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<br />� � 5. Ha7ard or Property insnrance. Borrower shatl keep the improvements now existing or hereafter erected on the �
<br /> . '` Property insureci against loss hy 6re. hazards included within the term "excended coverage" and any other ha�ards, including .• .c- .. , '
<br /> ,`-�--`},.' tloods or flooding. for which Lender requires insurance_This insurance+hall be maintained in the amounu and for the periods � ' ,`
<br /> - .:,....�.
<br />_, .�� .F� '�- '. _` that t.ender requires. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approva! '���,. «
<br /> - =`�,-'-"`��r � ' which shatl not be unrqsambly withheld. If Borrower fails to maintain coverage de.ccribed above. I.ender may, at I.ender's _ _ _
<br /> �.� � � , option,obtain coverage to protect Lender's rights in the Property in accorclance�vit6 paragraph 7. � �`.ti�::
<br /> . All insurance poticies and renewals shall be acceptable to Lender and shail include a standard martgage clause. L.ender "_ `�•�}'-
<br />,EF.t•;� � � , • shalt have the right to hold the policies and renewals. If Lender requires,Borrower shall promptly give to I.ender all receipts of ,
<br /> � � �, paid premiums and renewal notices.In the event of loss,Borrower shall give pmmpt notice to the insurance carrier artd Lender. �- -__
<br /> ,' . . _�,� I.ender may make proof nf loss if not made promptly by Bonower.
<br /> . �F .".. _.,
<br /> , . � �I�-. Unless Ixnder and Borrower atherwise agree in writing.insurance proceeds shall be applied to restoration ar repair of the ' —
<br /> �'' ' , �; Property damaged.if the restorati�a or repair is econamically feasible and 1,ender's security is not lessened.If the�estoration or '- ; ,t,��`�-,_
<br /> `..(. "F' . _ .
<br />"=`�� • - repair is not economicxlly feasi6le o-Lender's security would be lessened.the insurance proceeds shall be applied to the sums �"'`�� .� -
<br /> ' � , � secured by this S�curiry I�trument, whether or not then due. wti[h any excess pa:d to Borrower. If Borrower abandons the '��''='�'=_
<br /> �a , ,::
<br /> r' " ' - '�'�' Property, ur does not answer�vithin 30 days a notice from Lender th3t the insurance carrier has offered to seitle a claim,then _
<br /> ` .._ . � ;t<�•�Y
<br /> , Lender may collect the insurance proceeds. Lender may use tne pcoceeds to repair or t+estore the Property or to pay sums
<br /> r;�� �: , � secured by this Security Instrument,whether or not then due.The 30�day period will begin when the nodce is given. �•_< .:''.
<br /> � i �'� Unless Lender and Hoaower othenvise agree in writing, any applicauon of proceeds to principal shall not eatend or .
<br /> ��.� , " � os one the due date of We monthl a ments referred to in ara hs 1 and 2 or chan e the amount of the a ments. If `"�� `" `'�--
<br /> .- P tP Y P Y P S�P g P Y , `': �---
<br /> : � • under paragraph 21 the Property is acquired hy Lender.Bonower's right to any insurance policies and procceds resulting from - '��" ° --�
<br /> ''��.` � �- damage to the Property prior to the acquisition shall pass to l.ender to the extent of the sums secured by this Security Instrument �:',���'�-
<br /> .�� � • .. � -
<br /> immediately prior to the acquisition. � ��•'`b�<<'
<br /> 'r"�-, 6. Occu Preservation,Mainteoance and Proiection of the Pro e Borrower's Loan A lficatton;LQaseholds. , : �r{ �� `
<br /> . pancy. P rt3'. {s;:� _
<br /> PP �, .r�:=--
<br /> "- , ' "�'�' Borrower sl�all occupy.establish,and use the Property as Borrower's principa!residence within sixty days ufter the execution of
<br /> ...�....,_`-�'
<br /> .� � `• - this Security Instrument and shall continue to occupy the Property as Borrower's principa!residence for at least one year aftec .
