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<br /> ' S. Iiexerd or Property Insurence. Aorrower shall keep the improvr�mente no�v exieting or hereafter erected on I
<br /> thc I'roperty ineured egainst loss by fire,ha•r.nrds included within the term "cztended covera�e" nnd any ather har.nrds,
<br /> including flooda or flooding,for�vhich I.enJer cequin:s insurance.'I'his insurance shell be meinteined in the nmounts f ••
<br /> and for the pc�rioda that J.ender requires. Tha insurance carrier providing the insurance �hull be chosen by florrower
<br /> subject to I.ender's approval�vhich ehall not be unreasonably withheld.It liorro�ver fails to maintain coverage described
<br /> • above,I.ender may,at I.ender's option,obtain coverage to protect I.ender's ribhta in the Property in accordance with
<br /> paragrnph 7. `
<br /> All ineurance policies and renewale shall be acceptable to Lender and ehall ir►clude e stenderd mortgege cleuse.
<br /> I.cnder shull have the right to hold the policies and renewals. I4 Lender requires, Horrower ehall promptly give to o,._-_
<br /> � Lender all eeceipts of paid premiume and renewal notices.In the event of loss,Borrower shall givo prompt natice to the .. ..,
<br /> ineurance carrisr and Lender.I.ender may make proof of loss if not made promptly by Borrower. .» _._„- �Y
<br /> Unless Lender and Dorrower otherwise agree in writing,insurance proceeds sholl be applied to restaration or repair ___
<br /> of the Property damaged,if the restoration or repair is economically feasibleend Lender's security is not lessened.If the .`•� ,�
<br /> restorationor repair is not economically feasiblo or Lender's security would be lessened,the insurance proceede shaU be :^�',�,,;--
<br /> applied to the sume secured by thie Security Instrument,whether or not ttien due, with any excess paid to Borrower. If ___
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<br /> Borrower abandons the Property,or does not answer within 30 days a notice trom Lender that the insurance carrier hea
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<br /> offored to cettle a claim, then Lender may collect the insurance proceeds.Lender may use the proceeda to repair or _ __
<br /> restore theProperty or to pay aums secured by this Security Instrument,whether or nnt thon due.'The 30'day period Nill ,
<br /> � Uegin when the notice ia given. --
<br /> ,� Unlesa Lender and HonoNer otherwise ogree in writing,any application of proceeda to principal shall not extend or
<br /> , postpone the due date of the monthly paymente referred to in paragcaphs 1 and 2 or change tha amount of the payments. __.;s ,
<br /> lf under paragreph 21 the Property is acquirod by Lender, Borrorver's right to any insurance policies and proceeda
<br /> resulting from damage to the Property prior to the acquisition shall pass to I.ender to the extent of the sums secured by
<br /> �. this Security Inatrument immediately pnor to the acquisition. --- —
<br /> 6.Occup�ncy,Preservption, Meintenence and Protectiou oi the Property;Borrower'a Loan Applic�tiom; • `�++•�
<br /> � Leasehalde. Borrower shall occupy,establish,and use the Property as Borrower's principnl residence within aixty daya . .;,��
<br /> � 'r'' —
<br /> after the execution of this Security Instrument and shall continue to occupy the Property ns Borrower'e principal
<br /> • rP�?1�Pnce for at lec�at one year after the date of occupancy,unless Lender otherwise agrees in writing,which consent ehaU ��_
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<br /> not ba unreasonably withheld,or unless oxtenuating circumstances exisi wl�ici��ie;�y�r.d Borro°�e:'s can*.rQl. o*rower
<br /> �' shall not destroy,damage or impair the Property,allow the Property to deteriorate,or commit waste on the Property. ���:
<br /> Borrower shall be in default if any forfeiture action oc proceeding,whether civil or criminal,ie begun that in L.ender's `' �,�.
