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<br /> ., 5. Ha�d or Propetty Ins�uanoe. Borrower shall keep the improvemenu now existing or hereafter erected on the • `:.:_
<br /> �• �� Property insw�ed agaiast loss by fire,ha�ards included within the tem� "extended coverage"and any other ha�ards,including ... . � '��� °.•
<br /> � -r=-t flaods or ttaoding, for which Lender requires insurance.This insuranoe shall be maintained in the amounts and for the periods� - �. �� .
<br /> . ` :�'y"� that Lender requires. T6e insurance carrier pro�iding the insurance shall be chosen by Borrower subject to Lender's approval� ' • • `''�.''`
<br /> -- � whicl�sftali not be unreasonably withheld. If Borrower fails to maintain coverage destribed aba�e. Lender may. at Lender's � _- __
<br /> ` . option,obtain wverage to pmtect Lender's rights in the Property in accordance with pazagraph 7. � `
<br /> , ,_ All insurance policies and renewals shall be acceptable to Lender and shaU include a standard mongage clause. Lender� _
<br /> � �- shall have the right to hold the policies and renewals.If Lender re�uires.Borrower shall promptly give to Le�r all receipts of Q � : .
<br /> � paid premiums and renewal notices. In the evem of loss,Borrower shall give pmmpt notice to the insurance c-asrier 2nd b.ender.� � �""
<br /> . � � ;-� Lender may make pmof of loss if noi made pmmptly by Borcower. � ': _�>�`
<br /> � • ` ''��+'"='.:`' Llniess L,evder and Borrower otherarise aaree in writing.insorance proceeds si�a116e appli�to�estora�;.�or repair of the • ,,. .`�'�:,.,,,`
<br /> •.��� .,_
<br /> - '.'�:i�-i;.;.�:r:x •
<br /> � ` . `::';S`,: Property damaged,iF the testoration or repair is economically feasible and Lender's security is not tessened.If the restotation or - . . .
<br /> ��k�`�..�, . ���r � repair is not ecanomically feasible or Lender's security woald be lessened.the insurartce proceeds shall be appiied to the sums . ��:°• ;_ --
<br /> , secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. If Borrower abandans the - "y"'
<br /> ,"� ° " ..:i Property, ar does not answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim.then '
<br /> ��" ' ' '' Lender may collect the insurance proceeds. Lender may use the pmceeds to repair or restore tAe Properiy or to pey sutas � ' -
<br /> � - '�'x secured by this Security lnstrument, whether or not then due.The 30-duy period will begin when ttse notice is givea. "''� ���'�;"`
<br /> • • �, Unlecs Lender and Bortower otherwisc agrce in writing, any application af proceeds to principal shall not extend �r ' ,
<br /> " �,`' �,. :��i postpone the dae date of the monthly payments refecrc:d to in paragraphy 1 and 2 or change the amount c►f the paym�enG+. !f -_ _
<br /> �• under parsgraph 2l the Property i.acquired by Lendcr. Bono�vcr's right to any insutancc policicti and procecds retiulting from , ;. ___
<br /> �. •� damagc un the Propcny prior to[he acquisition shall pa,s to t.cndcr a�thc cxtcnt of the�ums se�:ured by this Security Imtrument s-�°�`
<br /> ' { immufiatcly pra�r to thc acqui�ition. '��`'�
<br /> '' '`` 6.Occupan.y. Pr�ervatlon.Rfalntenance ond Protection of the Froperty:Borroa•er•s Loan App!(catioa;l.easeholds. •- - -�-
<br /> - .� � � Bonawer sfialt oecupy.establish,and ase the Property as Borrnwer's principal residence within sixty days after the execution of {�� ' T "'-'-
<br /> ' � this Security ln+tniment and+hall continue to occupy the Propeny as Borrower's principul residence far at lessst one year after 6_.:;,.�-- •
<br /> ��;: • the date of occupancy.untess Lendet ofierwise ugrees in wr�ting. which consent shal!not be unreasvnabfy wit�theld,or unless • -_—
<br /> . � • � extenuapng circumstarices exist which are beyond Borrawer's control. Borrower shall not desuoy. daznage or impair ti�e • ' � ` ;°=-=`
<br />���'" � . � , Property, ailow the Property to deteriorate, or commit waste on the Propcny. Borrower shall be in @efauit if any forfeiture ��'`` � `�`�` �
<br /> �. - -- � • �
