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<br /> ` .,i • S. Hazwrd ar Propeity Insuraace. Borrower shali keep the improvements now exisang or h�s+eafter erected on tlte . ��``` ,
<br /> = � '� � pro p e r t y insvred a g a i a st loss b y fue,hazards included within the term'eactended coverage'and any other hazards,includin�
<br /> . -�-�; floods or flooding,fot which Leuder requires imsurance.This insu�'duCe sha11 be mainramed��e amoun[s aud fot the pe[[ac� `�� : . .
<br /> '`�� '..� tbat Lender requims.The insurance carrier providing the insurance sl�all be chosen by Borrower subje�t w L�der's approvala _ ` `�' �
<br /> - -- � - -.. cvhich shail not be unreasonably withheld. If Basower fails to maintaia soverage descn�ed ahove,Lender may,at I.endetr's� -
<br /> • � - opdon,obtain coverage to pmtect L ender's rights ia ihe Property in accordance with paragrapb 7. � `" . : *.'-
<br /> � � ., All insurance policies and renewals shall be acceptabte to Lender aad shall inctude a standard mortgage clause. � •� •..
<br /> t�� F� � .
<br /> ` shall have the right to hold the policies and renewals. If I.ender requires,Borrower shaU FromPUY 8►ve to Lender all teceipts o -�• .
<br /> r :.`• '. , paid premiums aad renewal notices.In the event of loss,Borrower sha11 give prompt notice m the insurance carrier and Lender.0 . :� � '`'`'�.
<br /> . • Lender may make proof of loss if not made prnmpdy by Horrower. C� -
<br /> ;. 'ti � Unless Ieader and Bortawer otherwise agree ia wriang,insLranc�pmc�eeds shaU be a�plied m restoration or repair of the . ,:;,,� �
<br />''"•` . pmpertyr damaged,if the testoration or repair is economic�lly feasible and l.ender's securiry is not lessened.ff the restoratian or . ,'�::-'
<br /> s� ' � - _=� --_
<br /> `; repair is not economically fea�ible ar I.ende�s security woutd be lessened,the insvrancc gmceeds shaA be applied to the sums • ___
<br /> ' • ; �.t; secured by this Security Instniment, whether or not d�en due.with any excess paid to Bormwer. If Borrower abandons the "�,-.��•�-�
<br /> 'Y Property,or does not answer witLm 30 days a nodce from Lender that the insurance carcier has offered to settte a claim,tlten . .::.��-:�`_
<br /> • . � I.ender may collecx the insaiance pmceeds. l.eader may use tlie praceeds to repair or restore [he Propeny or to pay swns
<br /> ' •� `i se�ured by this Seauity tnstnuuent,whether or not dien due.The 30-day period will begin when the norice is given. . ,
<br /> _ � `:f Untess I.e�der azcd Borrower otherwise agree in writing, any applicarion of pmceeds to principal shall not extend or ` . - —
<br />;��- -- P�Pone the dae date of thc monthlY PaYmems refermd to In paragraphs 1 and 2 or diange the amount of the payments. U _ �,:,.-::�,"°;,- -.—_
<br /> �. J ry under paragraph 21 the Pcnperty is acquired hy Lender,Bormwer's right to any i„��++,oe policies and pmceeds res�ilting from -,. _ -
<br /> � . ��• damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Insuument -�•�-�--
<br /> i .. . immediately prior to ttte acquisiaon. f� �-
<br /> ' 6.pcc�pancq,Preservatton,Maintenance and Protection of the Property;Borrower's Loan E#ppllcatton;Leas4holds.
