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<br /> � ` � 5. Hazard or Property Insurance. Bosrower shall keep the improvements now existing or hereafter erex-ted on F` �.� '. •� :
<br /> ` • the Property insuted against loss by�re,hazards induded nithin the term"e�ctended co�erage"and any�thtr hazards, , ..,
<br /> � inciuding flaods or flooding.for which Lender requires insurance.This insurance shall be maintained in the amounts C� � <4 ,`,�,�'• ^�•
<br /> and for the periods that Lender requires.'fhe insurance carrier providing the insurance shall be chosen hY Bm'c�ne�'�@ , _, .
<br />- • - subject to Lender s approval ahich shall not be unreasonably�vithheld.If Borcower fails to maintain c�verage described � . , ��.
<br /> ��'����-'�r�� above,Lender may,at Lender's option,obtain coverage to protect Lender's rights in the Property in acc�rdanee nith� :
<br /> �_-- --
<br /> :� paragcaph 7.
<br /> � � �111 insurance pnlicies and renewals shalt be acceptable to Lender and shall include a standard mortgage claus�.� ,.
<br /> � -� Lender sha}1 have the right to hold the policias and re[ieMals. If Lendet requires, Bonower shall prompt(y give tc� .
<br /> ` � ' l.ender a11 receipts of paid premiums and rene�ral notices.In the event of loss,Borro�ver shall give prompt notice to thr�
<br /> � � insurance carrier and Lender.Lender may make proof o#lass if not made promptly by Bonower. � . � ; , •,
<br /> . , ' � " Unles4 Lender and Borrower othetwise agree in writing,insuranve proceeds shall be applied to restoration or repair ,`.,� .�.,._•.
<br /> �. < . of the Property damaged,if the reswration or tepair is economically feasible and Lender's securiry is not lessensd. If the w'
<br /> � f�' restoration or repair is not economically feasible or Lender's security would be lessened,the insurance proceeds shall lse �,���_.
<br /> '" applied to the sums secured by this Security Instrument.ahether or not then due, with any excess paid to Bonower.tf . _ r�,:.':�_
<br /> .., `
<br />' � ': Borrower abandons the Propetty,or daes not answer within 30 days a notice from Lender that the insurance carriec has __ `_`_�•i
<br /> " offered to setcle a claim,then Lender may collect the insurance proceeds. Lender may use the proceeds to repais or � � ___
<br /> ' .. � ° � testore the Propertp ar to pay sums secured by this Se�urity Instrument,whethet or not then due.The 30-day period will ; � % � _
<br /> , � begin�vhen the n�tice is given. `_:__-
<br /> ' Unless Lender and Borrower otherwise agree in Rriting,any application of proceeds w principal shall not extend or :; .+`_�,�_
<br /> � �• postpone the due date of the monthly payments referred to in paragcaphs 1 and 2 or change the amount of the payments. , _
<br /> . If under paragraph 2I the Property is acquired by L,ender. Borrower s right to any insurance policies and proceeds ' .:'�
<br /> � � • -- resulting fmm darnage to the Property prior to the acquisition shall pass to Lendet to the estent of the soms secured by __��. � �ra,,.
<br /> pa
<br /> this Security Instrument immediately prior to the acqwsition. L`'"�
<br /> � ' 6.Occupancy,Preservation,Maintensnce and Protection of the Property:Borrosver's Loan Application: t..�-
<br /> � Lease6olds. Botrower shall accupy,establish,and use the Ptoperty as Botrower s principal sesidence within sixty days , •;�-�.-�"�f'
<br /> -� ;�� �••-- r ..- after the egecution of this Security Instrument and shaU cont�nue to occupy the Property as Borrower's principal �.�;��� .';'a`�:;:�:_
<br /> ` residence far at least one year after the date of occupancy.unless Lender othenvise agrees in writing,wfiich consent shall -��' �.:
<br /> � � not be unreasonabty withheld.or unless estenuating c�rcumstances esist which are beyond Borrower's control.BonoNer .
