.endet's optlon,obtaln coverage to protect Lender's rights in the Property in accordancc with paragraph
<br /> ' 7.
<br /> ` All insurance policies and renewals shnll be a�:ceptable to Ixnder and sl�all include a stand�rd mortgage clause.
<br /> •^�`� 'k`�� Leader shall have the ri�ht to hold the policies and reaewals. If I.cnder requires,Borrower ehall prompdy glvc ta I.ender •!�-
<br /> ''�„�,��� ull recelpte of�Said premiums and renewal notices. In the event of lose,Borrawer shall give prompt notice to the insurence
<br /> ��y�„? carrler and L,cnder. Lender may make proof of loss lf not made promptly by Bonower. T,
<br />' Y. Unless Lender and Bonower otherwlse ngree in wtiting,insurance proceeda shall be applied to resroratton or repair
<br /> . of the Property damaged, if tfie restoratton or repair is ecanomically feasible and Lender's securi.ty is not lessened. If the .•�;;
<br /> ' �• � restoratlon or repair ie aot economically feasible or Lender's security would be lessencd, the insurance proceeda shall be
<br /> i applierl to tlie�ums secured by this Sccurity Instcument,v�hether or not then due, with any eacess pxid to Bonower. If _
<br /> �' Borrower abandous the Property,or does not answer within 30 days a notice from I.ender that the insurance carrier has =.._--
<br /> ��. offered to setde a claim,then Leuder may collect the insurance proceeds. Lender may use the proceeds to repair or restore !�'_
<br /> . • • the Property or to pay sums secured by this Security Instnuneat, whether or not then due. 'Ihe 3Q-day period will begin !�.
<br /> .�` � when the nonce is given. �=�
<br /> Urdess Lender and Aorrower otherwise agree in wrlting,Any application of proceeds to principal shall not extend or =_
<br />_:;':. . �• pastpone the due date of the monthly payments rcfeaal to in paragraphs 1 and 2 or change the amount of the paymente.If
<br /> � � under paragraph 21 the Property ia acqwred by I.�nder,Borrower's dght to any insurance policies and praceeds resulting
<br /> from da�nage to tLe Froperty prior to the acquisit3an sh�ll pass to Lender to the eatent of the sams secured by this Security _
<br /> �� . �'� Iastcvmeat unmediately prior to the acquisition. _--
<br /> 6. Occupancy, Preservation, Maintenauce and ProtecUon of ttte Pro�rty; Bonower's Loan Applicatioa;
<br /> p,easehotds.Borrowet si�all occupy, establish,vad use the Property as Borrower s principAl residence within sucty days � ,__
<br /> - ;,;F � aRer the eaecution of this Securiry Instrument and shall wntinue to occu�y the Prop�rty as Bonower's pdncipal residence _-
<br /> for at least one year a R er t he da te o f o c c u p a n c y, U n l e s s L e n d e r o t h e r w i s e a g r e e s i n w d t i n g, which consent shall not be
<br />_ �;� unreasonably witLheld,or unless extenuati�g Circwnstances eaist which are beyond Borrower's wntrol. Borrower shall not _
<br /> � � desuoy,damage or impair the Property, allow the Property to deterlorate, or commit waste on the Property. Sorrower
<br />---";;•;�;,_ shall be in default if an� forfeiture acdan or proceeding,wheWer civil or criminal, ia beb�ua that in Lender's good faith
<br /> ��'� iudgment co�ild result in forfeiture of the Property or otherwise materIally impair the lien created by this Securlty
<br /> �� `�L�;f`��� Insuvment or Leader's securlty interest. Borrower may cure such a default and retnstate, as provided in paragraph 18,by ____
<br /> �;y^i�4;;ki ' , �
<br /> s causing the action or proceeding to be dismissed wits a ruling that, ia Lender s gaod futh deteriNnation, precludes
<br /> '^�� forfeiture of the Boaower's interest In rhe Froperty or other matedal impaimlent of the lien created by this Secvrity
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<br />�= �,,,^.,• ��QL�; P���a���ty}rtrrPCt. Rorrower shall also be in default if Boaower,during the loan applicarion process,
<br /> ,;..t.�'. gave matedally false or inawurnte inforn�tioa or atatements to Lender (or failed to�rovide Lender with any materiat _
<br /> �%; infora�adon)in conttection with the loan evidenced by the Note,including,but not limited to, representations concemin
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<br />_��•��';;;�;;�,' Bonower's occupancy of the Property as a principal residence.If this Security Instniment ie on a leasehold.Borrower sh 1
<br /> �;,,,��• comply with all the provisions of the lease. If Boaower scquires fee title to the Property, the leasehold and the fee tide
<br /> _.,��:��..�a?1� aha11 not merge wiless Lender flgrees to the merger in wrltin�.
