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<br /> � including floods or flooding, for which Lender requires insurance. This insurance shall be maintained in the amounts and =_
<br /> � for the periods that Lender requires.The insurance carrier providing the insurance shall be chosen by 8arrower subject to -
<br /> , Lendcr's npproval whlch shall not be un;easonably withhcld. If Bonawer(ails to muintain coveragc dcscribrd above,
<br /> � L,ender may, at Lender's option, obtain coverage to protect L.ender's rights in the Property in accordunce with paragraph
<br /> i 7. -
<br /> All insurance policies and renewals shall be acceptable to i.ender and shal! include a standard mortgage clause.
<br /> L.ender shall have the right to hold the polictes and renewals. If Lxnder requires.Borrower shall promptly give to ixndrr
<br /> all receipts of paid premiums and renewal notices.in the event of loss. Borrower shall givc prompt notice to the insurance
<br /> cartler and Lender.Lender may make proof of loss if not made promptly by Borcower, _
<br /> Unless Lender and Bonower otherwise agree in wrlting,insurance proceeds shall be applied to restoration or repair
<br /> I of the Proper[y damaged, if the restoration or repair is economically feasible and 1.ender's security is not lessened. If the
<br /> i restoration or repair is not ec;�nomically feasible or L.ender's sec:unty would be lessened. the insurance proceeds shall be
<br /> applied to the sums secured by this Security Insttument, whether or not then due, with any excess paid to Borrower. If
<br /> • Bonower abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has
<br /> offered to settle a claim,then Lender may collect the insuranc:e proceeds. L,ender may use thc proceeds to repair or restore _ � ��
<br /> the Property or to pay sums secured by this Security Instrumeat, whether ar not then due.The 30-day penod will begin ;�;��;�`
<br /> . when the notice is given. '
<br /> Unless Lender and Borrower otherwise agree in writing,any applicatioa of proceecis to principal shall not extend or l
<br /> postpone the due date af the monthly paytnents referred to in paragraphs 1 aad 2 or change the aznount of the payments. If �
<br /> �� under paragraph 21 the Property is acquued by Lender, Borrower's nght to eny lnsurance policies and proceeds resulting �-��
<br /> from damage to the Property prtor to the acquisition shall pass to I.ender to�he extent of the sums secared by this Security . .
<br /> Instniment immediately prior to the acquisition.
<br /> 6. Occupancy, Preservation, Maintenance and Protectlon af the Pro�erty; Borrower's Loan Application; ,
<br /> I,easeholds. Bonower shall occupy, establish, and use the Property as Borrower s pdncipal residence within sixty days
<br /> after the execution of this Security Instrument and shall continuc to occu�y the Property as Bonower's principal residence
<br /> ' for at least one year after the date of occupancy,unless Lender otherwise agrees in wnting, which consent shall not be
<br /> unreasonably withheld,or unless extenuating circumstances exist which are beyond Borrawer's wntrol. Bonower shall not �
<br /> desuoy, damage or impair the Propert�, allow the Propeny to deteriorate,or commit waste an the Property. Bonow�r
<br /> shall be in default if an� forfeiture acuon ar proceeding, whether civil or criminnl. is begun that in Lender's good faith .:
<br /> �� udgment could result m forfeiture of the Property or otherwise materially impair the lien created by this Security :�
<br /> �nsuument or I.ender's security interest.Bonower ma�cure such a default and reinstate, as provided in paragraph 18,by =-
<br /> causing the action or proceeding to be dismissed wtth a ruling that, in I.ender's good faith determination, precludes �
<br /> forfehure of the Bonower's interest in the Property or other material impairment of the lien created by this Security .r
<br /> nower, '
<br /> Instnunent or Lender's securiry interest.Bonower shall also be in default if Bo during the loan application process, ` .
<br /> - gave maierialiy felse or inaccuratc informatior: or stat�ments t� lsnder lor failed to provide Lender with anY material ,?��r �•
<br /> information)in cormection wlth the loan evidenced by the Note. includins,but not limited to, representations concerninS .`�. •. _
<br /> Borrower's occupancy of the Property as a principal residence.If this Secunry Instrument is on a leasehold,Bonower shall 'tR�,
<br /> comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee title , 5;�}
<br /> shall not merge unless Lender agrees to the merger in writing. '��`_ ';
<br /> 7. Protection oi Lender's Rlghts 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 significantly affect Lender's rights in the
<br /> Property(such as a proceedin8 in bankruptcy, probate, for cundemnation aforfeiture or to enforce laws or regulations), ��: '�.
<br /> then Lender may do and pay for whatever is necessary to protect the value of the Property and Lender's rtghts in the
<br /> ' Property. I.ender's actions may include paying any sums secured by a lien which has prtority over this Securlty �
<br /> Instrument,appearing in court, paying reasonable attomeys' fees and entenng on the Property to make repairs. Although --
<br /> Lcnder may cake action under this paragraph 7, Lender does not have to do so. --__—
<br /> � Any amounts disbursed by Lender under this paragraph 7 shalt become additional debt of Bonower secured by this __
<br /> . the date of�disbursement Sat the Notearate�and shall be payablee with in erestR�upon notice�from Lender tot Borrower �
<br /> requesting payment. -�
<br /> 8.Mortgage Insnreace. If Lender required m�rtgage insurance as a condition of making the loan secured by this �..
<br /> Security Instrument. Bonower shall pay the premiums required to maintaiu the mongage insurance in effect. If, for any ___-__
<br /> . � reason, the mortgage insurance coverage requimd by L.ender lapses or ceases to be in effect, Borrower shall pay the ��.�:___
<br /> premiums required to obtain coverage substantially equivalent to the mongage insurance previously in effect, at a cost �,y�"�
<br /> ; substantially equivalent to the cost to Bonower of the mortgage insurance previously in effect,from an alternate mortgage ��+���'���,
<br /> � insurer approved by Lender. If substantially equivalent mortgage insurance coverage is not av.dlable, Borrower shall pay ��,_t,�;���_�
<br /> to Lender each month a sum equal to one-twelfth of the yearly mortgage iasurance premium being Paid by Bonower when �;:.-_-
<br /> ' the insurance coverage lapsed or ceased to be in effect. Lender will accept,use and retain these payments as a loss reserve A=—-
<br /> in lieu of mortgage insurance. Lass reserve payments may no longer be re uired, at the o tion of Lender, if mortgage � --�:
<br /> insurance coverage (in the amount and for the period that Lender requires)provided by an insurcr approved by Lender I�'����.g''
<br /> agaln becomes available and is obtained. Bonower shall pay the premiums required to maintain monga�e insurance in �'�'
<br /> °,i effect, or to provide a loss reserve, until the requirement for mortgage insuran�:e ends in acwrdance w�th any written ,�..,,.,,
<br /> I agreement between Borrower and Lender or applicable law. Form 3 zs rso raasn�3�/g//J 6l
<br />' BANKERS SVSTEMS,INC.ST CLOUD.MN 60302 Ii•800�397Q3411 FORM M0�1-NE 4!5/91 `��" .
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