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<br /> � including flood9 or tlooding, for which Lendcr rcquires insurenu:.Tbis insuruncc shall bc maintalncd in thc�unounts anQ
<br /> � for the perioda that Lender requires. The insuranee carrier providing tbe insuranu�shull be chosen hy Borrawer subject to .,,�
<br /> I Leader'� approvul which shall not be unccasonnbly withheld. If Burrower tails to maintaln covcrage dcscriUcd nbovc,
<br /> Lender may, at Lender's option, obta�n caverage ta protect Lender's rights ln the Property iu nccordance with pnri�gruph .�_,7
<br /> I 7. �� . . . . . ""�_�
<br /> All lnsurnrtee policles und renewnls shall be: acceptable to l.ender and shull include a st�►ndard mortgage clause. ,�.'3
<br /> Lender shall have the right to hotd the policies and renewals.If l.cnder requires, Bonowcr sh�ll promptly givc to I..cnder �1�,: _
<br /> ; all receipu of paid premiumq and renewei notic;es.In the event af loss,Bonowe��shaU glve prompt notice to the insur.lnce .. �,�_ _
<br /> carrier end Leader.Lcnder may make proof of loss if not madc promptly by Bonowcr. . ,: �r:�-
<br /> _.�,���"' Unless Lender and Bonawer otherwlse agrce in writing, insurancc procecds shall bc:�pplicd to restoration or repair ��'�,;�',�'"`---
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<br /> �x� � of the Property dtunaged, If the testoration or repa�r is econdmicaUy feavible and C.ender's s��curity is not lessenc�d. If the ' �^�;�^�r.�:�°
<br /> rasroration or repair is nat er•onomically fenstble or i.cnder's security would br lessened,thc insurance pToCeeds shall be :�` . .'r�'SS""'
<br /> applied to the aums secured by this Securtty Instrument,whether or not then due, with any excess paid to Borrower. If ''-"`�°'_-_-
<br /> ° Borrower abandons the Properry, or daes not answer within 30 days a notice from l.ender thnt thr insurance cprrier hass �����=---
<br /> offered w settle a claim,tlien L.ender may collect the insurance proceeda, Lender may use die proceedsYo�rep�rWiti e�setore � :-,,.;`_
<br /> the Property or to pay sums secured by this Secudty Instnuncnt. whether or not then due. The 30-da ri gia = _ -
<br /> when the notice is given. -��._--
<br /> �l Unless Lender and Borrower otherwise agree in writing,any application of proceeds to principal shall not extend or �. t,;�
<br /> postpone the due date of the monthly payments refened to in paragrapbs 1 and 2 or change the amounc of the payments.If _-
<br /> under para�raph 21 the Property is acquiird by Lender,Borrower's n�ht to any insurance policies and proceeds resul[ing ;:':��.�_
<br /> from damage to We Property prior to We acquisition shall pass to Lender to the extent of the sums secured by this Security ��;:�
<br /> Instrument immediately prior to the acquisition. , •�:==°
<br /> ' b. Occupancy, Preservation, Maintenance and Protecttoa ot the Property; Borrower s Loan Appllcatlon; ��;::_-
<br /> Leaseholds. Bonower shall occupy, establish. and use the Pragerty as Borrower's principal residence within sixty days �r_;;�;°
<br /> after the execution of tbls 5ecurlty Iastrument and shall conuaue to occupy the Property as Borrower's p,incipal residence �:y:�
<br /> for at least one year after the date of occupancy, unless Lender otherwise agrees In wnnng, which consent shall not be -
<br /> uiueasonably withheld,or unless extenuating circumstances exist which are beyond Borrower's conuol.Bonower shall not k.��-�
<br /> •�. desuoy, damage or impair the Property, allow the Prope;ty to deteriorate, or cotnmit waste on the Property. Borrower ���
<br /> shall be in default if any forfciture action or proceeding, whether civil or criminal, is begutt that In l.ender's goad faith �;�;,��.
