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<br /> ��'`° :�', Y, 5. Ha�ard or Property Insarance. Borrower shall keep the improveme�us no�r eusting or hereafter eKCted oa Ehe '� ,�
<br /> ' , .. ,"�;�.� ,.; Property insun� against locc by firs.hazards included within the term "e�ctended covernge'and any other haTards.induding ,
<br /> . • , tloods ar tlooding,tior which Lender requires insurance. This insurance shalt be maintained in the amaunu and for the periuds •;i 4 .: � _
<br /> �� • `,,t �.' th3t Lender requires. T4e insurance carrier providing the insurance sball be chosen by Borrower subject to Ixnder's approval ,: �,�.r ';�;
<br /> ` which shall not be unreasonably withheld.If Borrower fails to maintain wverage describ� above, l.ender may, at Lender's �:r •`
<br /> .. . .�-�'�'T'` aption.obtain caveiage to protect Lender's rights in the Pmperty in accordance with paragcaph 7• . �� �-:
<br /> � �� �.— p�}i�yyu��policies and rene►vais ssl��all be acceptable to i,ender and shali include a standard mortgage clause. Lender _ _
<br /> �. . -� � . shall have the right to hold the palicies and renewals.If Lendcr requires,Borvower shall promptly give to Leader all receipts of
<br /> .�= c:'. ` �. - paid premiums and renewal notices.In the eveat of loss. Borrower shall give pmmpt notice to the insurance carrier and Lxnder. ° �
<br /> �� �� �- Lender may make proof of loss if not made prampdy by Borrower. � ,i . �
<br /> Y�" " ' ` Uniess l.ender and Borrower otherarise agree in writing.iasurance prnceeds shail be applied to restoration or repair of the
<br /> ;;.. �: .• propercy damaged,if che restoration or repair is economiraity fes�sible and Lender's securicy is not lessened.If the restoration or �._• � ,`�.�.,,.�
<br /> _.� ,= . •,;�.' repair is not economically feasible or Lender's security would be{�ssened,the insurance proceeds sha11 be applied to the sums
<br /> s_,. �; secured by this Security (nstrumen� whether or not then due, with any excess paid to Borrower. If Borrower abandons the . .-
<br /> �2!� . " . ~}. - r a? .
<br /> ��, • � s,.• Properry, �r does not answer within 30 days a notice from Lender that the insumnce c�rrier has offered to settte a claim,then
<br /> �:� `' .�:�.: Lender may collect the insurance praceeds. Lender may usc the proceeds to repair or restore the Property or to pay sums ': ;�'.�_�
<br /> �`r ' - , ' - - secitted by this Security Inswment,whether or not then dae.The 30-day period will begin when the notice is given. ,
<br /> 5� , � � � Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not estend or _
<br /> y.;
<br /> • ' . postpone the due date af the monthly payments referred to in paregraphs 1 and 2 or change tl�e amount of the payateats- If -_�
<br /> #',' �. .�" . ' under paragraph 21 the Praperty is acquired by Lender, Borrower's right to any insurance policies and proceeds resulting from ' �
<br /> : >,. , . . __� -
<br /> rc. ... damage to the Property prior to the acquisition shall pass to I.ender to the exient of the sums secured by this Security Insuumenl _
<br /> � - -�� • �c-��'•-�, immediately prior to the acquisition. � ° -�
<br /> Y C��^J •
<br /> t•. ' " �``?•" 6.Occupancy,Preservation,Maintenancc and Psofertton of the Property;Borrower's Loan Appllcatfon;I.ease6olds. ��-�.�
<br /> �..•. � _� -`°
<br /> Hoaower shaU occupy.establish,and use the Property as Borrower's Qrencipal residence within sixry days after the execuaon of • �_
<br /> � �. this Security Instrument and shall continue to occupy the Properry as Borrower's principal residence for at least one year after ...-;� :`��;�
<br /> � �y��—.-
<br /> --,_ . ,. ...._ ____ the date of occupancy.untess Lender othenvise agrees in writing, which consent skall not he unmasanably withheld,or untess : ,_: ,:�_.-.
