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<br /> ' ,'�.�''. 5. H�ab or p�operty Insa�ance. Borro�ver shall keep the improvemen now existing or hereafter erected on the y''' : .
<br /> � . Property insumd against loss by fire, hazards incladed within the term "exteaded coverage" and any other hazards, including •` ;'�. , . -
<br /> ��s�` floods or 8oading. for which Leader cequires insurance.This insuiance shall be maintained in the amounts znd for the periads ,s �� �• �,: :
<br /> __ _ chat l.ender requires.The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender s approval `„- '
<br /> • which shall not be u�tn�asunabty withheld. If Borrower fails to maintain coverage described above. Lender may, at Les�der's . • ti,:, • _- Y:.t
<br /> , � optio�.obtain rnverage to protect Lender's righu in the Property in ac,cordance with paragcaph 7. •rt;`;,.<< ?•. - .
<br /> . p�D insurance policies and renewals shall be acceptable to Lender and shail inct�de a standard mortgage ctause. Lender '�.�;. �:.,��• -
<br /> _ .. � slialt have the right to hold the policees and renewals.if Lender teqt►ires.Horrower shall prompdy give to Lender all receipu of ,t„�-
<br /> , ,�,`
<br /> ` paid premiums and renewal notias.In tGe event of loss.Borrower shali give prorr,pt natice to the insutance cairier and L.ender. , ,. `
<br /> . " Lender may make praof of lnss if not made prompdy by Borrower. ,,� �� b-1..�.
<br /> � �, ��' ' Unless I.ender and Borrower othera+ise ag►:e in writing.insuzance Proceeds stia�l be applied to restoratian or repair of the � , . �_� _
<br /> ; pro p e rt y dama ged,i{the restoration or repair is ecanomically feasible and Leader's sec�uity is not lessened.If the restoration or �'`�'�.,- "�,:"__:,
<br /> •, . repair is not economically feasible or Lender's security woutd be lessened, the insutance praceeds shall be appli e d to t he sums .:__- •.,;«
<br /> •� , ' secured by this Security Instrument. whether or not then due.witfi any excess paid to Borrower. If Sorrower abandons the . �'.� `.:,,m„r.-�_
<br /> � ;. ;_.-.;� _
<br /> � ` � � �,. Property, or does not answer within 30 days a noqce from Lender that the insurance carrier has offered to settle a claim, then ..:.;� —
<br /> ; � Lender may collect the insurance graceeds. L.ender may nse the proce�ds to repair os restore the Property or to pay sums _ ___,
<br /> secured by this Security I�ment.whether or not then due.The 30-day periad will begin when tlie notice is given. ,� �. .; , .;�_ �
<br /> ' � Unless Lender and Borrower otherwise agree.in writing, any application of proceeds to principal shall not extend or r}r=:,.�h�-_:_u
<br /> ': :: '.'.,-.r'� postpone the dne date of the monthly payments referred to in paragraphs 1 and 2 ar change the amaunt of the paymenu. If �.::_�a:;:.t•-- -
<br /> '. - � under paragaph 21 the Property is acquired by Lender.Borrower's right to any insurance policies and Praceeds resulting from . ��
<br /> :"Y damage to the Properry prior to the acquisition shall pass to Lender to the extent of the sums secured by tius Security Instrument _
<br /> ,. ' ��:: immediately prior to the acquisidon. �.��'�""�
<br /> �:•
<br /> • •- 6.Occupancy,Preservation,Malntenance and Protection of the Property;Borro�vec's Loan Appf�cat[on;Leaseholds. , �,,��``�^�
<br /> . -' Borrower shall occupy. establish,and use the Property as Boaower s principal residence within sixty days after the execution'of •,
<br /> : 1-�''-_-,..`�°-'4;`>.�
<br /> �• this Security instrument and shall continue to occupy tYie Property as Borrower's principal residence for at least one year after . •�`•': °<�:'±�•=��
<br /> ` the date of occupancy. unless Lender otherwise agrees in writing, which consent shall not be unreasorwbly withheld,ot unless . �'r —_�_
<br /> ,• '/• 'F�-rma .
