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<br /> including flooda or floading,for whlch ➢.,endet requires insurancc.This insurance shall br,maintaincd in thr:►mounts and - . - '.'' �'�•
<br /> for the periods that L,ender requires. The insurance carrier providing thr insurance shall be chosen by Rorcower sub�e.rt to �
<br /> Lender's approval which shall not be unreasonably withheld. If Borruwer fails to maintain caverage describcd above,
<br /> i.ender may, at L.ender's option,obta3n eerverage to protect Lender's dghts In the Property !n accordance with paragraph ' �%;
<br /> 7. .,f,,.;1Yi.,��—
<br /> All insurance polictes and renewals shall be acceptable to Lender and shall includr a standard martgage clause. ;• ''r.:�:�s_-,-
<br /> L,ender shall have�he right to hold the policies and renewals.lf ixnder requires, Bnrrower shali prom�dy give to L.endrr . ._ � --
<br /> ;, � all receipts of pald premiums and renewal notices. In the eveat of loss,Bonower shall give prompt notice to the insurnnce • ;;t�`.s.�:��,�„�=��,`
<br /> carrler and Lender.I.ender may make proof of loss if not made promptly by Borrower. '��`""�r �: �-c--
<br /> , "'""� � Unless Lender and Borrower otherwIse a ree in wrltin , insurance proceeds shall be a lied to restoration ar repvr :=r`'��:"':"�
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<br /> '"" � of thc Property damased, if the restoration or repair is econonucally feasible and L,ender's sccurity Is not lessened. If thc •. .:,,._;;-_—�
<br /> restoi�tion or re air is not economicail feasible or Lender's securlt would be lessened, the iasurance proceeds shall be •- °•``���r�-°=°
<br /> • , applied to thc sums secured by this S�udty Instrument. whether or not then due, with any excess pald to Borrower. If '�� `�''_-�� -
<br /> ' Bonower abandons the Property,or does not answer within 30 days a noticx from L.ender that the Insurance carrier has �`�_,.;...=��:�°° ___ ___
<br /> offered to settle a claim,then Leader may collect the in�urance proceeds. Lender may use the proceeds to repair or restoee ��'-"�_
<br /> the Property or to pay sums secured by this Securlty Instrument,whether or not then due. The 30-day perlod will begin ���
<br /> when the notice is given. �' �
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<br /> ; Unless Ixnder and Borrower otherwise agree in writing, any applicatlon of proceeds to principal shall not extend or =�:.�
<br /> �� postpone the due date of the montlily payments referred to in paragraphs 1 and 2 or change the amount of the payments. If �
<br /> under paragraph 21 the Property is acquired by Lender, Bonower's right to any insurance polIcies and proceeds resulting =_==--
<br /> from dunage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security
<br /> Instrument immediately prior to the acquisition. c_�___
<br /> 6. Occupancy, Preservat[on, Maintenence and Protecti�n of the Pro rty; Borrower's Loan Applicatton; --•
<br /> Leaseholds. Bonower shall occu � �`�'�yu�
<br /> py, establish, and nse the Property as Bonower s principal resideace wl¢hin sixty days
<br /> after the execution of this Securiry Instrument and shall continue w occupy the Property as Bonower's pdncipal resldence �;,��;.
