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<br /> S. H�zurd or Praperty Insurnnce. Borro�ver shull kccp the improvcments now existing on c�renfter erected on the =
<br /> Property insured against loss by fire, hazurds includeJ within the tenn "ex¢endul caverabe" and nny other hazards. including _
<br /> floodt or flc,c�ding, for which l.cndcr rcyuires insurancc. This insur;incc shull hc maintuined in thc nmounts and f��r thc periods �
<br /> '� that Lcnder requires.The insurance carricr providing the insurance shall be chosen by Borrnwer>ul�jecl tu I.�I1�1�r's approval �
<br /> -'� which shall not be unrcasonably withheld. If Borrower fuils to maintain coveruge described above, l.ender may, at I.ender's _
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<br /> option,obtain coverage to protect Lender's rights in the Propeny in accordance with paragraph 7. �
<br /> All insurance palicies and rene�vals sh�ll he acceptable to l.ender and shall include a standard mongage clause. Lender
<br /> �� shnll havc the right to hnld thc palicics and rencwals.If I.ender requires,Borrower shall pramptly give to Lcuder aU raeipts of _
<br /> paid premiums und renewal notices. In the event of loss, Borrower:,hall give prompt notice to die insurance rarrier and Lender. c
<br /> Lender may muke proof of loss if not made prompNy by Borrower.
<br /> Unless l.ender and Borrower othcrwisc agree in writing,insurance procecds shall be applied to restoration or repair of the _
<br /> ,,. Property damaged, if thc restoration or repair is economically fiasiblc and Lcnder's security is not lesscned. if the restoration or _
<br /> �` repair is not ecanomicully feasible or Lender's security would be lessened. the insurance proceeds shall he applied ta the sums _
<br /> ° secured by this Securiry Instrument, whether or not then due, with any excess paid to Borrower. If Borrower abandons the
<br />• Property,or does nat answer within 30 days a notice from L,ender that the insurance carrier hus offered to settle a claim, then �
<br /> •.c' L.euder may collect the insurance prnceeds. L.ender may use the procecds to repair or restore the Property or to pay sums =
<br /> ���° secured by this Security Instrument, whether or not then due.The 30-day period will begin when the notice is given.
<br /> Unless L.ender und Bnrrower otherwise agree in writing, any application of proceeds to principal shall not extend or
<br /> postpone the due date of the monthly paymcnts rcferred ro in paragraphs 1 and 2 or change the amount of the payments. If _
<br /> � a under paragraph 21 the Property is acquired by Lender, Borrower's right to any insurance policies and proceeds resul�ing from =
<br /> , damage to the Propeny priur to the acquisition shall pass to Lender ro the exten[of the sums secured by this Securiry instrument �,,,
<br /> immediately prior to the ncquisition.
<br /> 6.Ckcupancy,PreservAtion. Maintenance and P'r'otection of the Property; Borrower's Loan Application;Leaseliolds.
<br /> . Barrower shall occupy,establish,and use the Property as Borrower's principal residence within sixty duys after the execution of
<br /> . � this Security Instrument and shall continue to occupy the Propeity as Bnrrower's principal residence for at least one year after
<br />- . �:�' the date of occupancy. unless L.ender otherwise agrees in writing, which consent shall not be unreasonably withheld,or unless
<br /> ` cxt:.nuwiirE; c:s:Lm�.�:ces PY�G� whirh are heyond Borrower's control. Bonower shall not destroy, damage or impair the
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<br />��.�;s,? -r�•_' Property, allow the Property to deteriorate, or commit waste on the Property. Borrower shaU be in default if any torfeiture
<br />�,*��;.;.:;;5•• action or proceeding, whether civil or criminal, is begun that in L.ender's good faith judgment could result in forfeiwre of the
<br /> Property or otherwise materially impair the lien created by this Security Instrument ar I.ender's security interest. Borrower may
<br /> '"�"�"`� cure such a default and reinstate,as provided in paragraph I8,by causing the action or proceeding to be dismissed with a ruling
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<br /> ``��;,`"..� that, in Lender's good faith determination, precludcs forfciture of the Bonower's interest in the Property or other rnaterial
<br /> '�u:�`;;;� impairment of rthc lien created by this Security Instniment ar C.ender's security interest. Borrower shall also Ec in defuult if
<br /> ��;'i�'"v Bonower. during the loan application process,gave materially false or inaccurate infortnation or statemenGs to Lender(or failed
<br /> '!°:�.�� to provide Lender with any material inf'ormation)in connection with the Inan evidenced by the Note,including. but not limited
<br /> �'-�.-�:�; to, representations concernins Borrowcr's occupancy of the Propeny as a principal residence.If this S�;curity Instrument is on a
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<br />:•,@,��' ` leasehald, Borrower shall comply with all the provisians of the lease. If Bon•ower acquires fee tiNe to the Property, t e
<br /> ,__��.�;,� le:asehold and the fee title shall net merge unless L.ender agrees to the merger in writing,
<br /> - -- 7.Protection of I.ender's Ri�hts in the Property.[f Borrowcr fails to perform the covenants and agrcements wntained in
<br /> - — this Securiry instrument, or there is a legal proceeding that may�ignificantly affect I.ender's rights in the Property(such as a
<br /> - ---- proceeding in bankruptcy, prohate, for condemnation or forfeimre or to enforce laws or regulations), then Le.nder may do and
<br /> pay for whatever is necessary to protect the value of the Property and Lendcr's ri�hts in the Property. Lender's actions may
<br /> include paying any sums secured by a lien which has priority over this Security Instrument, appearing in court, paying
<br /> ,_-_-_��� reasonable attorney.s' fees and entcring un the Property to make repairs. Altt�ough L.ender may take action under this paragraph
<br />--- — 7,L.ender does not have to do so.
<br /> _.__—__= = Any amounts disbursed by Lender under this psragr�ph 7 shall bccome additional debt of Borrower secumd by this
<br /> -- - - � Securiry Instrument. Unless Borro�ver and Lender agrce to other terms of payment, these amounts shall bear interest from the
<br />_•.+r•�•r�f'?� date of disbursement at the Note rate and shall be payablc, with interest, upon noticc from I.cndcr to Borrowet requcsting
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<br /> - payment.
<br />_.__� 8.Mortgage Insurunce.lf L.ender required mort�ngc insurance as a condition of making the loan secured by this Securiry
<br />_-_��,'°'�'a` Instrument.Borro�ver shall pay the premiums required to maintain the mortgagc insurance in effect. If, for any rcason, the
<br /> mort�age insuranee coverage reyuired by L.ender lapses or ceases to be in effect, Borrower shall pay the premiums required to
<br /> ��?����� obtain coverage substantially equivalent to the mortgage insurance previously in effect, at a cost substantially equivalent to the
<br /> _''•"`?�'�� cost to Bonower of the mortgage insurance previously in effect, from an alternate.mortgage insurer approv�;d by[.ender. If
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<br />_:_•-;�:�- ; substantiaily equivalent mort�age insw•ance coverage is not available,Borcower shall pay to Irnder each month s� sum equ to
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<br /> one-twelfeh of the yearly mortga�e insurance premium being paid by Borrower when the insurance coveragc lapsed or ceas to
<br /> � � be in effect.Lender will accept,use and retain these payments as a loss reserve in lieu of mortgage insucance. Loss reserve
<br /> � �. �% Form 3028 9/90
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