<br /> . extenuating circumstattces exist which are beyond $orrower s control. Borrower shall not destroy, damage or impair the �� :_�;
<br /> ` Property. allow the Praperty to deteriorate, or cammit waste on the Property. Borrower shall be in de fau lt i f any forfeiNre : : `���_ _
<br /> � ' � �••�� action or proceeding.whether civil ar criminal.is begun that in Lender's good faith judgment could result in forfeiture of the •:.;� � -_
<br /> � • � r's�:::
<br /> Praperty or othetwise materiall im air the lien created b this Securi Instrument or Lender's security interest.Borrower may �' �''�Sar•., -•,-��•,�,°
<br /> y• p y ty •{}:; Y�__
<br /> `' cure such a default and reinstate.as provided in paragraph 18.by causing the action or procxeding to be dismissed with a ruting
<br /> • . !;; that. in Lender's good faith determination, precludes forfeiture of the $orrower s interest in the Property or ather material , `,t�-_
<br /> . ^ `�b. impairment oi the lien created by this Security Instntment or Lender's security imerest. Borrower shall also be in default if _ . .. .�,.f�:;
<br /> ' ,�� Borrower,during the loan app(ication pracess,gave materially false or inaccurate information or statements to I.ender(or failed • a �T,_
<br /> � • to provide Lender with any material information)in connection with the laan evidenced by the Note,including,but not limited ,, �'�',-•_�
<br /> �� _�Y�R.�.
<br /> -- . ' to,representapons eonceming Borrower's occupancy of the Property as a principal residence.If this Security Instrument is on a z..
<br /> ' leasehold. Borrower shall comply witb all the provisions of the lease. If Borinwer acquires fee title to the Property, the �• -`���'
<br /> � " • teasehold and the fee title shal!not merge unless Lender agrees to the merger in writir►g. :'�,F-a___
<br /> ; .... ., t�,
<br /> . ' � �• 7.ProtectEon of Lender's Rights in the Property.If Borrower fails to perform the covenants and agreemenu contained in ,
<br />, •• .-� � '���' this Security Instrument.or there is a legal praceeding that may significantly affect Lender's rights in the Property (such as a ;�'�;,� . ..��.�.��- '
<br /> � ' � � proceeding in bankruptcy,probate, for condemnation or forfeiture or ta enforce laws or regulatlons),then I.ender may do and • __ __
<br /> ;,, pay for whatever is necessary to protect the value of the Property and Lender's righu in the Properry. Lendei s actions may : -
<br /> - ' include paying any sums secured by a lien which has prioriry over this Security Instrument, appearing in court, paying . . .
<br /> � �� ,F� reasonable attomeys'fees and entering on the Praperty to make repairs.Although L.ender may take action under this paragraph __
<br /> ' . ' • •• ,.� 7.Lender dacs not fiave to do so. ' J ..
<br /> ' • Any amounu disbursed b}• Lender undcr this paragraph 7 shall become additional debt of Bonower secured by this :.:.:1,_,_
<br /> . . .' � �' Security Mstrumene. Unless Horrower and Lender agree to other terms of payment, these amounts shall bear intere5t from the
<br /> , � .. �i date of disbursement at the Note rate and �hall be payable. with interest, upan notice from l.ender to Borrower rcyuesting .
<br /> .. � paymcnt. :' .
<br /> � ��'• S.IVlort�a�e lnsurance.►f Lender required mortgage insurance as a condition of making the loan secured by t�is 5ecurity
<br /> ' � Instroment. Borrower shall pay the premiums required to maintain the mortgage inturancc in effect. If, for any reason, the
<br /> • � martgage insurance coverage required by Lender lapses or cea5es to be in effect,Bonower shall pay the preminms required to ; .. .
<br /> �. obtain c��veragc substantially equivalent to the mortgage insurancc previously in cffcct,at a cost,ubstantially eyuivalent to the
<br /> • � cotit ta Bonower of the mortgage insurance previously in effect. from an altemate mongage insurer approved by Lender. If �. .
<br /> ' • � . � substantially eyuivalent mortgage insurance coverage i4 not available.Borrower shall pay to Lender each month a s�m equal to •
<br /> 4 one-twelfth of the yearly mortgage intiurance premium being paid by Borrower when the insurance coverage lapsed or ceased to . .
<br /> � be in effcct.Lendcr will accept.u�e and retain thcsc payments us a loss rescrve in licu of' mortgage insurance. I.oss rescrve . � •
<br /> Fo�m 3028 9/90 .
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