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<br /> •. °, ,� . 5. Nazard os Yro�rty insvrence. Borrower shall keep the improvements now existing or hereafter erected on t6e o���''•;.f �
<br /> ��� `. , � Property insured against loss by fire. ha7ards included within the terai"extended coverage" and any other ha7.acds. including .^; ; �.:
<br />� '` • `..` floods or�9aoding. for which Lender requires insuranc�. This insarance shall be maintained in the amaunts and far the periods �.Q � . ��'" •� "
<br /> `' that l.ender reqaires.The insurance caaier providiag the insurance shall be chosen by Borrower subject to I.ender s approval �
<br /> .., , . , �� �•�
<br /> ;` 6 ' � ' . which shail uot be uRreasonably withheld. if Borrawer fails[o maintain ooverage described above. Lender uiay,at Lender's � .
<br />_ . i��;� opiion.obtain coverage to ptotect Lender s rights in the Property in accordanae with paragraph 7. � � ,-: ,.. ":'
<br /> -.._ . AII insurance policies and renewals shall be acceptable to L�ender and shall include a standard mortgage ctause. Lender �: � ,.
<br /> �`-`-��`�� shali have tde right to Aald the policies and renewats.if Lender requires,Borrower shalt pmmptiy give ta Lender afl receipts of p -_-Y ,5_`"_
<br /> �_`_.
<br /> c . - . ' paid premiums and renewal notices.In the event of tos.s.Borrower shall give prompt notice to the insurance carrier and Lem�er. � ;� �
<br />�=;, .. Lender may make proof of toss if not made prompdY by Borrower. , . � � ` �
<br />_ ° ; , ' Unless Lender at�Bomnwer othernise agree in writing,insurance pinceeds shall be applied co restorarion or repair of the � � •
<br /> . -� - Pcoperty damaged,if the restoration or repair is economicaUy feasibte and Lender s securiry is aot Iessened.If the restoraiton or � ��� ,�
<br /> , _ tepair is Aot e+conomically feasible or Lender's secnriry would be lesseaed,the insurance praceeds shall 6e applied to the sums ��"x� ��___ .
<br />- � secured dy tt�is Security Instrument, wheihcr or not then d�e, arith any excess paid to Borrower. tf Borrawer abandons the ��,��� ''=--�
<br /> � ' ' ,,. Property,or daes not answer within 30 days a notice from Lender that the insurance carrier has offeted to settle a claim,then . �.�;:r��z:-..
<br /> - :�' '� Lender may collect the insurance procceds. Lender may use the proceeds to repair or restore tbe Property or to pay sums -
<br /> . '^ �. _—
<br /> �°�; �� - secured by this Securiry Instrument,whether or not then due.The 30-day period wiU begin when the noace is given. ° _ - "
<br /> �� � Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or � r:%,rV::�-
<br /> s�_ .°• � postpone the due date of the monthly payments referred to in paragraphs 1 aad 2 or change the amount of the payments. If � !_�
<br /> � , - under paragrapin 21 the Praperty is acquired by Lender, Borrower's right to any insurance policies and pmcceds resulting from - -
<br /> -°�� • ' � ' •�� �' damage w the Property prior to the acquisition shall pass to I.ender to the extent of ihe sums secured try this S�y Insaument -_--
<br />-- . immediatety prior to the acquisition. • --... .�. ��`—
<br /> =;,.;;--�---_.-�---�=�: 6.Occa ..
