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<br /> S.HazArd nr ProPerty Insurance. Boaower shall keep the improvements now existing or hereat ec on e � _
<br /> insured against loss by fire, hezards included within the term "extended coverage" and any other hazards,including floods or •• .,
<br /> flooding,for which Lender requires insurance.'fhis insurance shall be maintttineA in the tunounts and for the periods that Lender _
<br /> requires.The insurance cunrier providing the insurance shall be chosen by Borrower subject to L.ender's approval which shall noc
<br /> be unreasonably withheld. If Borrower fails to maintain coverage descdbed above, Lender may, at Lender's option, obtain `i .
<br /> - coverage ro protect Lender's rights in the Property in accordance with paragraph 7. ,,_. -
<br /> All insurance poUcies and renewals shaU be acceptable to L.ender and shall include a standard mortgage clause.L.ender shall ' ;ti=v
<br /> ive to Lender all recei ts af aid ''. ..:,='1 �
<br /> have the dght to hold the policies and renewals.If L.ender rc�quires.Borrower shall prompdy g P P ,,�v,-.;�_
<br /> premiums and renewal norices.In tne event of loss,Borrower shall give prompt notice to the insurance carrier and Lender.Lender ,=ti'�_-_':�-_
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<br /> may makc proof of loss if not madc prompdy by Borrower. "'�_ —
<br /> Unless L.ender and Boaower otherwise agree in writU►8, Insarancc Procceds shall be applied to restoration or repair of ihe '���._.�
<br /> Froperty damaged,if the resWradon or repair is economically feasibk and I.ender's security is not lessened.If the restorarion or
<br /> repair is not economically feagible or Lender's security would be lesseneA, the insurance proceeds shall be applled co the sums „ ,;::...
<br /> secured by this Securiry Insmiment, whether or not then due,with any excrss paid to Borrower.If Borrower abandons the � .ti.�.,.�.•
<br /> Property,or does not answer within 30 days a notice from I.ender U�at the insurance carrier has offered to senle a claim,then .., .
<br /> l.ender may coUect the u�surance proceecls.I.ender may use the procceds to repair or re.4tore the Property or to pay sums secured
<br /> by this Securiry Instrument,whether or not then due.The 30-day perlod will be8in when the notice is�iven,
<br /> Unless L.ender and Bonower otherwise agree in writir►S.anY aPP�cation of proceeds to principal shaU not extcnd or postponc
<br /> thc due date of the monthly payments refened to in paragraphs 1 and 2 or change the s+mount of the payments.If under paragraph �
<br /> 21 the Property is acquired by I.ender,Borrower's right to any insurancc policies and proceeds resulting from damage to the �,+;,�.
<br /> Property prlor to the acquisidon shall pass w Lender to the extent of the sums secured by this Securiry Instrument immediately
<br /> .� prior to the acquisidon. -
<br /> ?r�, 6.Occupancy,Preservatbn�Maintenance And Protectian of the Property; Borrower's Loaa Appl[cation;Leaseholds. ;� ��
<br /> � Borrower shall occupy.establish,and use the Property as Borrower's principal residence within sixty days after the execution of : ' 'i
<br /> y ; ►his Security Instrument�nd shall continue to occupy the Property as Bonower's principal residence for at least one year after the ,4;�:�;•
<br /> date of occupancy, unless Lendcr otherwise agrees in writing, which consent shall not be nnreasonably withhcld, or unless ,, ,,,_, • ,;�
<br />- '' _- . exicnuaii�►g ciicumSL'ut�GS czi�t w l t ic h�rC b C;on d Bortower's eo n t m l.R o r r o w e r s h a ll n o t d e s t t o Y,d a m a B e o r i m p a i r t h e P r o P�rt 3', __ �t��- ��4;,.�
<br /> allow ti�e Property w deteriorate,or commit waste on the Properry. Boaower shall be in default lf any fodeiture acdon or ��
<br /> ' proceeding,whether civil or criminal.is be8un that in Lcnder's good faith judgment could result in forfeiture of the Property or i��—
