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<br />_ �. ��. S. Narard or Property Insue�anoe. Borrower shall keep tfie improvements now existing or hereafter erected on the a, � .
<br /> ' ' <F'. Property insured against loss by fue,hardrds included within the term "exteaded coverage"and any other haratds. including �,F �` .
<br /> '� , floods or flooding.for which Lender requires insurance.This insuranee shall be maintained in the dmounts and for the periads .
<br /> < , thai Lender requires.'I'he+++���nce carrier providing the insurance shall be chosen by Borrower subject ro Lender s approval • �
<br /> , � � � whtch shaU not be unneasonably withheld. If Borrower fails to maintain ooverage descrc�ed afiove. I.ender arey. at�Lender's � , r� �j 4
<br /> , ='`�'• �ptian,obtain coverage to protect Lender's righu in the Property in accordance with paragraph 7. � •
<br /> �..,Ti.-` . .�... ..
<br /> � AII insuranoe policies and renewals shall be acceptable to Ixnder and shall include a standard mortgage clause. I.ender � ,
<br /> �` ' L shall h�ve the right to hotd the policies and renewals.If Lender requires.Borrower shall pmmp8y give to Lender aIt receipts o� - •
<br /> < . ` � p�a premiurr�s and renewal teotices.In the event of loss,Horrower shatl give prompi notice to the insurance cazrier and Lendet�' � ,_•
<br /> ' � Lender may make praof of loss if no�made promptly by Eoaawer. , . f.� '�
<br /> � J' " Untess Lender and Eorrower otiteiwise agrce in writing,insurance praceeds steall be applied to restoration or reFair oF � •°' � _
<br /> �. . . . ,��.
<br /> • � r �� Propeny damaged,if the restoration or repair is eoonomicxlly feas�le and Lender's security is not icssenecl.If the restoradon . •_.,
<br /> : ` ' repair is not ecanomically feasible or Lender's sewrity woutd be Iessened,the insurance proceeds shall 6e applied to the snn� `'�<�-;.<��--
<br /> • ` ".", " sccured by this Se�►riiy Insuument, wh�her or not then due, with any excess paid to Bomowet-. If Borrower abandons the `� -"`y
<br /> � . ± ,• Property,or does not answer�vithin 30 days a notice from Lender that the insurance carriec has offered to settle a claim.then � t�='+`�_
<br /> � Lender may wltect tha inyurance praceeds. Lender may use the pmcceds to repair or restore the Properly or to pay sums =�'��
<br /> 'c ' secared by this Security inttrument,wheiher or not then due.The 30-day period will begin when the notice is given. ,���-
<br /> . , . �� �'� Unless Lender and Barrower athenvise agree in writing, arry application of pmceeds to principal shall not extend or --
<br /> ' : � '•�v�� postpone the due date of the monthly payments referred to in paragraphs i and 2 or change tLe amount of the payments. If ., - --
<br /> ' � .. . •; ;;� under paragraph 2i the Propeny is acquired by Lender.Boaower's right to any insurance policies and proceeds resulting from • ° °�_---
<br /> ''� '. damage to the Property prior to tHe acquisition shall pass to Lender to the exteat of We sums secureci by this Securiry Instrument � ' '-
<br /> �-- - -- - immediatcfy prior to the acquisition. •-���••.=-,i„-�_
<br /> ' � 6,Occupancy.Pres4rvatton.Malnteaanse and Protectton nf the I'roperty;Borrower's Loan AppUcation;Leaseholds. `, .,���.