<br /> _��. � action or proceeding, whether civil or criminal, is hegun that in lxnder's gaad faith judgment could result in forfeiture of the • - =--
<br /> '. • Propeny or otherwise materially impair the lien created by this Secvriry Instrument or Lender's security interest.Borrower may �'�'�.,�++"
<br /> - cure such a default and reinstate,as provided in paragraph 18.by causing the aciion or proceeding to be dismissed with a ruling .:F��:��-
<br /> �' - ' that, in L,ender's goad faith determination, precludes forfeitare of the Borrower s interest in the Property or other material • '=�'=
<br />}���. .:=...--.-. � impairment of the lien created by this Security Instcument or Lender s security interest. Borrower shall also be in default if ,'��;'
<br /> � "�: _":I �, �
<br /> ' Borrower,during the loan application process,gave materially false or inaccurate information or statements to I.ender(or failed ' �'�t;r'
<br /> ' , - to provide l.ender with any material information)in connertion writh the loan evidenced by the Note.including.but not limited ' ' --"
<br /> �;;;.'', to,representations cancerning Borrower's occupancy of the PropeRy as a principal residence.If this Security Instrument is on a ��-
<br /> • • • • leasehnld. Borrower shall camply with al1 the provisions of the lease. If Borrower acquires fee titte to the Property. the , . �'�=
<br /> leasehold and the fee title sha(1 not merge unless l.ender agrees to the merger in writing. .'.,;�.;'�-;=
<br /> ,,•; � '�: ' 7.Protectton of Lender's Ri�is i�the Property.If Borrower fails tu perform the covenants and agreements wntain�in .": � ''''�•%'•_---
<br /> b;:: ��. • ' .. this Security Instrument,or there is a teaal proceeding that may significantly affect Lender's rights in the Property(such as a � �. `'t �`
<br /> "�' proceeding in bankruptcy,prabate, for condemnatian or forfeiture or to enforce laws or regulations),then Lender mny do and ' -
<br /> `;'� �� . � • ���. pay for whatever is necessary to protect the value o6 the Property and Ixnder's rights in the Property. Lender's actions may ' • � :' '�'-
<br /> indude paying any sums secured by a lien which has priority over this Security Instrument, appearing in court. paying , ��".""'�r°°°
<br /> -_� , ,__ reasonabte attorneys'fees and entering on the Property to malce repain. Althongh Lender may•zke action under this paragraph _
<br /> ' . 7.Lender does not have to do so. ' . ,; .. •
<br />- ' ._ � . Any amounts disbursed by Lendcr under this paragraph 7 sl�all become additional debt of Borroa�er secured by this �
<br /> � � . � Serurity Instrument. Unless Barrower and Ix�s�der agree to other terms of payment, these amounts shall bear interest from the • . :
<br /> • . � date of d"ssbursement at the Note rate and shall be payable. with interest. upon notice from i.ender to Borrower rec,�esiing �.� •
<br /> . . payment. • : ,
<br /> :�•�;: ' S.1�lortgage InsurAnce.lf Lend:�required mortgage insurance as a condition of making the loan secured by this Security . � . •.
<br /> .. . Instrument, Bonower shall pay the premiums required to maintain the mortgage insurance in effect. If, for any reason, the .� .
<br /> � mortgage insurance covcragc required by Lender lapses nr ce�ase�to be in effcct. Bonowcr shall pay the premiums required to � .' '
<br /> � � ' obtain coverage substantially equivalent to the mortgage insurance previously in effect,at a cost substantially ec{uivalent to the ' ; • •
<br /> � . cost to Borcower of the mortgage insurance previausly in effect. from an altemate mortgage insurer approved by l.ender. ]f �
<br /> ' ; substantially cyuivalcnt mongagc insuruncc coverage is not availAble.Barrower shall pay ta Lendcr each month a sum equal to ••
<br />__ � one-twelfth of the yearly mortgage irnurance premium being paid by Borrower when the insurance coverage lapsed ar ceased to _,
<br /> , .' � be in effe�:t.Lendcr will accept, u�e and retain the.e payments as a las rctierve in lieu of mortgage insutance. L.c�ss rtserve • � . �
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