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<br /> ' � 5. Ha7ard or Progarty Imsvraace. Sotrower shall ke�p the improveneent.s no ua �°
<br /> ���µt::
<br /> , ` ; ` Property insured against loss by fire, hazards included within the term"extended coverage"and aay other hazasds. including ,'� � , •
<br /> ' - ` floads or tlooding,for which Lender requires insurance. This insurauce shall be maintained in the amounts and for the periods , �
<br /> -� �- -:.�-=-''�<E that l.ender requires.The insurance rarrier pmviding the insurance shall be chosen by Borrower subject to Lender's approval � � � '
<br /> ^—��"- which shall aot be unreazonably wiihheld if Borrower fails to maintain covecage described above. Ixnder may,at Lender's "�' �' -
<br />: � - �-"t�.' ' • option.obtain coverage to protect Len�er's rights in the Pr+operty in accordance with paragraph 7. ` :•.Y:���`r;.���`-
<br />. • . °�_t°_' Atl insurance policies and r�enewals shali be acceptabte to Lender and shall inctude a standard rnortgage ctause. Lender ` � `' -
<br /> shall have the right to hold the poticies and renewals.If L.ender re,q�ires,Botrower shall promptly give to Lender a!I cs�eipts of ' .`,r;"`:-.
<br /> : - " °' .' paid premiums and renewal nadces.In the event of loss.Eorrower shall give prompi notice to the insurance carrier and Lender. � _ ,_ %
<br /> � � Lender may make proof of toss if not made prompdy by Borrower. ', �-S.�•°, =-_�-``
<br /> . = :�.; .•
<br /> . . �,;'i.:. Unless L.ender and Borrower otherwise agree in writing,insnrance praceeds shall be applied to cestoration or repair of the � _-_---
<br /> ` Property damaged,if the restoration or npair is economically feasibte and Lender s security is not lessened.If the restoration or "-
<br /> ' .f,. .� - .. -'.`!�7,7F-o'
<br /> - repair is not econamically feasible or L.ender's securiry wauld be lessened, the inswance pmceeds shall be applied to the sums -. -
<br /> �<='. � . secvred by this Secarity Instrument, whether or not then due. with any excess paid tu Borrower. if Bomower abaztdons the --
<br /> • � � Property,or does not answer within 3U days a notice from Lender that the insurance carrier has offered to settle a claim,then -
<br /> � • � , ..�> Lender may collect the insurance proceeds. Lender may nse the proceeds to repair or restore the Property or to pay sums
<br /> . . .� - -
<br /> � - secured by this Security Instrument,whetAer or not then dae.The 30-day period will begin when the notice is given. • , . • _
<br /> :,�;: Unless Lender and Borrower otherwise agree in writing, any application of pmceeds to principal shall not extend or � --
<br /> �- • � • postpone the due date of the momhly payments referred to in patagraphs 1 and 2 or change the amount of the payments. If � _-
<br /> __ .. . _ '.;�._„
<br /> • under paragraph 21 the Property is acquired by Lender,Borrower's right ta an�insurance policies and pmceeds resulting from "<•�-'"�'
<br /> • damage to the i'ropem:prior to the acquisitian shall pass to I.ender to thc emerit of the sums secured by this Security Instr�ment - �s"•i -
<br /> . ',�f;[ •.�.�-_
<br /> • '� r_� imrnediately prior to the acquisiaon. ' --
<br /> . � �•�;�•�.:»_;
<br /> _ ''�' 6.Occupancy,Pceservatt�n, Maintenance and Protedion of the Property;Borrower's Loan Appliradon;I.easehold4. •.; �;���
<br /> � ' . � - Borrower shall accupy, establish,and use the Pmperty as Borrower's principal residertce within sixty days after the execation of ':'�=:.�
<br /> � � ' this Security Instrument and shali wntinue to occupy the Property as Borrower's principal residence for at teast one year after '�:•�,—=---
<br /> ` �� � , . the date of oocupancy, unless Lender otherwise agrees in writing,which consent shall not be unreasonably withheld.or unless . ,.�'r�-
<br /> . extenuating circumstances exist which aze beyond Borrower's control. Borrower shall nat destroy, damage ar impair the `'�• o—_
<br /> - • - Property, allow the Property to deuriorate, ar commit waste on the Property. Borrower shatl be in defanit if any forfeiture �
<br /> .� �. �' action or praceeding,wdether civii or criminal,is begun that in Lcnder s gaod faith judgment coutd result in forfeiture of the -
<br /> ' Propeny ar otherwise rna[erially impair the lien created by this Secmity Instrument or Lender's security interest.Borrawer may '� `���•4'
<br /> _ . wre such a defaolt and reinstate,as provided in paragraph I8,by causing the aaion or praceeding to be dismissed with u ruling ___-
<br /> • • � that, in L.ender's good faith deternunation. precludes forfeiture of the Borrower's interest in the Property or ather material �"��'�'-
<br /> '. - --• - impairment of the lien created by this Secority Instrument or ixnder's security interest. Baaower shall also be in defauit if �'.'• . ;Y,..�.,
<br /> '; �• ' Borrocver,during the[oan application process,gave materially false or inaccurate information or statements to L.ender(or failed ' � -
<br /> �.