<br /> �' good faith judgment could result in forfeiture of the Property or otherwise materially impair the lien created by thia e. _;_
<br /> - � � Security lnstrument or Lender e security interest. Borrower may cure such a default and reinstate, es provided in ����:_.
<br /> ' paragraph 18, by cavsing the action or proceeding to be dismissed with a ruling that, in L,ender's good faith ;;
<br /> determination,precludes forfeiture of the Borrower's interest in the Ptoperty or other material impairment of the lien ,:
<br /> created by this Security Inatrument or Lender's security interest.Borrower ehall also be in datault if Borrower,during ;.i;.
<br /> � the loan application process, gnve materially false or inaccurata inlormntion or etatements to Lender (or failed to
<br /> provide Lender with any material information)in connection with the loan avidenced by the Nots,including. but not
<br /> � limited to,representatione concerning Bonower's occupancy of the P:operty es a principal residence. If thie Security ��_�
<br /> Instrument ia on a leasehold,Bonower shall comply with all tha provisions of the leesa. If Bonower acquires fea title to „��r-
<br /> ��' the PropertY,the leasehold and the fee title ehall not merge unless Lender a�rees to tha merger in writing. �
<br /> '"':t �� v , 7. ptotection of Lender's Rigbts in the Property.If Bonower faile to perform the covenante�and n�reements
<br />- - ' cor►tsined in thie Security Instrument,or there is a legal proceeding that rnay significantly affect Lender's righta in the
<br />- Property (such ea a proceeding in ban kruptcy, pro ba te, f o r c o n d e m n a t i o n o r f o r f e i t u r e o r t o e nforce IaNS or __��
<br /> - . ' regt�latione).then Lender may do and pay for whatever is necessnrY to Protect tho value of the Property and Lender's
<br /> -- rights in the Property. Lender's actions may include paying any sums secured by a lien which has priority over this
<br /> _ " . Sec:urity Insirum�nt,app--:.�ring in court,paying resyonable ettorney�'fees and entering on the Property to mak�repairs. •����;^_.
<br /> - � Although Lender may take action under thie paragraph 7,Lender does not have to do so. ___ _ _
<br />_-_�,,�-_�_..,. � Any amounts diebursed�y Lender under this paragraph 7 shall becomo additional debt oP Borrower secured by thie o�
<br /> - Security]nstrument.Unless Borrower and Lender agree to other terms ot payment,these amounts shall bear interest R:�—__
<br /> -- •• E from thedateof diebursement at the Note rate and shall be payable,with interest,upon notice from I.ender to Bonower __,_ __
<br /> - - . � requesting payment. ����°
<br /> 8. l�iortgage Ineurance. If Lender required mortgage insurence as a condition of making the loan secured by this
<br />` . � � Security Instrument.Borrower shall pay the premiums required to maintain the mortgage insurance in effect.If,for any :�:;,._.___�
<br /> reason, the mort g a ge ineurunce coverege required by I,ender lapses or ceases to be in effect, Bonower shall pay the U -��_
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<br /> premiurne required to obtain coverage substantially equivalent to the mortgage insurance previously in e f fect.at a cos t ' --- ��-_
<br /> substantially equivalent to the cost to Borrower of the mortgage insurencc previ o u s l y i n e f f e c t, f rom an alternate •±-���s'" ..::
<br /> , � mortgage insurer approved by L,ender. If substantially equivalent mortgage insurance coverage is not avnilable, � ��,�r,����.
<br /> �� Borrower shall pay to Lender each month a sum equal to one-t�velfthof the yearly mortgage insurance premium being ��i�✓.,.:
<br /> .� paid by Bonower when the insurance coverage lapsed or ceased to be in ettect.I,ender Nill accept,use and retain these • :^.,„' �,
<br /> paymenta as a loss reserve in lieu of mortgage inaurance. Loss reserve payrnents may no longer be required,
<br /> _ Ferm S02}} 9/90 , '
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