<br />-�_? . , ; �.�,.a_-:_;:.:
<br /> .' ' � •�% the date of occupancy,unless L.ender otherwise agrees in wriang, which consent shall not be unreasonably withheld,or unless �--—
<br /> ` . extenuating circumstances exist which are beyond �orrower's contral. Borrower shall not destroy. darnage or impair the ' �, r:=��
<br /> , � Property. allow ths Propetty to deteriorate, or commit waste on the Praperty. Borrower shall be in default if any forfeiwre � �`_m
<br /> : action or proceeding, whether civil or criminal, is begun that in Lender's good faith judgment could nesult in farfeiture of the �----
<br /> � Propert�•or otherwise materially�i�npair the lien created by this Security Instrument or Lender s security interest. Borrower may '' ��=
<br /> • - ', , �t�::'',",•��v.=:
<br /> ,.. .,f,, . , cure s�c�a default and reinstate,as pmvided in paragraph l8,by causing the action or proceeding to be dismissed with a ruting , _a_
<br /> ' - that. in I.ender's good faith determination. precfudes farfeiture of the Borrower's intertst in the Pcoperty or other material -�•;'�� - __
<br />;�f� � �• ;:, impairment of the tien created by this Securiry Instrument or Lender's securi�y interest. Borrower shall also be in default if � ` , _%
<br /> , ` `'f Borrower,during the loan application process,gave materially false ar inaccurate information or statemenu to I.ender(or failed
<br /> •,�,fi:.
<br /> : ., ,-,:�•-�
<br /> ' • .. •� to provide l.ender with any material information)in connectian with the foan evidenced by the Note. including.but not limited � .. • �-�
<br /> .�° : �'�: to,representations concerning Borrower's oeeupancy of the Property a5 a prineipal residence. If this Security Instrument is on a • 's"'
<br /> ' .;. ' • leasehold. Borrawer shall comply with all the pr�visions of thc lease. If Bonower acquires fee title to the Property, the ; �:_
<br /> ., : . � � � Irasehold and the fee title shall not merge unless Lender agrees tv the merger in writing. • : ;�-
<br /> �:':', , 7.Protect�ton of Lender's Rlphts in the Property.If Borrower fails to perfarm the covenants and agreements contained in , •
<br /> � •::` this Security Instrument, or there is a legal praceedin�that may significantly affect Lender's righu iu the Property (such as a , �-
<br /> � - � proceeding in bankruptcy, probate.for candemnation or forfeiture or to enforce laws ar regulations).then Lender may do and : : -
<br /> ' ' pay for whatever is nccessary to protect the value of thc Property and Lender's rights in the Properry. Lender s actions may �• ".
<br /> . ' • include paying any wms secured by a lien which has priority over this Security Instrument, appearing in caurt, paying �`•�..,� • ,
<br /> '����� � rcasonable atiarneys'fees and entering on the Pn�perty to make repairs. Although Lender may take action under this paragraph . , . � �
<br /> �` , 7.Lcnder docs not have to do so.
<br /> ' • . Any amounts d'uburscd by Lender under this paragraph 7 shall bccome additianal debt of Barrower secured by this _ . ;
<br /> j � • Seccrity Instrument. Unless Borrower and Lender agree to other term�of payment.these amounts shall bear interest irom the �.
<br /> ' � � date of Jisburscmem at the Note rate and shall be payable. with intetest. upon notice fram l.ender to Bonower requesting .• i��
<br /> - � paymem. .
<br /> ���� � S.Mort�age lnsurance.If Lcnder reyuirul mortgage insurance ati a wndition of making the loan secure<f by this 5ccurity , ' '
<br /> �, �. . � . Instrumcnt. Borruwcr shall pay the premiums required to maintain the mongage insurance in cffect. If, fo� any rcason, the . :
<br /> . • � � mongage inrur.�nce�overuge reyuired by Lender lapxes ar ceases to be in effect.Borro�ver shall pay the premiums required to , . � .
<br /> obtain roverage substantially equivulent to the martgage insurance previou�ly in effect, at a cost substantially equivalent to the ' .
<br /> ;.`��, co�t to B��rrower af the mart�ge insurance previously in effect, from an alternate mortgage insurer approved by Lender. If
<br /> � � ' � sub.tantially eyuivalem m��ngage insuranre coverage i�.nrn availaMe. Borrower�hall pay tu Lender each month a sum eyual to � :
<br /> ' . onc-twclfth of thc ycarly mortnage insurance premium bcin�paid by Borrower when the irnurancc cmeragc lapscd ur ceascd to • .
<br /> • be in effixt. L.ender will urccpt,u�e and retain the�e payments a.r a los� reserve in licu of mortgage insurance. l.oss reserve � '
<br /> ..� ' � i Form 3028 9/90 • �
<br /> - - - - � V�90 3 et G � - �
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