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<br /> �3 • � � 5. Haaad or Froperty In�sura�ce. Borrower shall keep the impmvements now eaisting or hereafter erected on the `_`` ��`
<br /> • ' . � Praperty insured against loss by fire, i�azards included within the term "extended roverage"and any other Aazards,includin� ``� • "
<br />' �:, '" ' ftoods or flaoding, for which Lender mquires insurance.7ftis insutance shail be maimained"m the amounts and for the periods , ,_ ,
<br /> �� ._�-�; that I.ender requises.The insuranoe carrier providing the iissutance shall be chosen by Barrower subject to Lender's a�oproval � �,:,,x
<br /> - � which shall not be unreason�bly withheld. If Burrower f�ils to maintain rnverage described above, Lender may. at Lender's . . . ,
<br /> ,. . . _T1_�. _
<br /> -- , aption.obtain coverdge to protect I.ender s rights in the Property in accordance with paragraph 7. 2� `
<br /> ' � • All insurance policies and renewals sf�all be aoceptabte to i.ender and shall inriude a standard mongage clanse. Lender r
<br /> - shall have the right to hold the policies and renewals.If Lender reqtrires.Borrower shall prompdy give to Lender a!E receipts of C� • ` • ,
<br /> ' `<<, •' `
<br /> , . " paid premiums and renewal aotices.In the event of loss,Borrower sbaU give prompt notice to the insurance r�er and Lender. � � „� , •
<br /> �` - Lender may make graof of loss if not made promptly by Borrower. " ` °
<br /> ' Unless Lender and Borro�ver otherwise agree in writing, insurance pmceeds shall be applied ta restoration or repair of the - _
<br /> ` � Praperty damaged,if the restoradon or repair is econamically feasible and I.ender's secority is not tesseaed.lf the restoration or � �
<br /> . • "Y repair is not economically feasible or Lender's security wautd be lessened,the insurance proceeds shall be applied N the sums � -u- _
<br /> ' `c•� secured by ihis Sec�rity Instrumeai, whether or not then due, with any excess paid to Borrower. If Borrower abandons the � , , _
<br /> ;f � ; � property,or drns not answer witbin 30 days a notice from Lender that the insurance carrier has offered to settle a claim,thea � _-
<br />: .. . Lender may coltect the insurance proceeds. Lender may usr the praceeds to rep3ir or restote the Property or to pay sums N —
<br /> � � secured by this Security Instrument,whether or not then due.The 30-day period will 6egin when the aouce is given. ��- =.--�•��=
<br /> . . • - �� Unless Lender and Borrower otherwise agree in writing. any appliration of proceeds to principal shall not extend or , : _ ---__
<br /> ; . ' ` -== �
<br /> ' ; �:j�: , postpone the due date of the mon:hly payments referred to in paragraphs 1 and 2 or change the amount of the puyments. If °__
<br /> . . under paragraph 21 the Property is acquired by Lender, Borrower's right to any insurance policies and pmceeds resultins frum - _ _,- -_
<br /> _.. ,=.�
<br /> � damage to the Property prior to the acquisition shall pass to I.�nder to the extent of the sums secured by this Security Instrument �- -
<br /> •.,r
<br /> '. - immediately prior to the acquisition. - "_` -
<br /> " � • 6.Orcapaacy,Preservation,Maintenance and Protection of the Property;Borrower's Loan Appllcatlon;Leaseholds. , .��.��'�-=-.���
<br /> ' � ` Borrower shall occupy,estab6sh.and use the Praperty as Borrower's principat residence within sixty days after the ezecution of , --___
<br /> .-,�-: . •..; - -
<br /> ' - this Security Instrument and shaS!continue to occupy the Property as Borrower's principal residence for at least ane year after ,____
<br /> • the date of occupancy.unless Lender otherwise agrees in writing, which wnsent shall pot be unreasonably withheld.or unless ' �'" .�_—
<br /> � � ' extenuating eircumstances exist which are beyand Borrower's conuol. Borrower shall not destroy. damage or impair the _: � -_=
<br /> - � � ' '� Property. allow the Property to deteriorate, or commit waste on the Property. Borrower shall be in default if any forfeiture �'I� � �.� ,::�__-:_
<br /> '.''C . -'_�_.