<br /> - � � Borrower shaN occupy.estaMish,and use the Property as Borrower s principal residence within sixty days after the execution of '-;�-:�_
<br /> ,�,,�. thic Securiry Instrunent and shall continue to occupy the Property as Borrower's principal residence for ut least one yeat afier L:;:r,,: `:.:"��
<br /> ' ` ' the date of occupancy. unless[.ender otherwise agrees in writing,which consent shall not be unreasonably withhetd,or untess � ; ,:;�:
<br /> : _ ` - _ � . -• eatenuatin� circumstances exist which are beyond Borrower's conuol. BoROwer shall not desuoy, damage or impair the -
<br /> ' ' . , � � Property, allaw the Propeny to deteriorate. or commit waste on the Properry. Borrower shall be in default if any farfeiture -- ___-
<br /> , . � �; action or proceeding,whether civit or criminal,is begun that in I.eader's good faith judgment ooutd result in forfeiture of the :�.__�,
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<br /> Properry ar atherwise materially impair the lien created by this Secauity Insuument or Lender's security intetest.Borrower may ��
<br /> , , ..,. :
<br /> �--� ' • cure such a defautt s�nd rrin.tate.a�pmvided in paragraph 18.by caosing the action or proceeding to be dismissed with a mling '� f
<br /> � � that; in Lendec's good faith determinatian. prerludes forfeiture of the Borrower's interest in ihe Property or other material . -_=
<br /> .' • `� impairment oP the lien crcatcd by this Security Instrument or Lender's security interest. Borrower shall also be in default if • `
<br /> ., ' ' Barrower.during the loan appli��atiun process,gave materiaUy false or inaccurete informarion or statements to Lender(or failed � `� �'.'"��.�-
<br /> <. � `` ��'Y to�rovide Lender with any materiat information)in connection witb the loan evidenced by the Note,including,but not limited ___
<br /> to.repre.r•entutions conccming R��rrnwer's nccupancy of the Property as a principal residence.If this Secvriry tnstn�ment is on a '� T`��
<br />'� trasehold. Harrower shall camply with all the provisions of the lease. If Borrower acquires fee utle to the Property, the ':'' -��_
<br /> � leasehnld and the fee title shall nat merge unless i.ender agrees to the merger in writing. � ���`2
<br /> . ....
<br /> 7.Protectton of I.ender'�RI�ht9 In Ihe Propesty.If Borrower fails to perform the covenants and agreemenu contained in • ' �.�`��-
<br /> this Security fnstrume�t,or there iti a legal proceeding that may significantly affect Lcmder's rights in the Property(such as a .��
<br />- ,� � proceedin�in hankruptcy,prubate. for candemnation or farfeiture or to enforce laws or regulations),then Lender may do and ' `�a�
<br />- � . pay for whatcvcr iti nccessary to pmtect the valae of the Property and LertdePs rights in the Property. Lender's actions may �.�
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<br />_ ' . . `' �r: include paying nny sums sccurcd by a licn which has priority over this Securiry Insuument, appearing in coun. paying -_
<br /> � - reasonable attamcys'fees and entering on the Property to make repairs.Although Lender may take action under this paragraph •• . -- '
<br /> . � ' . �'� ` 7.L.endcr docw n��t havc w Ju.o. .
<br /> ' ' • • � Any amaunts ditibur+cd by i.ender undcr this para�raph 7 shall become addirional debt of Borrower secured by this . ���'
<br /> .�.. _,.
<br /> � Security Instrumcnt. Unktis Borrowcr r�nd Lcndcr asree to other terms of payment.these a�ounts shal!bear interest from the - '
<br /> !C4 datc af disbunement at �he Notc ratc a�id shall bc payable,with interest, upan notice from I.ender to Borrower requesting � • . "
<br /> . . payment. ' ' .
<br /> � • 8.Mortga�e Insurartcr. If�.cndcr rc�uired mangagc insurance as a wndition of making the loan secured by this Security ' . ,. .
<br /> � Instrument. Burruwcr shall p;ry ihe premiums rcquired to maintain the moagage insurance in effect. if, for any reason, the .' .
<br /> ; r� i mortgage insurance coveragc rcyuirui hy I.endcr lapscs i�r ccases to be in effect,Borrower shall pay the premiums required to • '
<br /> : ubtain awerage+ubstan�ially �yuiv,den�w the mortgage insurance previously in effect,at a cost substantially equivalent to the
<br /> , � j ca�t tn Bormwer of'the mongage in�ur�nce previnusly in effect, from an alternate mortgage insurer approved by Lender. If ..
<br /> � . •. •+ substantially eyuivalent mortgagc imurancc cuvcragc is nnt available. Borrowcr shall pay to Lender each month a sum equal to
<br />- . • � ane-twelfth of thc ycarly mortgagc ia�urancc prcmiwn bcins paid by Borrower when the insuranoe coverage lapsed or ceased to ' �
<br /> � •_ •,•� bc in cffccK. l.cndcr a�ill accrpt, u+c,mJ r�haii��hcrc p:,yments as a lass reserve in licu of rrtongagc insurance. Loss reserve •
<br /> ` � �. �1 Farm 3028 9/90
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