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<br /> ,t, `' ` Insurance. Borrower shall keep the improvemenu now existing or hereafter erected an the 1�', � ,
<br /> � 5. Ha7ard or Property
<br /> -�- ' ` property insured against loss by fire. harards inclicded within the term "extended rnverage" and any other hazards. including •
<br /> . � floods or flooding,for�vhich Lender requires insurance•This insurance Shal�be►t�ntained in the smounu and for the periods
<br /> �;;.; , . that Lender requires• The insurance carrier pr°nding the insurance shall be chosen by Horrower subjert to Lender's approval � <F[` �:," .
<br /> ��` which shall nat be unmasonably withheld. If Borrower fails to maintain coverage described above. Lender may, at Lender's ._. •
<br /> �`�. ` --;���r��.. option.obtain coveraae to protett Lerider s rights in the Property in accordance with paragraph 7. t�:� _ �'� .�_.
<br /> ���s .:-: pll insurence po�icies and renewats shall be acceptable to Lender and shall include a standard mortgage clause. Lender
<br /> � �" shall have the right.to hold the policies and renewals. if I.ender requires.Borro�+er shali proa�tiy give to Lender ali receiPts of . -
<br /> ;� . _ ; � , paid premiums and renewal notices.In the event of loss.Sorruwer shall give pmmpt notice to the insurance carrier aud Leade�• ,'�• i`5:<�.•. . ,
<br /> ',,.: .° • Lender may make proof of loss if not made prompdy by Borrower. ''�
<br />�: Unless lxnder and Borrower otherwise agree in writing.insuzance praceeds shall be app3ied to restoration or repair of the
<br /> ;;�� � property damaged,if the restoration or repair is economically feasible and Lender's security is not lessened.If the rescoration or
<br /> j: � •. repair is not ecanotaically feasible or Lender's security would be tessened.the insurance proceeds shall be applied to the sums ;=
<br /> �i�� secured by this Security instrument, whether or not then due,with az►y excess paid to Borrower. If Borrower abandons the , �.,�r_'.`'
<br /> . ; ,. '.` Property.or daes not arLSwer within 30 days a notice fram Lender that the insarance carrier has ofFered to settle a claim.then " `.`+�`".',`
<br /> i _ Lender may wllert the insurance proceeds. L,er►der may use tf►e proceeds to repair or restore the Property or to pay sums ''.�':;.-. -•;::�-
<br /> t � " ' secured by this Serurity[astrument,whether or not then due.The 3Q-day periad will begin when the nouce is given. , .. —=
<br /> �, � ' Unless Ixnder and Borrower otherwise agree in writing, any appliration of pmceeds to principal shall not extend or ,��r.t __
<br />�f • . postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the payments. If �„- ,
<br /> ;,�,. :;.a, .
<br /> y i: �`-•�� ' under paragraph 21 [he Properry is acquired by Lender. Borrower's right to any insurance policies and prac.teds rc�sulting from •>„.. ��.=_
<br /> >�" damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Sec�rrity Iastrument _ ; ��
<br /> ��� ` • � � immediately prior to the acquisiGon. '.' ' ��'�`�=
<br /> .,; , � �. ',.
<br /> �� ` 6.Oocupancy,Preser�ation,Ataintenance and Protectton of the Property;Borrower's Loan Appllcation;[.easeholds. ':�-�.��
<br /> -��' •� � ' � Borrower shall occupy.establish..and use the Property as Borrower's principai residence within sixty days after the execution of :� _--
<br /> �'�,'
<br /> .';�:; :•' � : .. this Security Instrument and shall continue to occupy the Property as Borrower s principal residence for at least one year after �,:��";:., .;'<_-
<br /> – �- M the date of accupancy.unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless .:.L�,*'�,.