<br /> , [��9.Preservation.Maintenaace and Pcotec4ion oF t�e PraPertY;Borrower's Loa�Applisatioa;Leaseholdv. ` +_�"•�:�-
<br /> � • . . Borrower shall accupy,establish,and use the Property as Borrower s principal tesidence within sixty days after t�se sxecution of • ` :�.'�-
<br /> 2; �.� : : ` .�� this Security Instrument and shall continue to accupy the Property as Boaawer's principal residence for at least one year after �_
<br /> .. �,—�;_
<br /> "� the date of accupancy,unless Lender otherwise agrees in writing, which consent shall not be unreasonabty withheld. or untess .."���.;� p
<br />-_ � ,-: � .-' ��";t extenuating circumstances exist ahich are beyond Botrower's control. Bor[ower shail not destroy, damage or impair the ';,�i�
<br />-- ' ' Property. allow the Property to deteriorate.or commit waste on the Property. Borrower shall be in default if any forfeitare " .".. ---
<br /> ��<. , � ' action or proceeding,whether civil or criminal, is begun that in Leader's good faith judgment coutd result in farfeitare of the , -
<br /> � ' ' P,roperty or otherarise muteriaUy impair the lien created by this Security In.strument or l.eader's security interest. Borrower may _- -
<br />= ' - cure such a default and reinstate,as provided in paragrapl�18,by causing the action or proceeding to be dismi�sed with a ruling '�{-}:y�'��
<br /> '• ' that, in Lender's good faith detemunarion, precludes forfeiture of the Borrower's interest in the Property or other material ..':._r `.` —
<br /> � , impairment of tfie lien created by this Securiry Instrument or Lender's security interes� Borrower shall also be in default if . � '��
<br /> - � - t Borrower,during the loan applicadon process,gave materially false or inaccurate informauon or statemenu to Lender(or failed � -=�
<br /> • �' � to provide Lender with airy material informatian)in wnnection with the loan evidenced by the Note,including,but not limite�3 � .•,` ; • —
<br /> ��"�� .' to,representatian4 canceming�onower's accapancy of the Property as a principal residence. If this 5ecurity Instrument is�n a �. " __
<br /> :'�;� : leasehold. Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property. the � �.���:� .'' "`
<br /> :�:;=
<br /> . � . leasehold and the fee qUe shall not merge untess Lender agrces to the merger in writing. . . ��';�_
<br /> � , , 7.Protection of Lender's Rights in the Property.If Borrower fails to perform the covenanu and agreemenu contained in t.'• ``�:•'�'�
<br /> � • ': this Security Instrument. or there is a legal proceeding that may significantly affect Lender's rights in the Property(such as a . .' -
<br /> , ' proceeding in bankruptcy.probate.for condemnation or forfeiture or to enforce laws or regulapons).then Lender may do and ��...�° - _
<br /> - � , �: pay for whatever is necessary to prote�K the value of the Properry and Lender s rights in the Property. Lender's actions may .: . .' -
<br /> •''i include payin� any sums secured by a lien which has priority over this Security Instrument, appe:uing in court. paying • ;�� `-s
<br />--__ ,. " . . reasonable attomeys'fees and entering on t�a Property to make repairs.Althaugh l.ender may take action under this paragraph .
<br /> ' `" ,' "� � 7,L,ender daes not hnve to do so. - .--�
<br />- � , � _ • _�.
<br /> . Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrower secured by this � �
<br /> = Security Instrument. tlnless Borrower and Lender agree to other tertns of payment.these araountc shall bear interest from the • `"
<br /> - ' ' � . date of disbursement at the Note rate and shall be payable, witb interest. upon notice from Lender to Borrower requesting � �;';.
<br /> . payment. .� �
<br /> _ {� S.Mort�e Iagueance.If Lender required mort�age insurance as a candition of makin�the loan secured by this 5ecurity ..- .. .
<br /> " • ' � ` lnstrument. Borrawer shall pay the premiums required co maintain the mortgage �:surance in effect. Yf, for�,,.�y reason. the � �.. � :
<br /> : � . � mortgage insurance wverage required by Lender lapses or ceases to be in effect.Berrower shall pay the premicros required to �
<br /> � � abtain wverage substantially equivalent to the mortgage insurance previously in effect,at a cost substantialty equivalent to the �
<br /> ' . wst to Borrowet of the mortgage insurance previously in effect, from an altemate mortgage Insurer approved by Lender. If . �
<br /> _' , ' � substantially equivalent mortgage insurance wverage is not available.Borrowcr shall pay to Lender each month a sum equal to .
<br /> _ . ' one-twelfth af the yearly mortgage insurance premium being paid by Borrower when the insurance wverage lapsed or ceased to . .
<br /> . . .� be in effect.Lender will accept,use and retain these payments as a loss reserve in lieu of mortgage insurance. Loss reserve • -
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