<br /> shall not destroy,damage or impair the Property,allow the Property to daiesiorate,or commit waste on the Pcoperty. .. -.•.'��?�=.
<br /> �A+..�:u_...
<br /> - � • • Borcower shall be in default if any forfeiture action or proe;eeding,whether civil or criminat, is begun tttat in Lender s �;��� � ��.y-��r: ;
<br /> � , gaod faith judgment could result in forPeiture of the Praperty ot otherwise materially iinpair the lien created by this ;, _,z;.. ;;::=�
<br /> `;� Securiry Instrument or Lender s security intetest. Borron er may cure sueh a default and reinstate, as provided in �.�.�._....• .
<br /> ; � paragraph 18, by causing the action or proceeding to be dismissed with a ruling that. in Lenders good faith ` '�`'. �:-�
<br /> • determ�nation,precludes forfeiture of the Bonower's interest in the Property or other material impairment of the lien .-•�� _tr.�,�_
<br /> � � � - created by this Security Instrument or Lender s security interest.BorroNer shall also be in default if BonoNer,during ,�
<br /> _.. _ ... _ _.. the loan application process. gave matetially false or inaccurate information or statements to Lender (or failed to '�.,` �.�" ;:1+
<br /> .s. . ' , provide Lender with any material information)in connection with the loan evidenced by the Note,including,but not ��� „ ..,:., -:: _
<br /> ..s:_:
<br /> '� limited to,representations concerning BorroNer s occupancy of the Property as a principal residence. If this Security ,.�:_;
<br />- �`� � . .; Instrument is on a leasehold,Borrower shaU wmply ivith all the provisions of the lease.If Borrower acquires fee title to � ,
<br />'��`� the Praperty.the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. ` ��
<br /> • �; 7.Protection of I.ender's Rights in the Property. If Borrower fails to perform the covenants and agreements . �'`�
<br /> . �. contained in this Security Instrument,or there is a legal proceeding that may 5-agnificantly affect Lender's rights in the : . --
<br /> . ' Property (such as a proceeding in bankruptcy, probate. for condemnation or 4orPeituse or to enforce laws or ��
<br /> . � ' � regulations).then Lender may do and pay for whatever is necessary to ptotect the value of the Property and Lender's . ."=a-
<br /> ' . �; rights in the Peopecty. Lender s actions may include paying any sums secured by a lien�vhich has priority over this � ;.
<br /> • Security Instrument,appearing in court,paying reasonable attorneys'fees end entering on the Property to make repairs. . �'''--.-.
<br /> �� � Afthough Lender may take act►on under this paragraph 7,Lender does not have to do so. � ' : '•:,.
<br /> � �� � any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Horrower secured by this ,
<br /> ' Security Instrument.Unless Borrower and Lender agree to other terms of payment,these amounts shall bear interest �
<br /> " � fmm the date of disbursement at the Note rate and shall be payable.cvith interest.upon notice fmm I.ender to Borrower � , -
<br /> , . requesting payment. , ` "
<br /> �� . • � 8. Mortgage Insutance. If Lender required mortgage insurance as a condition of making the loan secured by this _
<br /> . . Security lnstrument.Borroner shall pay the premiums required to maintain the martgage insurance in effecc.If,Pot any
<br /> . � reason, the mortgage insorance coverage required by Lender lapses or ceases to be in effect.Borrower stall pay the ,: •
<br /> � • premiums required to obtain covetage substantially equivalent to the mortgage insurance previnusly in effect,at a cost
<br /> substantiaUy equivalent to the cost to Borrosver of the mortgage insurance previously in effect, from an alternate .
<br /> • mortgage insures approved by Lender. IP substantially equivalent martgage insurance coverage is not available.
<br /> � ' Hnrrocver shall pay to l.ender each month a sum equal to one-t�velfth of the yearly mortgage insurance premium heing
<br /> � paid by Hortower when the insurance coverage lapsed or ceased to be in effect.Lender will accept,use and cetain these
<br /> � payments as a toss reserve in lieu of m��rtgage in5urance. I.ass reser�•e payments may nn lonoer he required. �
<br /> ' � Form 3028 .9� �
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