<br /> �°s-���� 7. I'rotection of Lender's Rights In the Property. If Borrower feils to perform the covenaats and agrecmente
<br /> - -�-� --_ — contsined an th;s�..r.curity Instrument, or there is a legal proceeding that may si�aIflcantly affect Lender's dghts in the
<br />-- — Property(such as a proceeding in bankruptcy,probate. for condemnadon�r forfeiture or to enforce lawe or regulstions),
<br /> � thea Lender may do and pay for whatever is necessary to protect the value of the Property aad Lender's dghta in the
<br /> ------- Property. I.ender's actlons ivay inclade paying any sums secured by n lien which has prIority over thia Secun
<br />"'-�""'�°""'� Instrument.a g in wurt.paying reasonable attorneys'fecs and enterin�on the Prope�ty to make repairs. Althou� _
<br /> Lender ms►y p e actioa under thls para�aph 7,I.ender dces not have to do so.
<br /> - Auy amounts disbursed by Lender under thie paragraph 7 shal!become addirioanl debt of Borrower secured by this
<br /> - Security Instrument.Unless Bonower and Lender agree w otlter tern�s of payment.these amounts shall bear int�rest from
<br /> the date of disbuxsement at the Note rate and shall be payable, �vith interest, upon notice from I.ender to Borrower
<br /> requesting paymens.
<br /> ° 8. Mortgage Insurance. If I.ender required mortgage insurance as a condition of makiag the loan secured by this
<br /> — Secutiry Instrumnt,Borcower shall pay the prcmiwns required to maintaia the tnortgage insurnace in cffect.If, for any
<br /> rwsoa, the mortga$e insuraacE coverage requlred by Lender lapses or ceases to be in effect, Borrower shall pay the
<br /> _ _ prorGiums requiral to obtain coverage substanually equivalent to We mortgage insurence prevlously in effect, at a cost
<br /> -- � substandptly equivalent to the cost to Boaower of the mortgage insurance prevlousjy in effe�t,from un altematc mortgage
<br /> ''""""�`� insuu�er appmved by Leader. If substeatielly equivalent mortgage insurance coverage is not available. Borrower shall pay
<br /> to Lender each month a sum equal ta one-twel�h of the yearly mortgage iar,urance premium batng paid by Borrower when
<br /> the ia4uraace coverage lapsed or c�ased to be 1n effeci.Lender will accept,use end retain these paya�ents as a loss reserve
<br /> ��T — in lieu of mortgage insurance. Iass mservc payments may no longer be required. at the option of Lender, lf mortgage
<br /> ---.--- inswance coverage pn the azaount and for the period that Lender requires) pmvided by an �BSUrer approved by Lender
<br /> - --� again becomes Qvallable and is obtained. Borrower shall pay the preauums required to maintain mortga�e insurance in
<br /> ----��'-- effect, or to provtde a loss reserve, undl the requirement for mortgage insurance ends in accordaace with any wrltten
<br /> -�4;"��;t�+j agreement betweea Borrower and Lender or�pplicable law. Form so2 eleo Inag �GI
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<br /> �;".-�"'�r.' BANKFAS 6YSTEM6,�NC..BT.CLOUD,MN G6?02 It•800-387•23d11 FOFIM MD•f-NE 4/6/91
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