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<br /> . � �- � 5. Ha�ard or Property Inswence. Borrower shall keep the improvemenu now existing or hereafter erected on thc �: • ' � ..
<br /> . . .,.. '� Property insured agains�t loss by fire, hazards included within the term'extended coverage"and any other hazards. including - ;';:�.� `
<br /> . `` �:� tlonds or flaoding.for which Lender requires insurance. 7'his insurance shall be maintained in the amounts and for the periads ` �`` „ � . .
<br /> ,,.. �+_ ,� �:.n� .
<br /> that 1Pnder requires.The insurance prrier pmviding the insurance shall be chosen by Borrower subject to Lender's approval • '�`' -'`�'
<br /> , '�G-..�'.e.�• .
<br /> which shall not be unreasonably withheld. 1f Borrower fails to maintain coverage described above, Lender may. at Lender's • , � `� -- `, �
<br /> • .:� �'.f •' . .
<br /> aptian,obtain coverage to protect Lender s rights in the Property in accordance with paragraph 7.
<br /> ' �� ' � A!1 insurance policies and renewals shall be acceptable to I.ender and shall inctude a standard mortgage clause. Le.-�der . �'�
<br /> `' shall have the right to hold the policies and renewaLs.If I.ender requires.Borrower shall prompdy give to Lender afl receipts of -
<br /> ; ` paid premiwns and renewal norices.In the event of toss,Eorrower shali give prompt notice to the insurance carrier and Lender. ��. _ � '�
<br /> • Lender may make proof of loss if not made promptly by Borrower. ,
<br /> ' Unless Lender and Borrower otherwise agree in writing,insurance proceeds shall be applied to restoration or repair of the �'"`�y
<br /> a_M1 " " .
<br /> . � '` , PropeRy damaged,if the reswrdtioa or repair is economicatly feasible and Leader's serurity is not lessened.If the restoradon or � � ';:.:,:=-
<br /> • ., repair is not economically feasble or I.ender's security woWd be lessened,ihe insutance proceeds shall be applied to the sams '�'' `.� ' -�`
<br /> ..—:�--
<br /> _ , secured by this Security Instrument. whether or not then due,with any excess paid to Borrower. If Borrower abandons We ,_��;:.,..
<br />- ., . Property,or does not answer within 30 days a notice from LenQer that the insurnnce carrier has offered to settle a claim,then - � � - --_
<br /> _ _; Lender may collect the insurance proteeds. Lender may �se the proceeds to repair or restore the Property or to pay sums ,f':.` ° . ;:'- �"T-
<br /> � secured by this Securiry Instrnmen�whether or not then dae.T6e 30-day period azlt begin cvhen the notice is given. .'�..,4
<br /> . Unless Lender and Borrawer otherwise agree in writing, any application of pmceeds to principal shall not extend or
<br /> - postpone the due date of the monthly payments referred to in pasagraphs 1 and 2 or change the amount of the paymems_ If �,'�;' ';; ---
<br /> . � � • under paragraph 21 tbe Property is acquired 6y Leader,Sorrower's right to any uuurance policies and pmceeds resulting from . .:> `�•
<br /> . • � damage to the Propearty prior to the acqwsiuon shall p�s to Lender to the extent of t�e sums secvred by this Security Instrument - � ��,
<br /> — -�-• --- - immediately prior to the acquisiuon. . .� - - __
<br /> '.. " 6.Oocnptu►cy,Preservatlon,Maintenance and Protection of the Property;BorroNer's I.oan Applfcation;Leasehoids. � ' ��; '` ,�-
<br /> �-..�_
<br /> • • Borrower sha}I occupy,establish,and use the Property as Borrower's pru►cipal residence within sixty days after the execution of . ��:'==�°�;
<br />_ , ��,r�—.
