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<br /> ` for wluch lender requires iusuraaoe.7bis insvrance shall be maintamed ia the amounts aad _ ''�:
<br /> �'= . mstad'mg 4loods or flaading, the iasurance shall be chos�by Borcow�subject to .�; t<����''�.
<br /> .y, `� � � � for the periads that Lender es.'Ihe insarance carria gmviding '. � .
<br /> � ._ ` LeAder's agproval which sh�all not be unreasonably witt�he�d. If Borrower fails to maintain coverage descn'bed above. _
<br /> �h �n aceordaace wtth paragraPh . .
<br /> ' ' Lender may,at Lender's option,obtain caverage to protect Lender's rights in the Property�
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<br /> _ . . .. :-r '� All insuiance pulicies and renewals shall be acceptable to Ixnder aad shall include a standard mortgat�o Lender . , �-..
<br /> . lxnder sitall have the right w hotd the poIicies and renewaLs.If Lender re9uires.Borrower shall promptlY giv
<br /> � �: � all receipts of paid premiums and reaewal natices.In the event of loss,Eo Bor�ro��Ye pmmpt notice to the insm'aaoe � s, ' �. .
<br /> , , - c az r i e r attd L�der.Lender may make p m o f of loss if�,m t.a�dg P���Y ce p r o ce e d s s h a l l be a p plied w teswration or repair '� '�
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<br /> .. , Unte��.ender and Borrower o t�e t�u i se agree', _
<br /> -- •- i af the Pmperty da�nag�d.if the restoration or tepair�s economi c a lly feasiuld be t�seaed,'tke insurance ptroceeds shaAf be — `-
<br />� �; .; 1 iestorati4n or repair i s not economically feasible or Lend�s��Ynot then due,wish aay excess�a i d to Borrower. If �. • �: ,
<br /> �� c : aPPlied w the sums secured by this Secauiry Insuti-meni� ` <"
<br /> "`• . Borrower abandons We PraPertY•or does not answer within 30 days a norice from I.ender that the wsuraace c�mer has , .��'..;
<br />-s� : o ff e t e d to seule a claim,thea Ixn�ter�Y oolled the insuiaaee P whether or not then du eThe 34day pe od will beg�nre `�;�, .. , •;
<br /> � � .. the Pmperty or to pay sums secured by tlus Secm�itY mst�m�. �n � �` .
<br /> 4�_. � . . when the notice is given. m��g,anY aPPUCation of pmoeeds to principal shaU not extend or ..„.
<br /> ::r_ . . Untess Lender and Borrower otheiwise ag�ee' hs 1 and 2 or ch�ge the amount of the payments•If �. ;
<br /> �„' ' postpone the dae date of the monthly payments referted to ia pata8� hcies sad prno�eds�suiting • .,-
<br /> imdet paragaph 21 the PropertY is arqwTed by Ixnder.Bomnwer's nght w any�po' ` �• �
<br /> `_ � • ' ` from damage to the PcopeaY PrioT w the acclwsiuon shalt pass w L�der w the extent of the sums s�by this See�rity ,, `. _-
<br /> I n s u u m e n t i m m e d iatel y Prior to the acquisition. B o r r o w e r's L oaa A p plicatFon; ` ;��"�=
<br /> �� ,� �, . .' 6. ��¢c9+ Presrrvalion.Mamteaance arW PrnLection of the Pcoperty:
<br /> as Borrowec's p�cipal t�esidence arithin sixtY daYs . ',=
<br /> . Leasehoids.Borrower shall oaupy,estab]ish.aad use the Pmperty as Borrower's al residence „ __�
<br /> ., after the execution of[his Serauit3►I n s t�n t e n t a n d s 6 a ll c o n t i a n u e w occu p y the Pro pertj►,_ P� , .
