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<br /> -� , �- ; � 5. Hazard or Pcoperty Iflsuranoe. Bormwer shall kecp the icaprovements now existing or hereafter er� oa the c `',,'-G`•� ° �
<br />_-ti,. , f l` t .
<br /> P�operty incured against toss by fire. h.uards inctuded within the term "extended cuverage'and any other ha�ards, including ���. �. �° '
<br /> � �, ' ~ , floods or flooding,for which Lender requires insuran�r. `Y'his insuranoe shail be maintained in the atnounts and for the periads� � `
<br /> " � �• � that Lender requires.The insurance rarrier providing the insarance shall be chosen by Eorrower su6ject to l.ender's approval� - ��r J
<br /> �,. which shall not be uttreasonably witfiheld. If Borrower fails ta maintnin wverag�described above, Lender may, at I.ender s j `.�A'
<br /> option.obtain coverage to protect Lender's rights in the Property in accordance with paragraph 7. � t.3 _
<br /> � • All insurance poGcies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. Lenaer Q ' � ,,
<br /> � shall have the right to hotd the policies and mnewals.If Lender requires,Bomower shall promptly give to Lercder all mceipts of '�.: . ,_� '.., � `
<br /> �' ��'� paid premiums and renewal notices.In the event of loss.Borrower shall give prompt notice to the snsurance cairier and I.ender.� ' '
<br /> - ,..L
<br /> 4.. ; : Lxnder may make pmof o€loss if not made prompdy by Borrower. � .
<br /> _ �',•,,-' Unless[.ender and Horrower othenvise agree in writing,insurance pmceeds shall be apptied to restoration or repair of the� • _
<br />;� : ' ;��G. Property damaged,if the restoration or repair is economically feasibte and Ixnder's security is noi lessetted.If tde restoration or , �, • '. _-_-_
<br /> , ' • repair is not economically feasibie or I.ender's security would be tessenad,the insurance proceeds shall be appGed to the sams :° ���.� D�–
<br /> , ` . secvred 6y this Security Instniment, whether or not then due, with any excess paid to Borrower. If Borrawer abandons the ` �`'��:"�`���y
<br /> ,, Praperty,or does not answer within 30 days a notice from Lender that the insuiance carrier has offered to sestle a daim,then : � –__ –
<br /> ' `� �•� Lender may collect the insurance praceeds. Ixnder may use the proceeds to repair or restore the Property or to pay sums �'; ,
<br />-y` � `� secured by this Security Instrument,u+hether or not then due.The 30-day periad will begin when the notice is given. ' •. t,�'
<br /> ' -- _._, , Untess Lxnder and Borrower otherwise agree in writing, any a}�plication of proceeds to principal shall nat extend or - •� ._
<br /> � � _ postpone the due date of tha monttily payments referred to in paragrapds 1 and 2 or change We amount of the payments. If �..'" _ _
<br /> •j- � ,� under ParagraPh 21 the Property is acquired by Ixnder.Borrower's right to any insurance policies and proceeds Sesutting from �` `•.• ' ��
<br /> -', .�:4_::', `�:
<br /> ; _ _ " _�.._ ; ' darnage to the Property prior ta the acquisidon shall pass to I.ender to the extent of the sums secured by this Securiry Instrament ��'�p` --
<br /> ''^: . • �'- " immediately prior to the acquisition. ; •�s.
<br /> _ ..l�:' 6.Qccapaucy,Pe�servat�on,Maintenance aad ProtecUna of t6e Pro ���•��--
<br /> perty;Borrower's Loan Applicallon;Lease6olds. • .;�.r,. ,�.�.