<br /> - � . `•~ Borcower shall occupy,establish,and nse the Property as Boaower's principal msldenc�within sixty days after the execution of ... �. �"�"'
<br /> ' � chis Sec�uity Insdvmeat and shall co�tinue to oc�upy the Proper[y as Borrower's psincipal residence for at least one year afcer "�:�?_--
<br />•'�.` � . the date of occupancy,unless Lender othera+ise agr�ees in writing,which consent shall not be unreasonably withheld,or unless "°����.: '_ --
<br />..f.; . . extenuating circumstances exist wtuch aze beyond Borrower's control. Bonower sbaU not destroy, damage or impair the :; ;`'�,. '- `,.-.=-�
<br /> ' _ ' Properry, altow the Property to deteriorate.or wmmit waste on the Property. Bosmwer shall be in default if�y forfeiture .' .'�
<br /> Y' p g is be that in Lender's ood faith d t could result in fodeitur�of the ' �`•"�' �
<br /> action or roceedin ,whether civil or criminal, gun S .lu � . :�:-'�-.
<br /> ProPerty or otherwise materially impair the lien created by this Security Instrument or I.ender's security interes[.Borrower may " an.
<br /> � • cure sucb a defa�ilt and reinstate,as provided in paragraph 18,by causing the acrion or pmcceding to be dismissed with a mling ,; ,4��
<br /> , • � tLat, in Lender's good faith determiaation, pr�lades forfeiture of che Borrower's iaterest in the Property or other materiai , . ��•-_.._
<br /> - � - � impavment of the lien cceated by this Security Iastrument or L,ender's seciuity iaterest. Bomower shall also be in default if . �: '�-=�`
<br />: � . Borrower,during the toaa application process,gave snaterially false or ivaccurate information or statemenu to Lender(or faited � -�.���:-
<br /> � � . to provide Leader with any material informatioa)in wnnection with the loan evidenced by the Note,iacIudiag,bllt IIOL 13IDItCd . � .;'�ir�.•
<br /> � to,represencations conceming Borrower's occupancy of the Property as a principal residence.lf ttris Security Insmimeut is on a . =-
<br /> � leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee titie to the Propercy, che • ������ �--
<br /> . ' leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. � � . . .•'� �=-
<br />;_,,� . � ` 7.Protedton of I.euder's Rights iu the Property.If Borrower fails to perform the covenants and agreements contained in '
<br /> • chis Security Instrument,or thece is a legal pruceeding that may signiffcantiy affea Lender's righu in the ProPerty(such as a �' '�'_.
<br /> .. .� 1 proceeding in bankruptcy,grobate,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 Property and Lender's rights in the Property. Lender's actions may . .
<br /> •. � • include paying aay sums secured by a lien which has priority over this Security Instrument, appearing in court, paying . --
<br /> ��_� � � � reasonable attomeys'fees and encering on the Property to make repairs.Althougb Lender may take action under this pazagraph � , .'
<br /> ?,Lender does not have to do so.
<br /> , ' Any amounts disbursed hy Lender under this patagraph 7 shall become additional debt of Borrower secured by this ' .
<br /> 5ecurity lnstculment. Unless Bonower and Lender agree to other terms of payment.[hese amounts shall bear in[erest from the � ' ° ,
<br /> � date of disbursement at the Note rate and shall be payable, with interest. upon notice from Lender to Bonower requesting , .
<br /> ` ' payment. � . .;��
<br /> .•`; 8.Mortgage Insurance.If Lender required mortgage insurance as a condirion of making the loan secured by this Security � � :
<br /> '� � lnstrument, Bonower shall pay the premiums required to maimain the mortgage insurance in effect. lf, for any reason, the . �
<br /> ;,�; . ' mortgage insurance coverage required by Lender lapses or ceases to be in effect, Botrower shall pay the premiwns cequired 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 mortgagc insurance prcviously in effect, from an altemate mortgage insurer approved by Lender. lf • ,
<br /> substantially equivalent mongage insurance coverage is not available.Borrower shall pay to l.ender each montt�a sum equal to
<br /> � ' one-twelfth of the yearly mongage insurance premium being paid by Borrower when the insurance coverage lapsed or ceased ro •
<br /> � be in effect.Lender will accept,use and retain these payments as a loss reserve in lieu of mortgage insurance. Loss reserve . .
<br /> �. j Form 3028 9/90 , � .'
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