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<br /> _ ' •. . . 5. Ha�d or progerty Insu�ance. Borrower shall keep the improvements now sUng ar hemaflter erected on the � ��`��;�`
<br /> �. �....
<br /> ` property insan�l against loss Qsy fite.har.ards inctuded within the term"extended coverage° and any other hazards,including _
<br /> `�•�.'. • � floods or ttaoding* for wlrich Lecider requires insuiance.This insurance shall be roaintained in the amounts and for the periods vtE :• �`"
<br /> Lec
<br /> _ . . `4�-. ' tbat Ixader reguires.The iasivanoe carrier providing the insuranc:sha11 bs chosen by Borrower subject to Lender's apgroval !. ^
<br /> . _< << ;. <.;•;":
<br /> ' :���': ` which shall not be unreasonably withheld. If Borra�ver fails to maintain coverage described above, L.ender may, at Lender's , , : ti�'
<br />-= - •=Y°-�-.` opuon.obtain coverage to protect Lender's rights in the Property in acxordance with paragraph 7. ':.:,��'..: °,.�:
<br /> ' p!1 insurance policies and renewafs shall be acceptable to Lender and shall include a standard mortgage clause. Lender ` �: "
<br /> ` � � -a
<br /> , �, r.c� shall have the right to hold the policies and renewals.if Lender requims.Borrower shall promptly give to Lender all receipts of <•
<br />_., . • paid premiums and tenewal norices.In the event of loss.Borrower shall give prampt notice to the insurance rarrier and Lender. ;
<br />-`> -' ` • L.ender may make proof of loss if not made promp8y by Borrower. . �` '�;;,`:-:r,;-
<br />: °- .. r � - Unless Lcmder and Sorcower otherwise agree in writing,in5urance pTaceads shal!be applied to�eswretion or repa'sr of the ,. ,, , .�
<br /> ' � Pruperty damaged,if the restoration or repair is economically feasible and Lender s security is not lessened.If the reswration or • -�- �' ==
<br /> � ' . . • repair is not eoonnmically feasible or Lender's security wauid be lessened,thc insurance proce�ds shall be applied to the svms _ �- _-
<br /> secured by this Security Instrument,whether or nos then due, with any excess paid to Borrower. 1f Bor�ower a6andons the r�•L. {�:� .
<br /> ' � ` Property,or daes not answer v�ithin 30 days a aotice from Lender that the inswance c�srier has offered to settle a claim. then . -:-�.,:___
<br /> Lender may collect the insurance proceeds. Lender may use the pmceeds to repair or restore the Property or to pay sums . _ _
<br /> �t:: -. secured by this Secusity Instniment.whether or not then due.The 3aday period will begin when the notice is given. : - -
<br /> ' �= Ua►tess Lender and Barrower otherwise agree in writing,atry application of pmceeds to principal shali not extend or ' ._
<br />� _ ' ' �•' � °�`- postpoae the due date of the montlily paymenu referred to ia�paragre�hs 1 and 2 or c6ange the amount of the payments. If '�`' _
<br />�.•. ' " � ` � under paraa'raPH 21 the Property is acquired 6y Lender.Borrower s right to any insurance poGcies and proc.eeds resniting from .'f:_=__=,�- --
<br /> : � , .., ara� ..
<br /> _<='- .. • •�; ;, damage to the Property prior to the aaNisition shall pass to Lender to the e.�nt of the sums secured by this Securiry Instrument _, �:_` :__
<br /> --- -- - - '•�, , immediately prior to the acquisition. ���t�-���-
<br /> 6.pccapancy,PreservatioD,�laintenauce and Protedion of the Psopesty;Borro�er's Loan Appltcatton;Leaseholds. �fr�ik *
<br />,, . ��"��' Borrower shall occupy.establish,and use the Property as Borrower's principal residence within sixty days after the execution of ; � `'_
<br /> � , this Security Instrument and shall wntinue to accupy the Property as Borrower's principal residence for at least one year after � .:�..;j�:-•'�
<br /> - ' the date of occupancy,unless Lender oiherwise agrees in writing,wtuch consent shall not be unreasonably withheld,or unless `:,�.�_ =-._�-
<br /> •�:;�.... ::.•��_:
<br /> : • extenuating eircumttances exist which are 6eyond BorrowePs control. Borrower shall not destroy. datnaSe or impair the . _=�
<br /> � � Property, allow the Property to deteriorate, or commit waste on the Property. Borrower shall be in defautt if any forfeiture .�.�:_°='�=
<br /> - � � � • action or proceeding.whether civil or criminal, is begun that in Lender's gaod faith judgm$m could result in forfeiture of the ;_.;�:
<br /> � ;, �: .. • --
<br /> _:� . ... :, Property or othenvise materially impair the lien created by this Security Instrument ar Leader's security interest.Borrower may ', :Tu
<br /> • cure such a default and reinstate,as provided in paragraph 18, by causing the action or proceeding to be dismissed with a ruling --�:_-:. _ �_
<br /> �,, . .. •:,.'..—
<br /> • � that, in Lender's gaad faith determination. precludes forfeiwre of the Borrower's interest in[he Property or other material � : _ .,��•=.