<br /> ' ' . this Securiry Instrumeni and sfi►all continue to oxupy the Properry as Borrower's principal residence for at least one year after ,� •.s�;3;�
<br /> _ . . ,;; the date of ocrupancy,unless Lendee otherwise agrees in writing.which consent shall not be unreasona6ly�vithheld, or unless •`;'�,__ �=:,�
<br /> ,' - extenuating cireumstances eaist which are beyand Borrower's contrai. Borrower shall not destroy, damage or impair the �--
<br /> Property, ailow the Property to deteriorate, or commit waste on the Properry. Bonower shall be irt default if any forfeiturc ��
<br /> action or pmceeding.whether civil or criminal,is begun that in I.ender's good faith judgment could resutt in forfeiture of the �n-�� .__ ~
<br /> .. . .. . ..:_.r
<br /> Property or otherwise materially impair the lien created by this Security Instrument or l.cnder's security inter�est.Borrower may �`':�.`•��-, -_,—
<br /> -� � cure such a defautt and reinstate,as provided in paragraph 18.6y causing the action or pmceeding to be dismissed with a ruling ' `�'�;�� ' ---
<br /> � ': •. � ` that, in Lendei s good faith determination, precludes forfeiture of the Borrower's interest in the Property or other material � ���`
<br /> •� ��,. ..
<br /> � • �, impairment of the lien created by this Security Instrument or Lender's security interest. Borrower shall also be in default if ,. , :`���
<br /> � Borrower. during the loan application process.gave materially false or inaccurate informaaon or statemenu to Lender(or failed •.t�,.�'; __—
<br /> � � � to provide Ixnder with any material informarian)in wnnection with the loan evidenced by the Note,inctud'mg,but not limited � ��;�.;�`„,�=�
<br /> ' �- �� -- to.representations conceming Borrower's occupancy of the Property as a principal residence.If this Security Instrument is on a ...;.;;�._=
<br /> �. , leasehold. Barrower shall comply with all the provisions af the lease. If Borrower acquires fee ptte to the Property. the � ��--
<br /> . � � leasehold and the fee title shall nat merge unless Lender agrees to the merger in wriring. •� '��
<br />- • 7.Pro2ectIon of Leader's Rights in the Pro�erty.If Borrower fails to perform the covenants and agreemenu contained in ,. '• °—_•
<br /> . . this Security Instrument, or there is a legal proceeding that may significandy affect I.ender's rights in the Property (such as a �' ;;:''• " -�"' �__
<br /> ' . proceeding in bankruptcy.probate,for condemnation or forfeiture or to enforce laws or regulauons),thea l.ender may do and ' . :�
<br /> ' ' pay for whatever is necessary to protect the value of the Property and Lender's righu in the Property. l.ender's actions m$y - � :'�`�
<br /> .A'� �Y!::""".
<br /> ' : , . include paying any sums secured by a lien which has priority over this Sec��iry Instrument, appearing in court, paying �� :--�
<br /> - reasonable attomeys'fees and entering on the Property to make repairs.Alihough Lender may take action under this paragraph , ` �'`��`"'_
<br />.` • 7.Lender does aot have to do so. ' �• - �
<br /> � , , Any amounts disbursed by I.ender under this paragraph 7 shall become additional debt of Borrower secured by this �. ... -
<br /> ' • , Security Instrument. Unless Borrower and Lender agree to other terms of payment,these amounts shall bear intcrest from the • �� . • •
<br /> � date of disbursement at the Note rate and shall be payabie, with interest, upon e.otice from ixnder to Borrower requesting � . • � '
<br /> _ • payment. � ,
<br /> �' .`. � 8.Mortgage Insurance.If Lender required mortgage insurance as a condition of making the loan secured by this Security . � „
<br /> � Instrument. Borrower shall pay the premiums required to maintain ti�e mortgage insurance in effect. If, for any reason, the ' � ' "'��
<br /> � mortgage insurance coverage required by Lender lapses or ceases ta be in effect. Borrower shall pay the premlums required ro �., : '. .
<br /> . abtain covetage substantially equivalent to the martgage iasurance previously in effect.at a cost substantially equivalent to the . . '. •
<br />` . • , wst to Banower ot the mortgage insurance pr�viously in effect, from an altemate mortga�e insurer approved by l.ender. Jf • � �
<br /> substantially equivalent mortgage insurance coverage is rtot available. Borcower shall pay to Lender each month a sum equal to • •
<br /> � : one-twelfth of the yearly mortgage insurance premium being paid by Banower when the insurance coverage lapsed or ceased to . '
<br /> �� � • be in effect.Lender will accept,use and retain these payments as a loss reserve in lieu of mortgage insurance. Loss reserve � • . �
<br />`. Form 3028 9l80
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