<br /> judgment could result in forfeiture of the Property or otherwise rnaterlally impair the lien created by this Serurity �t,A�_-
<br /> �• Instrument or Lender's security interest. Borrower may cure such a default and reinstate,as provided in paragraph 18,by
<br /> . cauaing the action or proaeeding to be dismissed with a rnling that,in Lender's gaod faith determinatlon, precludes �I ,
<br /> forfeiture of the Bonower's interest in the Property or other materid impairment of the lien created by this Securlty �`
<br /> �f Insuument or Lender s securIty interest. Bonower shall also be In default if Borrower,during the loan applicatioa procesa, --
<br /> gave materially false or inaccurate information or statements to Lender (or falled to provide L.ender with any materlal -
<br /> information) in connection with the loan evidenced by the Note, including,but not limrted to, representations wncernins --_
<br /> % Horrower's occupancy of the Propercy as a pru�ci�ni ies�dcncc.If thi� Sxurit�Instrument is�n a l�aspho!�!. P4rf�wgr ahall _
<br /> ', comply with all the provisions of the lease. If Bonower acquires fee title to the Property, the Icasehold and the fee title
<br /> � shall not merge unles5 Lender agrees to the merger i►i writing. _-
<br /> `; 7. Protectlon of Lender's Rights in the Property. If Borrower fails to perfotm the covenants and agreements
<br /> •, contained in this Security Instrument, or there is a legal proceedln�tdat may significandy affect I.ender's rlghts in the _
<br /> Property(such as a praceeding in bankruptcy, probate,for condemnation or fort'eiture or to enforce laws or regulations). _
<br /> .t, then I.�nder may do and pay for whatever is necessary to protect tbe value of the Property and Lender's rights iu the
<br /> �, Property. Lender's actions may include paying any sums secured by a licn which has pdodty over this Securlty ;�
<br /> Instniment, appearing in court. pa ing reasonable attorneys'fees and entering on the Property to make repairs. Althougb • � ,
<br /> `�' Lender may take action under this pyuagraph 7, Lender does not have to do so. -
<br /> Any amounts disbursed by L.ender under this paragraph 7 shall become additional�ebt of Borrower secured by this
<br /> " �' Security Instrument. Unless Borrower und Lender agree to other remv of payment,these amouats ehall bear interest from
<br /> the date of disbursement at the Note rate and shall be payable, wi�h interest. upon notice from Lender to Bonower
<br /> � rec�uesting paymeat.
<br /> x 8.Mortgage Insurance. If Lender required mortgage insurance as a condition of making the loan secured by this
<br /> Security Instrument, Borrower shall pay the premiams requ�red to rnaintain the mortgage insurance in effect. If, for any
<br /> �� reason, the mortgage insurance coverage required by Lender lapses or ceases to be in effect, Borrower shall pay the
<br /> .3� premiums required to obtain coverage substantially equivalent to the mongage insurance previously in effect, at a cost - ---
<br /> substantially equivalent to the cost to Bonower of the mortgage insurance previously tn effect, from an alternate mortgage -
<br /> insurer approved by l.ender. If substantially equivalent mortgagc in�urance coverage is not available, Borrower shall pay �
<br /> to Lender cach month a sum equal to one-twelfth of the yearly mort�age insurance premium being paid by Bonower when �-=—_—
<br /> � the insurance coverage lapsed or ceased to be in effect.Lender wiU aaept,use and retain these payments as a loss reserve �x:'..
<br /> in lieu of mortgage insurance. Loss reserve payments may no longer be required, at the option of i.ender, if mortgage �.=:_
<br /> insurance coverage (in the amount and for the period that Lender requires) provided by an insurer approved by Lender - •--- -- �_,:
<br /> again becomes available and is obtained. Bonower shall pay the premiwns required to maintain mortgage iasurance in '-�� ;."
<br /> effect, or to provide a loss reserve, until the requirement for mortgage insurance ends in accordance wlth any wrltten � " '
<br /> agreement between Borrower and Lender or applicable law. Form 3o 2 s 9 1 90 lpege 3 oi s! . . '�'f�_
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<br /> BANKERSSYSTEMS.INC-.ST-CLOUD,MN4B30211�800-397•23411FORM MD1 NE7l6/91 �� ��� .���• '£t` _
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