<br /> `...F,..'_' ..i�.��'_
<br /> � � ' extenuating circumstances exist which are heyond Bon�wer s control. Borrower shall not desuay.damage or impair the ��.,_ __
<br /> '`•`- � • ".�.;; Property, allow the E'roperty to deteriorate, or commit waste an the Property. Boaower shall be in default if any forfeitnre � , �.�:�_-
<br /> �-.: -.,.` .. .:--
<br /> �.•: � • , „ acdon or procexding, whether civil or criminal, is begun that in Lender s good faith judgment could resutt in forfeiture of the .,�_�_:
<br /> '};�...'�` _ . Property or othera+isc materially impair the lien created by this Securiry Inswment or Lender's serurity interest.Horrower may __
<br /> = - cure such a defauit and reinstate,as provided in paragraph l8,by causing the action or praceeding to be dismissed with a ruling . ��_
<br /> � , � . - that. in Lender's goad faith detemunation, precludes forfeiture of the Borrower's interest in the Property or other material ���•� .;�,r;�-,::�,_
<br /> � , . � impairment of the lien created by this Security Insuument or Lender's securiry interat. Borro�ver shall also be in default if . •:;s-�-".::
<br />=, f� . . , - Borrower,during the Ioan application process,gave materially false or inaccurate information or staiements to Lender(or failed '':,_J:,�� ��=-�=`
<br /> <<. : _ ';�.;�
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<br />,� :: --.- -� ' ,.- to provide I.ender with any material information)in co�ection with the loan evidenced by the Note. including.but not limited ;� , __
<br /> ' ' to,representations conceming Borrower's accupancy of the Property as a principal residence. If this Security Instnunent is on a -"'.�
<br /> • leasehotd. Borrower shall wmply with all the provisions of the lease. If Borrower acquires fee Utle to the Property, the ' '�.? ' �'�
<br /> � . teasehold and the fee title shall not merge unless Lender agrees ta the merger in writing. . - ��
<br /> ' ' � � �,'�; 7.Protection of I.ender's Rtghts in the Properly.If Borrower fails to perform the covenants and agreemenu contained in : �-��:;:-':�___
<br /> � � this Security Instrument.or there is a legal proceeding that may significantly affeet Lender's rights in the Property (such as a " � .�; . ;:-�-
<br /> � , ' . praceeding in bankruptcy,probate, for wndemnation or forfeiture or to entorce laws or regulations).then Lender may da and � ��, _�
<br /> ��:. `. . .-�. • 1 pay for whatever is necessary to proiect the value of ihe Property and Lender's rights in the Property. Lender's actions may :� -
<br /> _ � ' include paying any sums secured by a lien which has paarity over this Security lnstrument. appearing in court. paying � ". _
<br /> � • �, � � 4 reasonable attorneys' fees and entering on the Property to make repairs.Although Lender may take action under this pangraph ,..: ,.' -u�`_-
<br /> � �- �� ``� ' 7.Lender does not have to do so. � -~-i•
<br /> , ;;} Any amounxs disbursed by Lender under this paragraph 7 shall become additional debt of Borrower secured by this • ..
<br /> • ; Securiry Instrument. Unless Borrower and Lender agree to other terms of payment,these amounts shall bear interest from the .
<br /> ' �. `. t;._.� __ date of disbursement at the Notc rate and shall be payable, with interest. upon notice from Le.nder to Borrower requesting , .
<br />. . ,"� paymcnt. ' . •
<br /> � S.Morl�ge lnsurance. If Lender required mortgage insurance as a wndition of making the loan secured by this Security .,
<br /> t Instrument. Barrower shall pay the premiums rcquired to maintain the mortgage insurance in effect.lf, for any reason, the
<br /> �'; � • mortgage insurance wverage required by Lender lapses or ccases to be in effect. Borrower shall pay the ptemiums required to � _,
<br /> � �• i obtain coverage substantially equivalent to the mortgage insurance previausly in effect,at a eost substantially equivalent to the . . �
<br /> , � � cost to Borrower of the mortgage insurance previously in effect. from an altemate mortgage insurer approved by Lender. If ; • :
<br /> � subctantially equivalent mortgage insurance coverage is not available.Borrower shall pay to Lender each month a sum equal to .
<br />�� �� � , � one-ta•elfth of the yearly mortgage insurance premium being paid by Bonower when the insurance coverage lapsed or ceased to �
<br /> . be in effect.Lender will accept,use and retain these paymenu as a loss reserve in lieai of mortgage insurance. Loss reserve • •
<br /> �. . •; Form 3028 9/90 •
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