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<br /> Unlcss Lendea nnd Eiorrower othenvisc egrec in wriHng, insurunce pTOCCeds shull be applied to restoration or repAir af ...
<br /> tho Property dernaged, if the cestoratlon or repair ts econo�uically feaslble and Lender's securlty is not lessened. If�he
<br /> � restor�tion or tepair Is not economically feastble or L.ender's securiry would be lesseaed,the insurance proc�cds shall be npplicd to
<br /> l the sums secured by this Securlty lnstrument,wl�edier or not then duc,witl�any excess paid to Borrot�er. if Borro�ver abandons -_
<br /> � the Property,or dces not nnswer a�ithin 3U days a notice from I.ender that the Insurance carrier has offered to s�ttle a claim,thea �
<br /> " L.ender mny collect thc insurunce procee�ls. l.ender may use the proceeds to rep�ir or restore the Froperry or to pay sums
<br /> ' secured by this Security Instrument,whether ar not then due. ThG 30-day period will begin when the notice is given. , �
<br /> Ualess Lender and Borrowet othenvise agree in writing. any application of pt+oceeds to principal shall not extend or �
<br /> postpone the due dace of the monthly payments refened to in paragraphs 1 and 2 or change the am�ount of the payments. If under , ,
<br /> paragraph 21 the Property is acquired by d..ender,Borrower's rigbt to any insurance pollcies and proceeds resulting from damage ro . �
<br /> the Proptrty prior to the acquisidon shall pass to l.ender to thc excent of the sums secured by this Security Instn�ment
<br /> immediately prtor to the acquisition. .�..�''
<br /> 6. (kcupAncy, PreservANon, M�intuwace and FrotecUon ot the Property; Borrower's Loan ApplicaElon; :-3•=`r�,
<br /> Leasetwlds. Borrower Ahall occupy,establieh,aad use the Property as Borrower's principal nsidence within sixty days after the '' " ,�:;4,
<br /> ' execudon of this Securlty Instnunent and shnll continuc to occupy the Property as Borrower's principal residence for ut least one , •,;;'�x_--�-
<br /> ye2r after the date of occupancy,unless I.ender othenvise agrees in wdting,which consent shall not be unreasonably withheld,or -
<br /> unlcss extenuadng circumstances exist which an beyond Bonower's control. �orrower sha1l not destroy.daraage ar impair thc _ _ _
<br /> . Property, allow the Pcoperty to deteriorate, or commit waste on the Pcoperty. f3orrower shall be ln default if any forfeiture � -.Y
<br /> action or procceding, whether civil or criminal,is begun that in Lender's good faith judgmedt could result in forteiture of the �r.—.-°�-
<br /> property or atherwise materially impair the lien eceated by this Securley Instrument ar I,ender's security interest. Bomower may :�> '� .-
<br /> cute such a default and reinstate,as pmvidcd in paragraph 18.by causing the action or proceeding to be dlsmissed with a r�ling '�---
<br /> 1 that, in I.ender's good faith detenninadon, prxludes fodelwre of the Borrower's interest In the Properry or other mF►tedal
<br /> impairment of the lien created by this Security Insuument or Lender's securiry interest. Borrower sLall also be in dcfaWt if ,� •�� -
<br /> � ' Borrowcr,darIng the loan application process.gave matedally false or in�ccurate infarmation or statements to Lender(or fuiled to �.��. ,�,,.�, -�,
<br /> - provide I.ender�vith any matedal inforniatioa)in connection with t�e loan evidenced by the Note.including,but not limited to, �'-,;,�
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<br /> npreseatations conceming Borrower's occupancy of the Property as a principal residence. If this Securlty Insmunent is on a � , �� �+: � �: :
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<br /> _____.. '._ _ leasehold, Borrower shall comply with all ttie pmvisions of che lease. If Bonower acquires fee tide ro the Property. the .f_ � i� .'
<br /> leasehold and the fce title shall not merge unless L.ender agrees to tae merger in wricing. --- ;—
<br /> 7. Protcction of I.cnder's Rlghtn in t6e property. If Bonowcr fails ta perform the covenants and agceementa
<br /> wntained in t}ris Securiry Insm►ment.or there is a legal proceeding that may slgnificaudy affect Lender's rlghts ia the I�roperty t �
<br /> ' (such as a procealing in bankzupuy,pmbate,for condemnation or forfeiture or to enforce laws or regulations),thea Lender muy do ��
<br /> and gay for whatever is ezecessary to protect the value of�he Property and Lender's rlghts in the Property. Lender's actions may 3 ,
<br /> include paying any sums secured by a llen which has prlariry over chis Securiry Instrument, nPpearin8 in wurt, P�Y�B ,e
<br /> � nasonable attorneys'fees and entering on the Propercy to make repairs. Although Lender may teke action under tlus paragraph 7, ��;?� f
<br /> Lender does not have to do so.
<br /> �� p,uy amounts disburaed by Lender under thie paragraph 7 shall become addldonal debt of Bonower secured by chis
<br /> Securlty Instrument. Ualess Borrower and Lender agree to other terws of payment,these umounts shall bear inurest from the
<br /> date of disbursement at tht Note rate and shall be payable. with interest, upon notice from Lender ro Horrower requestiag .��
<br /> ., • payment.
<br />° •� • 8. Mortgage Ingurance. If Lender required mortgage insurance as a condidon of making the loan secured by this
<br /> • Securlty Instrmnent.Borrower shali pay the pnmiums requ;red to maintain the mortgage insurana ia effect. If.for any reeson, ,_ ___
<br /> • � the mortgage iasurauce covarage required by Leader lapses or ceases to be in effzct,Aomower sda11 pay the pnmium3 required to
<br /> obtain coverage substandally equivalent to the mortgage insurance previously in effece,at a cost aubstantially equivalent to the
<br />= cost to Borrower of the mortgage insurance previously in effect. from an alternute mortgage iasurer approved by Lender. If
<br /> substanti�lly equivalent mortgage insurance co�erage is not available�Borrower shall pay to Lender each month a sum equal to �------ ----
<br /> . one-twelfth of the yearly mortgage insurana pr�mium be3ng paid by Borrower when the insurance coverage lapsed or ceased to be in
<br /> effect. L.ender will accept,use and retatn these Qayments as a loss reserve in lieu of mortgage insurance. Loss reserve payments --------
<br /> ' may no langer be required, at the opt[on of Lender, if mortgage insurance coverage(in the amount and for the period that
<br />= • Leader requires)provldEd by an insurer appmved by Lender again becomes available and is obtained. Borrower shall pay the -
<br /> � premiums requind to maintain mortgage{asurance in effect,or to provide a loss reserve, antil the requirement for mortgage � „ _, ;
<br /> �� insurance ends in accordance with any written agreement between Boaower and Lcnder or applicable law. ";�_ �,.�,�_�,:,`,.;
<br /> � 9, Ia9pection. Lender or its agent may make reasoaable entries upon and inspections of thc Pcoperty. Lender shall :;Ys�};�;;;�- .:• �
<br /> � • g{ve Borrower notice at the time of or prior to aa inspoction specifying reasonable cause for the inspection. '��°
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<br />_ y , 10. Condemnatlon. 'The proceeds of any award or claim for damag�es,dimcc or consequential,ia connection with any .�'�,-��-,�s
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<br /> � candemnauoa or otY�er taking of any part of the�roperty, or for wnveyance in lieu of wndemnation,are hereby asslgnod and . =',
<br /> • � shall be paid to Lender. '•'h- •
<br /> � • , Form 30Z8 9/90 ��(pa8�3of R�osrfl � � .
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