<br /> • Borrower shall accupy,establish,and use the Property as Borrc�wer's principal residence within sixty days after the eaecutian of '% .�.;�_G.,_�=�
<br /> , � ' _ __ this Security Insuument and shall candnue to oavpy the Props:.rty as Borrower s principal residencc for at least one year after ' �"' '-�
<br /> �u'�..:,_�,,.�;
<br /> -�-• - - tha date of occupancy,unless Lender otherwise agrees in writing,which consent shaU not be unreasonably witbheld,or ualess ���'�'��`
<br /> • ' . extenuating circumstances exist nvhich are beyond Borrower's rnntrol. Borrower shall nat destruy, damage or impair the ��
<br /> ` �. • Pr+operty, allow the Property to deteriorate. or commit wastc on the Property. Bonower shall be in defaolt if any forfeiture " _
<br /> ,.� , , action or pmceeding,whether civil or criminal,is begun that in Lender's gaod faith judgment cauld result in forfeiture of the '�
<br /> '---- Proyerty or otherwise materiat€y anpair the lien created by this Securiry Instrument or i.ender's security interest.Borrower may °-� �
<br /> � ;��.�,;'J cure such a default and reinsta:e,as provided in paragraph 18.by causing the action or praccedireg to be dismissed with a tuling • '����_,�
<br /> � . that, in Leudei s goad faith determinauon, precludes forfeiture of the Borrower's interest in the Property or other material . • '��
<br /> ' �, impairment of the lien created by this Security Instrument or Lender's security interest. Borrower shall also be in default if '—"
<br /> � i��•, Borrower,during d;e laan application process,gave materially false or inaccurate information or statemenu to Lender(or failed �
<br />-: � to provide Lender with any material information)in wnnecqon with the loan evidenced by the Note,inclnding,but noi limited • -
<br /> ' . . � to.representations concerning Borro�ver's occupancy of the Properry as a principal �esidence.If this Security[nstrument is on a • ':����_-
<br /> � � leasehold. Banower shatl comply with all the provisions of the lease. If Borrower acquires fee title to the Property. the ' � •';�_�::
<br /> ' :� ' leasehold and the fee title shall not merge unless L.ender agrees to the merger in writing. , -_
<br />� , , . 7.Protection of Lender's Rights in the�roperty.If Borrower fails to perform the covenants and agreemenu contained in �;'�
<br /> . . ' .' . ' this Security Instrument,or there is a legal proceeding that may significantly affect Lender's rights in the Property(sach as a - �
<br /> - , procceding in bankruptcy. probztz.for condemnarion or forfeiture or to enforce laws or regulations).ihen Lender may do and •
<br /> �" . . pay far whatever is necessary to grotect the valae of the Properry and Lender c righu in the Property. Lender's actions may - _
<br /> =• � � inclnde a in an sums secured b a lien which has riori over this Securi instrument, a earin in caurt, a in .,�` � =
<br /> �' ' . P Y S ' Y Y P tY �Y PP S P Y g =_—
<br /> - �' reasanable attomeys'fees and entering on the Properry to make repairs. Although Lender may take action under this paragraph .. . -
<br /> •.. :'
<br /> 7.Lender does nat have to do so. � -
<br /> � An� amount� disbursed by Lender under this paragraph 7 shall become additional debt of Borrower sec�red by this � i. , �'
<br /> -'';, ' Security lnytrument. Unless Borrower and Lender agree to cther tcrms of payment.these amounts shall bear interest from the �
<br /> ;�.• .� � � date of disbursement at the Note rate and sha:l be payable, with interest. upon aotice from Lender to Borrower requesting �
<br /> ,.., . .
<br /> . payment. . .
<br /> • • S.Martgage lnsuraace.If Lender required mortgage insurance as a conditian of making the loa�secured by this Securiry . �
<br /> ��:;;_, : Instrument. Borrower shall pay the premiums required ta maintain the mortgage insurzr:x in ePfect. If, for any reason, the ,-- -.- � .
<br /> `�.�� � mortgage insurance coverage required by Lender Inpses os ceases to be in effect. Borrawer shall pay the premiums required to .
<br /> � • . �`' obtain wverage substantially equivalent to Ihe mortgage insurance previously in effect, at a mst substantialiy equivalent to the ,
<br /> : wst to Borrawer of the mortgage insurance previously in effect,from an altemate mortgage insurer approved by Lender. if � .
<br /> ' . , subuantiaUy eyuivalent mortgage insurance coverage is not available.Borrower shall pay to Lender ezc�month a sum equa]to � • •
<br /> • ,:
<br /> - � . � one-twelfth of the yearly mortgage insurance preminm being paid by Bonower when the insurance coverage lapsed ar ceased to .
<br /> � , _ � • be in effert.Lender will accept,use and retain these payments as a loss reserve in lieu of mortgage insurance. l.oss recerve � � '
<br /> . . i Form 3028 9/90 . . �
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