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<br /> 5. Hmuird or Property Insurance. Bo�ower shaU iceep the impmvements now existing or hereaftcr erected an die �`, ` : `
<br /> - �' Property insured against toss by fire.harards inctuded within the term "extended coverage' and any ather hazards. including `�� •,,`,`
<br /> '�`� tlaods or ftooding,for which Lender requires insurance.'fhis insurance shall be maintained in the amounts and for the periods� `' � ��
<br /> ,[ 4 ,.'.f�C'c,�,..• .
<br /> �� � that Lender requires. The insurnnce carrier providing the insurance shall be chosen by Borrower subject to Lender s approval � �:;:-. =:,:`h•.. •.
<br /> � =�- which shal1 nat 6e unre�onabty withheld. [f Borrower faiLs to maintain covera�e described a6ove. Lencter may, at Lender`s „ �. "
<br /> :�•�'_ � optian.obtain cuverage to protect Lender's rig!►ts in che Propercy in a000rdance with paragraph 7. �'�° , _�
<br /> ` , AII insurance policies and renewals shall be azceptabie to I.ender and shall inciude a standard mortgage clause. Ixnder� t=� -:.
<br /> ' �� shall have the right to hold thc policies and renewals. If Lender requires.Borrower shali pmmptty give to Lxnder all receipu of ' � '� ""
<br /> � .� _ ; '. pai d premiums an d re.ne�v a l notices.I n t he event o f loss.B orrower s h a l l give pro m p t a o u c e t o t h e i n 5 u t-�ce c a r r i e r a n d L e n d er•� . � Y• -,� �
<br /> ..___ - ::-�.:.c r"; I.ender may make praof of toss if not madc prompdy by Borrower. � '�•:;;r,• °::_
<br /> ",-:.
<br /> - Untess Lender and Borrower othenvise agree in writing,uuuranse proceeds shall be applied to restoration or repair of the _ .:..,��.°�_
<br /> _ ` Property dantaged.if the restoratian or repair is economically feasible and Lender s security is not lessened.If the restotation or . '�' �_�.; -.-
<br /> • �`• � rep�air is not eoonomicalty feasible or Lender s security woWd be[essened.the insurance proc�eds shall be applied to the suzps � �`�-
<br /> . �. secured by this Securiry Insuument, whether or not then due. with any excess paid to Borrourer. If Borrower abandons the -. �----
<br /> _ . _ ' Property,or does aot ancwer within 30 days a aodce ftom I�ender that the insurance carRer has offend to settle a cIaim,then ,�"�•f``T...
<br /> . . ,� �,•,__, Lender may collect the insurance praceads. Lender may use the proceeds to repalr or restore the Property or m pay sums
<br /> secured by tbis Security Instrument,whether or not then due.'Phe 30�ay period wi11 begin when the noiice is given. '���:
<br /> ,�,� Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend ot -:`
<br />- • • ' � postpone the dae date of the monthfy payments refcrred to in paragrapi�s 1 and 2 or change the amount of the paymenu. If
<br /> ` �:. under paragraph 21 the Property is acquired by l.ender.Borrower's right to any insurance potdcies and ptocee�is resulting from � • =
<br />-__�_ � � - damage to the Progerty prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrumem T, .
<br /> _ � � :�� immediately prior ta the acquisition. -�
<br /> • `��.,:•' 6.Otaipancy,PresesvatIon,Mafntenauce attd�otecttoaa of the Propeety;Barruwer's I.oan Applicatfon;I.easehotds. _
<br /> � � � � Borrower shall occupy.establish.and use tde Propeny as Borrower's principal residence within sixty days after the execuaon of ' `"`"`�
<br /> ~ ' ' '��n this Serurity Instrumeat and shall continue to occupy the Property as Bormwer's principai residence for at teast one year after '�' "-� �
<br /> . , - - y the date of occupancy.wiless L.ender othenvise agrees in writing, which consem shall not be unreasonably withheld, or untess `�;���_ --
<br />�- ' • • e�itemiating circumstances exist which are beyond Borrower's conmal. Borrnwer shall not destroy. damage or impair the • �
<br /> � • � ' �:°.:;f Property,allow the Property to deteriorate,or wmmit waste on the Property. Borrower sha116e in defa�ilt if any forfeiture � ..'.� ._ -
<br /> :�';; . action or proceeding.whether civil or criminal,is begun that in Lender's gaod faith jadgment could tesult in forfeiture of the _..,:_•.s�
<br /> . • �-� Property or oiherwise materially impair the lien created by this Security Iiubument or Lender's security interest.Borrower may �`'
<br /> � cure such a default and reinstate.as provided in paragraph 18,by causing the actian or proceeding to be dismissed with a ruling • -_
<br /> ��:. ' •• that, in Lender's gaad faith determination, precludes forfeitare of[he Botrower's intemst in the Property or other material . :;;�-,��-.