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<br /> otherwise matcrlally Impair the Hen creatcd by this Security Instnunent or L.cnder's securiry intc,resG Borrower may cure such a �•�,�
<br /> default and re�nstate. as provided in ptusgraph 18.by causing thc action or procecding co bc dis►nissed with a n�ling that� u► � .��;
<br /> Lender's gaod faith determination,precludes forfeiuue of the Borrower's interest in the Property or other material impairment of �_,
<br /> the Hen created by this Security Imsuument or L.ender's secnrity inteces�Borrower shall also be in default if Borrower,during the , ,�,:
<br /> . . loan applicadon process,gave materially false or inaccurate information or statements to Lender(or failed to provide Lender with
<br /> M: any material information) in connection wtth the loan evidenced by the Note. including, but not limited to, representadons _
<br /> conceming Borrower's occupancy of tha Property as a principal residence.If this Security Instrument is on a leasehold,Borrower __
<br /> shall comply with all the provisions of the lease.If Borrower acquims fee title w the Properry.thc leasehold and the fee title shall —_
<br /> r• not merge unless Lender agrees to the merger in writing. �---•--
<br /> �i 7.Protectton of Lender's Rights in thE Property. If Borrowcr fails to perfom�the wvenants end egreements contained in �_-:_
<br /> this Security Insuument,or there is a Iegal proceeding that may significandy affect I.ender's rights in the Property (such as a
<br /> � proceeding in bankruptcy,pmbate,fur condemnauon or forfciture or to enforcc laws or rcguladons),then Lender may do and pay �"_
<br /> for whatever is necessary to protect the value of the Property and Lender's rights in the Property. Lender's actions may include � .._
<br /> paying any sums secur e d by a l ien w hic h has pri o r l ty o v e r t h i s S e c u r i ty I n s t r u m e n t, a p p e a r i n g i n c o u r t, p a Y i n B r e a s o n a b l e _ _
<br /> � suorneys' fees and cntering on the Property to make repairs.Althaugh Lender may take action under this paragcaph 7, L.ender .y�,
<br /> � does not havc W do so.
<br /> Any amounts disbursed by Lender�u►der this paragraph 7 shall become additional debt of Borrower secured by this Security ��'����_
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<br /> InstrumenG Unlcss Borrower and L.cnder agrce co othcr terms of payment,Ihese amounts shall bcar interest from the datc of " ,r�_
<br /> disbursement at the Notc rate and shall be payable,with interest,upon notice from Lender to Borrowcr requcsting paymen� '��,c, ° -
<br /> 8.Mortgage Insuraace. If I.ender required mortgage insnrance as a condition of making the loan secured bN this Security �`" � .�,
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<br /> Instrument, Borrowcr shall pay thc prcmiums rcquircd to maintain the mortgagc insurance in cllec�.If. for any rcasan, thc :, •��:�,., . �_r•:.�r;:'
<br /> mortgage insurance covernge required by L.ender lapses or ccases to be in effect,Bonower shall pay the premiums required to •4:�� .'
<br /> obtain coverage substantially cquivalent to the mortgage insurance previously in effect,at a cost substandally equivalent to the . . -.:�-_.:-
<br /> cost to Borrower of the mortgage insurance previously in effect,from an tilternate mortgage insurer approved by Lender. If •• �'
<br /> substandally cquivalcnt mortgagc insurance covcrage is not availablc, Borrower shall pay w Lendcr cach month a sum equat to ., .
<br /> one-twelfth of the yearly mortgagc insurance premium being paid by Bonower when the insurance coverase lapsed or ceased to
<br /> be in effecG L.ender will accept, use and retain these payments as a loss reserve in lieu of mortgage insuranee. Loss mserve
<br /> Farm 302e 9l90 �
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