<br /> , � extenuating circumsta�ces exist which are beyond Borrowers control. Borrower sha1J not destroy, damage or impair the , -, • --��
<br /> Property. allaw the Properry to deteriorate, or commit waste on the Property. Borrower shall be in default if any fotfeittue � ~�'-'���
<br /> `P�,�.�`; ` • action or proceeding.whetiter civil or criminal. is begun that in Lender s good faith judgment could result in forfeitare of the '� c;��:;
<br /> .,,,.
<br /> _ �•- Property or otherwise materialty impair the lien created by this Security Instrument or Lender's security interest.Borrower may . . _
<br /> � � ` � cure such a default and reinstate,as providect in paragraph IS,by causing the action or proceeding to be dismissed with a tuling ;_
<br /> � • that. in Lender's good fa�th determination, precludes forfeiture of the Borrower's interest in the Property or other material s��_
<br /> ' , . • � impairment af the lien created by this Securiry Instrument or I.ender's security interest. Borrower shall also be in default if -. ,� . .
<br /> r.:.' •.•�... �
<br /> . " � Borrower,during the loan application process,gave materially false or inaccurate information or statements to Lender(or failed _
<br /> _:_ ... � ` to provide I.ender with any material information)in connection with the loan evidenced by the Note.including.but not limited ; ���_
<br /> . . • � ' �-"� to,representations conceming Borrower's occupancy of the Property us a principal residence. if this Security Instrument is on a y �� _=
<br /> ... ;:;�F�:
<br /> � leasehold. Borrower shall comply with all the provisions of the lease. If Borrawer acquires fee title to the Property. the .�.��_
<br /> J.!..
<br /> � • lea�ehold and the fee title shall not merge unless Lender agrees to the merger in writing. .::t_''
<br /> � • ' 7.Protection of l.ender'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 proceeding that may significantly affect Lender s rights in the Property (such as a . —_
<br /> � � proceeding in bankruptcy, probate, for candemnation or forfeiture or to enforce laws or regulations). 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. I.ender's actions may __
<br /> � ` • include paying any sums secured by a lien which has priority over this Security lnstrument, appearing in court. paying . �
<br /> � ,` � rea�onable attorneyS fees and entering on the Prnperry to make repairs. Although[.ender may take action under this paragraph _ _ ��,�;,�,:.
<br /> ,�' � �,l.cnder does not iiave to do so. ' . � ��.
<br /> � - • . Any amounts disbursed by l.ender under this paragraph 7 shall become additional debt of Borrower secured by this
<br />-;;; . :,.`r:3 Security Instrument. Unless Borrower and Lender agree to other terms of payment,these amounts shali bear interest from tr.e ,
<br /> � � � date of disbursement at the Natc rate and shall 6e payabte, with interest, upon notice iram Lender to Borrowcr requesting
<br /> ' . .� payment. • ... '' .
<br /> . • • � 8.Mort�age Insurance.If Lcnder required mortgage insurance as a wndition of making the loan secured by this Security ,�:vt_,
<br /> lnstrumcnt. Horrawer shall pay thc premiums rcquircd to maintain thc mortgage insurance in effect. If, for any rrason, the t°� �
<br /> ..• 4� mortgage insurance covenge required by Lender lap�es or ceases to be in eft'ect.Borrawer shall pay the premiums required to . .
<br /> obtain coverage substantially equivalent to the m��rtga�e insurance previou�ly in effect.at a cost substantially equivalent to the :
<br /> � ' ' cotit to Borro�ver of the mortgagc insurance prcviously in cffect. fram an altemate mortgage intiurer appro�zd by Lender. if
<br /> ;' �,r substantially cquivalent martgage insurancc caverage is not available.Bonower�hall pay to Lender each month a sum equal to :
<br /> � one-twelfth uf the yearly mortgage inwr:ance premium being paid by Barrower when the insurance coverage lapsed or ceased to .
<br /> �.� � be in effect.Lender will accept,use and retain these payment�ati a lo�s reserve in licu of mortgage insuranca Lc�ss teserve ,
<br /> Farm 3028 9190
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