<br /> • � impairment of the lien crrated 6y this Security Instrument or Lender's security interest. Borrower shall atso be in default if "�
<br /> � Borrower.during the loan application process,gave materially false or inaceurate information or statemenu to Lender(or failed �� ���`=�
<br /> to provide I.ender with any material infam�ation)in connection with the loan evidenced by the Note,including.bat not limited .��''��' "`��__ -
<br /> ' `' ta.r resentations cancemin Borrower's occu an of the Pro e as a rinci ai residence. If this Securi Instcument is oa a '-_'
<br /> . � . tease old. Banower shall comply with all the provisions af the Iease.plf Bo ower acquires fee title o the Property, the ' " ��
<br /> . , , �--
<br /> .� �::a Fe�sehold and the fee utle shall not merge unless Lender agrees to the merger in writing. • . :��;i
<br /> `_�..i 7.Pmtectton of Lender's Rights[n the Property.If Borrower fails to perform the covenants and agn,emenu contained in , •+ .
<br /> - - � ' this Security In.enument,or there is a legal pracee�ing ihat may significandy affect Lender's r'��.hts in the Property(such as a � _ --- -
<br /> ' ,:.,ti procceding in bankruptcy. probate.for wndemnation or forfeiture or to enforce laws or regulauons).then Lender may do and - -__
<br /> . � pay for whatever is necessary to protect the value of the Proprrty and I.ender's rights in the Propetty. Lender's actions may ., ° r` -,--_
<br />=''%�"� . ucct�de paying any sams se�u,°d by a lien which has priority over this Secudty Instmment. appearing in court. paying .� - --
<br />-S�`Sa�'�: . _. .
<br /> reasonabte attome}rs'fees ar.�entering on the Property to make repairs. Although l.ender may take action undes this paragraph . -
<br /> , . . :,%f�;: 7.Lender does not have to do so. -��'
<br /> . . `:`•`' Any amounu disbursed by Lender under this paragraph 7 sl:a:1 become additional debt of Borrower secured by this ' _ -
<br /> • . .'�,� Security Instrument. Unless Borrower and Lender a�ree to other terms of payment,these amounts shall beat interest fmm the • �. , . ,.
<br /> _ ,: •. date of disbursement at the Note tate and shal!be payable, with interest, upon notice from Lender ta Borcc�wer requesting • ,.. :
<br /> . .. • payment. .,
<br /> ..,.:
<br /> � ' 8.Mortgage Iasurartce.If Lender required mortgage insurance as a condition of making the loan secured by�this Security ' � • .
<br /> , Instrument. Borrower shall pay the premiums required to mainta'sn the mortgage insurance in effect. If. for any reason, the �
<br /> . mortgage insurance coverage required by Lender lapses or ceases to be in effect.Borrower shall pay the premiums required to � '
<br /> � obtain coverage substanrialiy equivatent to the mortgage insurance previously in ePFect.at a cost substantially equivalent to the � ' �
<br /> � � cost to Bonower of the mortgage insurance previously in effect, from an altem�te mortgagc insurer approved by Leoder. If -__-_- .
<br /> � , . � � • substantially equivalent mortgage insurance mverage is not available,Bonower shall pay to Lender each month a sum equal to .. r .
<br /> , , � � one-twelflh of the yearly rrcortgage insurance premium being paid by Borrower wben the insurance wverage lapsed or ceased to ' . � .
<br /> • . '] be in effect. Lender wiil accept,use and retain these payments as a loss reserve in lieu of mortgage insurance. Loss reserve ' .
<br /> �'}--
<br /> -- _ _ . .. � Form 3028 9l88 -_.—_-- -
<br />� . . � Pago 3 of 6 . .. •
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