<br /> �;- `;t."'�% • .� � � .1; acuon or proceeding,whether ci��7 or crimimal.is begun that in Lender's gaod faith judgment could cesult in forfeiture of the ;:—
<br /> � Property or otherwise materially impair the lien created by this Security instrument or i.ender's security interest.Borrower may . ---
<br /> '�:�_-.::
<br /> �� cure such a default and reinstate,as provided in paragaph 18. by causing the action or proceeding ta be dismissed with a ruling :-��=
<br /> � "%�• tha� in I.ender's good faith determination, precludes forfeiture of the Borrowe�s interest in the Pr�perry or other material � ''�`.�.V�=
<br /> . � '� ,1 impanment of the lien created by this Securiry InsUVment or L.ender's security interest. Borrower shall alsa be in default if =
<br /> -:-. ;- �' � Borrower,during the loan application process,gave materially false or inaccurate informarion or statements to Leruter(or failed : _�:,;�:_
<br /> . to provide Lender with any material informatioa)•in connection with the loan evidenced by th�Note,encluding,but not limited •"��?`-
<br /> � � to,representations conceming Borrower s occupancy of the Properry as a principal residence.If this Securiry instn�ment is on a , ' ��'=
<br /> . • t leasehold. Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property. the • � ` �-`
<br /> ' , . , leasehotd and the fee titte shall not merge unlcss Lender agrees to the merger in writing. � ' . "��'�
<br /> � ' 7.Protectton oY Lender's Rights in the Property.If Borrower fails to perform the wvenants and agreements contained in •��� :,��
<br /> '' . . : •.„� this Securiry Instrument, or there is a legal proceeding that may signifcantly affect Lender's righu in the Property(such as n • , _-
<br /> raceedin �n b t robate, for condemnation or forfeiture or to enforce laws or re ulatiaag tiien L.ender m do and '' ��
<br /> � . ..� P g� ankruP cY•P 8 ). ay —
<br /> - pay for whatever is necessary to protect the value of the Property and Lender's rights in the Property. l,endei s actions may �
<br /> include paying any sums secured by a lien which has priority over this Security Iastrument. appearing in eouR, paying ' �"
<br /> _ � reasonable attomeys'fees and entering on the Propeny to make repairs. Although Lender may take action under this paragraph � •
<br /> � . 7.Lender does not have to do so. • .
<br /> • � My amounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrower secured by this . . �
<br /> ` � � Security Instrument. Unlesc Borrower and Lender agrec to other terms of payment, these amounts shall bear interest from the � • '
<br /> � : . date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to$onower rcquesting � �
<br /> � � � PaYment. . .� . .. �
<br /> - ;�. f '� � � 8.Mortgage Ittsurance.If Lcnder rcquired mortgage insurance as a condition of making the loan secured by this Security • �
<br /> �� = � Instrument. Borrower shali pay ihe premiums required to maintain the mortgage insurance in eFfect. lf, far any reason, the ' , � ' .
<br />. mortgage insurance wverage required by l.ender lapses or ceases to be in effect,Borrower shail pay the premiums required to •. �
<br /> � obtain wverage substantially equivalent to the martgage insurancc previously in effect.at a wst substantiaUy equivalent to the �
<br /> : cost to Bonower of the martgage insurartce previously in effect, from an alternate mortgage insurer approved by Lender. If , -�
<br /> . • substantially equivalent mortgage insurance coverage is not available.Banower shall pay ta Lender each month a sum equal to . • , : •
<br /> . one-twcifth of the yearly mortgage insurance premium being paid by Barrower when the insurance coverage lapsed or ceased to � , . .
<br /> "°' ' • be in ei'fect. Lender will accept.use and retain th�e payments as a loss reserve in lieu of mortgage insurance. Loss resenc �
<br /> ' Form 3028 9/90 � .
<br /> . � Pago 3 0}6 ' . -
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