<br /> ��_ . . • -- �=��—
<br /> , _ . to provide Lender with any material information)in connection witn the loan evidenced by the I�tote.including,but not limifed . 1� �
<br /> . � ,, .. ,�, to,representatians rnnceming Bonower's occupancy of the Propeny as a principal residence.If this Security Instrument is on a • �
<br /> :±�.
<br /> . . lease ho l d. B orrower s h a U comp ly wi t h a l l t he provisions o f t he lease. I f Borrower acquires fee tit le to t he P roperty. t he =
<br /> �` � ' leasehold and�he fee tide shall not merge unless Lender agrees to the merger in writing. � v--
<br /> . :• � . 7.Protedton of Lender's Rights in the Peopesty.If Borrower fuils to perform the covenants and agreements cantained in ' • ;is
<br /> . '� :;;� this Security tnstrumcnt.or there is a legal proceeding that may significantly affect Lender's rights in the Property(such as a � : __
<br /> . � praeeeding in bankruptsy,probate,for condemnation or fort'eiture ar ta enforce laws or regulations),then Lender may do and ., _-
<br /> '� ' � pay for whatever is necessary to protect the value of the Propeny and Lender's rights in the Property. Lender's actions may - °--���
<br /> :•'-`�'..
<br /> �• .r,, .�. � �r' include paying any sums secured by a lien �vhich has priority over this 5ecurity Instrument. appearing in courc, paying
<br /> ' ' ' . reasonable attorneys'fees and entering on the Property to make repairs. Although l.endcr may take action under this paragraph � . ' -
<br /> .. . . . 7.Lender does not have to do so. � �
<br /> ' . . -� ' Any amounts disbuned by Lender under this paragraph 7 shull become additional dcbt of Borrower secured by this • . � � • '
<br /> , � � Security Iatitrument.Unless Borrower and Lender agrec to other terms of payment.thcsc amaunts shaf�bear intcrest from the ' � .
<br /> � . ; date of disbursemcnt at the Note rate and shall be payable, with interest, upon notice from Lender to Borrowcr reqacsting . � �. ' .
<br /> ' payment. �,.
<br /> . � S.Mort�e Insurance. If Lender required mortgage insurance as a conditian of making the loan secured by this Security •
<br /> � • � Instrument. Borrower shai! pay the premiums required to maintain thc mort�age insurancc in effect. If, for any rcason, the '_ : .
<br /> ' . mortgage insurance co�.•erage required by Lender lapses or ceases to he in eSfect, Borrrnver shall pay the premiums required to •
<br /> ' _ � obtain wverage substantialty equivalent ro the mortgagc insurance previously in effect.at a wst substantially equivalent to the '. '.
<br /> . • cost to Borrower af the mongage insurance previously in effece. from an altemate mortgagc insurer approved by Lender. If �� • �
<br /> subctantially equivalcnt mnrt�age insurance covcra�e is not availablc. Barrower shall pay to Ixnder each month a sum eyual to • .
<br /> � ' one-twelfth of the yearly mnngage insurance premium being paid by$urrower whcn the insurance coverage lapsed or ceased to
<br /> be in effect.Lender will accept,use and rewin these payments as a lors re�erve in lieu of mongage ir.surance. Loss reserve •• �
<br /> ,. � � form 302A 9l90 '
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