<br /> .:.e,;;_,.. .,.
<br /> ' � . � impairment of the lien created by this Security Instrument ar Lender s security interest. Bormwer shall also be in default if . „��.
<br /> � � � Bnrrower,during the loan applicatian Qrocess.gave materialty false or inaccurate information or statements to i.ender tor failed _ __ _
<br /> r� � ��-. • - co provide Lender with any material information)in connection with the loan evidenced by the Note,inetuding.but not limited '��� •- __-
<br /> � to,representatians conceming Borrower's accupancy of the Property as a principal residence. If this Securiry Instrument is on a ' �••��'
<br /> ' . ; leacehold. Borrower shall comply with all thc provisions of the lease. If Borrower acquires fee title to the Property. the � � �"` -
<br /> . �K,�.__
<br /> �_
<br /> ' � teacehald and the fea title shall not merge untess Lender agrees to thc merger in writing. : .�.a� _
<br /> ' ' � 7.Pirotectton of Lender's Rights in the Property.lf Bonower fails to perform the covenants and agreements contained in . . •�—
<br />� ' this Security Instrument.or there is a legal proceeding that may signifieantly affect Lender's righu in the Properiy(such as a ��' : ,, —=�
<br /> � proceeding in bankruptcy.probate.for condemnation or forfeiture or to enforce laws or regulations), then Lender may do and . . ,'�'�`_
<br /> � . ,�� .� .. � pay for whatever is necessary to protect the value of the Property a�►d I.ender's rights in the Property. l.ender's actions raay '. , :..: �
<br /> include paying any sums secured by a lien which has priority over this Security Instrument. appearin� in court, paying , _
<br /> `",;. . � reasonable attomeys'fees and entering on the Property to makc repairs.Although Lender may take action under this paragraph �
<br /> • 7,I.ender daes not have to do so. .� � -
<br /> • , Any amounu disbursed by L.ender under this paragrapb 7 shall become additional debt of Borrower secured by this . --;�.-_— __=
<br /> ', Security instrument. Unless Borrower and L.ender agree to other terms of payment. these amounu shall bear interest from the
<br /> • date of disbursement at the Note rate and shall be payable, with interest. upon noticc from Lender to Borrower requesting :,;�i�• , �:._7,:,�
<br /> ,. . .::,
<br /> . paYment. �
<br /> � • ' , S.Mortgage Insurance.If l.ender required mortgage insurance as a condition af making the loan secured by this Security , �
<br /> � Instrument. Borrower shall pay the premiums requited to maintain the mortgage insurance in effect. lf, far any reason. the , • .�
<br /> - � • mortgage insurance coverage required by Lender lapses or ceases to be in effect.Borrower shall pay tha premiums required to •.
<br /> .. '� � , obtain coverage substantially equivalent to the mortgage insurance previously in effect.at a cost substantially equivalent to the • • .
<br /> • wst to Borrower of the mortgage insurance previously in effect, from an altemate mortgage insurer approved by l.ender. If
<br /> ' ' substantially equivalent mortgage insurance coverage is not avaitable.Borrower shal!pay to Lender each month a sum equal to ,.. .• .
<br /> � one-twelfih of ihe yearly mortgage insurance premium being paid by Borrower whcn the insurance coverage lapsed or ceased to . .
<br /> �. . . be in eifect. Lender will accept,use and retain�hese payments ac a loss reserve in lieu of mortgage insurance. Loss reserve . ,
<br /> . Form 3028 9J90 • �
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