<br /> '" for at least one year after the date of occupancy, unless Lender otherwisc agrees In wrlting, which consent shall not be �;��
<br /> �. unreasonably wlthheld,or unless extenuatiag circumstances exist which are beyond Borrower's contml. Bonower shall not =-�- v
<br /> destroy, damage or impair the Properry, allow the Property to deteriorate, or commit waste on the Property. Borrower f+�%�"'=
<br /> shall be in default if any forfeiture action or proceeding, whether civil or criminal, is begun that in Lend�r's good faith �`°�
<br /> � judgment conld result in forfeiture of the Property or otherwise matedally impair the lien created by thIs Security •��°�
<br /> Instrument or Lender's secudty iaterest. Bonower map cum suc6 a default and reinstate,as provida�J tn paragraph 18, by
<br /> causIng the action or proceeding to be dismIssed with a ruling that, in I.ender's good faith determination, precludes '�-'
<br /> forfeiture of the Bonower's interest in the Properry or other rnaterial Impairment of the Ifen created by this Security ;---�
<br /> ��� Instrument or I.ender's security interest. Bonower shall also be in default if Bortower,duting the loan application process, ,�_
<br /> � gave materially false or inaccurate information or statements to Lender (or failed to provide Lender wiW any material ;=_-
<br /> - - ;: mtormation)in connecuon with t4e loan evidenced ny the Note.�nclu�fing,but not fimited to, representations concerning _=
<br /> Bonower's owupancy of the Property as a principal residence.If ihis Securlty Instrument is on a leasehold, Borrower shall ,�—
<br /> �� comply with all the provisinns o,`�hc case. If Borrower acquir�s fee title to the Property, the leasehold and the fee title =-_
<br /> �. shall not merge unless Lender a�n.es.,thc merger In wrlting. �=-
<br /> 7. Protectton of Lerc�er', Rlghts In the Property. If Borrower fails to perform the covenants and agreements ---
<br /> � contaIued in this Security Instrument, or there is a legal proceeding that may sisnificantly affect Lender's rights in the ''"�
<br /> Property(such as a proceeding in bankruptcy,probate, for condemnat{on or forfeiture or to enforce laws or regulations),
<br /> �. �r then L.ender may dn and pay for whatever Is necessary to protect the value of the Property and I.ender's rights in the �
<br /> Property. L.ender's actions may include payIng any sums secured by a lien which has prioriry over this Security .�`�
<br /> �� Insuument, appcarfng In court, paying reasonable attomeys'fees and enterlag on the Property to meke repairs. Although _ -
<br /> Lender may take action under this paragraph 7,Lender does trot have to do so.
<br /> Any amounts dtsbursed by Leader twder this para�raph 7 ahall become additional debt of Borrower secured by this
<br /> Security Instrument. Unless Borrower and Lender agree to other terms of payment,these amouuts shall bear interest from
<br /> the date of disbursement at the Notc rate and shall be payable, w3th interest, upon notice from I.ender to Borrower
<br /> requesting paymeat. -
<br /> '� S.Mortgage Insurence. If I.ender required mortgage insurance as a condttion of muking the loan secured by this L:_-_:,.-
<br /> „� Secudty Instrument, Bonower shall pay the premiums required to maintala the mortgage insurance in effect. If, for any ��;`, .__.
<br /> reason, the mortgage insurance coverage required by Lender lapses or ceases to be in effect. Borcower sh�ll pay We -
<br /> premiums required to obtain coverage substantially equivalent to the mortgage insurance previously in effect, at a cost
<br /> substantially equivalent to the cost to Bonower of the mortgage insurance prevlously in effect, from an altemate mortgage _
<br />- � insurer approved by L.ender. If substantially equivalent mortga�einsurance coverage is not available, Borrower shall pay °--- --_
<br /> , to Lender each month a sum e�ual to one-twelfth of the yearly rnoR�age Insurance premium being paid by Borrower whcm =
<br /> the insutence coverage lapsed or ceased to be In effect.Lender v��ill accept,use and retain these payments as a loss reserve
<br /> in lieu of morcgage insurance. Loss reserve payments may no longer be requircd, at the option of Lender, if mortgage _:���------_-
<br /> �� insurance coverage (in the amount and for the period that Lender requires) provided by an insurer approved by I.ender ` , ^ �.;
<br /> again becomes available and is obtained. Bonower shall pay the premiums requlred to malntain mortgage insurance in ` �yr,•
<br /> effect, or to provide a loss reserve, tuuil the requirement for mortgage insurance ends in accordance with any wdtten �: ' � : .;,:
<br />_ � agrecment between Borrower and Lender or applicabie law. Form 3028 9/90 fpage 3 0!61 '�
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<br /> BANKERS SYSTEMS,iNC..ST.CLOVD,MN 56302 f 1•800•397•234f 1 FORM MD•1•NE Y�6/91 _`_ :.�.�;;��•` _
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