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<br />! . � for at teast one year after the date of oaupanc3+. aniess Lender othenvise agrees ia wat�ng, wlrich consent shaU nat be y.�.j�_
<br /> ;�rt .� unreasonably withheld.or unless e�uaiing circumstanc�exist wtrich are beyond Borrower's conuol.Borrower shaU not —
<br /> '`�� . ; . < de�oy damage or��Propett�►,allow the Property to deterioiate, or commit waste on the Pmpezry. Borrower � '' ._
<br />% � � ����'� s h a U b e i n d e f a u lt if an y forfeiture aacon or proceeding,whether civil or criminal���e n c m a t e d b Y this Securi ty � �`- ..-°.�,
<br /> �' gmeut c o u l d r e s u lt in forfeimre of the Property or o t bera+is e m a t e r i a l l Y �P . � �
<br /> :�: • such a default and reinstate,as Pro'ti d e d in paraBr�Ph 18.b Y '�-�'_
<br /> . � . . �umeat or l.ender's security inte�est.Boirower ma}+cune in l.ender's good faith determinauon, piecludes 'T""
<br /> ••` .. causing the action or proceedin8 w be dismissed anth a ruling that,
<br /> .:��:,;` _ � forfeiture of We Borrower's interest ia the PropettY or ather material �' pai:ment of the lien cnated by t63s Sac�uity ;,'�;""�_
<br /> - ,�. . � • Instrument or I.ender's seauity intecesc.Borrower sLall also be in default if Boirower,durin�the loan application pmces.s, . . '..-:a"�-
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<br /> �`�� �-,.,.t, gave materially false or inacauate iaformazion or statennents to Lender(or failed w pmvide Ixnder anth aay material .�;,-ss�:�
<br /> .;:., ; infoimation)in connection with tlte loan evidenced by the Note, including.but not limited to.nePresentations concerang - �
<br /> mati Instivment is on a leasehold,Borcowet shall ,.;
<br /> � Borrower's aca�pancY of the Property as a principal restdence.If this Security :,� f.,�-z_
<br /> 00mply with all the provisions of the lease. If B�rmwer acquires fee title to the PropertY, the leas�old and the fee titte {.:.—�
<br /> � 1::�. ��` ' - s}sall not naerge untess I.ender agrees to the merger in arriting. :�;__:=-
<br /> • � 7. Protedion of Lmder's Rlghts in t6e Yroperty. If Borrower fa�s to p�rform the covenants and a
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<br />. .. . contained in this Security Insaumenb or there is a legal proceeding that maq si�niScandy affect Lender's ri In the . .�.:
<br /> � , � pmpertye(such as a proceeding in bankruPtcs'•Probate. for condemmation or forfeiture or to eaforce laars or tegulaSons). _
<br /> - - - - . thea I.ender may d�and pay for whatever is necessatYs msP Sea ed by�a lien�wvich pha.�s p��ver thi�Se�tuity --' �'~u
<br /> � property. Lender's acuons may include paY�S Y , to make repai:s.AIthougt� '`, - . �-.��'
<br /> _ �,apP�S in�onrt,payinS reasoaable auomeys fces and entering on the Prope�rty —
<br /> - ' Leader may talce acaon uader th�s paragraph 7.Lender does not have to do so. �. :,��,._;
<br /> . - • pny amounts disbu:sed by I.ender uader this paragrapb?shall become additional debt of Bomnwer secured by tl�is - ;f:r..-
<br /> . gec�uity Instn�ment.Unless Borrower and Lender agree to other terms of paymeat,these amouats shall bear interest from . ��.
<br /> . the date of disbursement at the Note rate and shall be payable, with interest, upoa notice from Lender to Borrower , -�--
<br /> --- - requestin�PaYment• e iusurance as a condiuon of making the loan se�uied by this _ ,-
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<br /> -__ .. . 8.Mortgage tnsvrance. If Lender reqairal mortgag : �`� --
<br />.;�;..', • Serurity Instmment,Borrower shall pay the preaaiuws required to maintain the mortgage insurancc m effect.If,for any cg-
<br /> reason, the mortgage insurance coverage required by Lender lapses or ceases to be in effect, Boaower shall pay the ._ �
<br /> � � • premiums required to obtain coverage substantially eqnivatent to the mortgage insurance previously In effect, at a cost .' `.-
<br /> r o u s l i n eff e c t,from an altemate mortgage
<br /> - � . � substantealty equivalent to the cost to Borrower o va�len mo rt g e e insvrance c�overage is not availab1e.Borrower shall pay . _
<br /> " � ins�uer a p proved by Lender.If substantially e q�i S88 •. .
<br /> � .�"j• � to t.ender each month a sum eqnal to on�twe l f t b o f t h e y e a r ly m o rt g a g e i n s u r a n c ed i�the,seia a pa�d b yaBs atl s�s rege erve .. _ � .
<br /> ' � the insvrance coverage lap s e d o r c e a s e d t o b e i n e f f e c t.L e n d e r w i l l a c c e P t,u s e a n P 1'��� �= � -
<br /> ' � in lien of mortgage insuran�. 1.oss reserve payments may no longer be required, at the option of Leader, i f mortgage
<br /> �,. �� insurance covesage(ui the amount aad for the pc7iod that Lender requires)Provided by an.insurer approved by Lendor
<br /> .�'•., ' again becomes available and is obtained. Borrower shall pay the premiums required to maintain mortgage insurance in
<br /> • effect. or to pravide a loss resenre, until the requirement for mortgage inswance ends m accor with any written
<br /> . � � agreement between Bonower and Lender or applicable law. Form 3 s� page 3 0 •
<br />- ' � � BANI(ER9 S'lSTEMS.�NC.,ST.CIOUD.MN 5630T It•800.397-4341!FORNI M61�NE 3/8/91 �
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