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<br /> r _ 5. Ha7ard or Property lnsarance. Borroa+er shall kcep the improvements now eacisting or hereafter erected on the • �
<br /> °� ••, Property insured against loss by fire, hazards included within the term "extended covezage" and any other hazards.including . ` .
<br /> , � ' flaods or @aoding,for which Lender requires insurauce.'I7�is insenanoe shall be maintained in the amounts and for the periods • .�•.��-
<br /> � � r that L:ender requires.The ia�urance carrier providing the insurance shall be chosen by Borrower subject to [.ender's approval , + °.` ,"
<br /> `� which shall not be unreasonabty withheld_ If Borrower fails to maintain coverage described above, Lender may, at Lender's
<br /> 4 , option,obtain coverage to protect Lender's rights in the Property iu acwrdance with paragraph 7. `t •
<br /> . L.� u .ti All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. Lencier =
<br /> � ,.;, shall have the right to hold the poticies and renewals. If LenQer requires,Borrower shall promptiy give[o Lender all raceipu of _�� , ..
<br /> _ � paid premiums and renewal nouces.In the event of toss,Borrower shall give prompt notice to the insurance earrier and Lxnder. •:
<br /> - � Lender may make pmof of loss if not made promptly by Borrower. !�-
<br /> - • � �,:. Unless ixnder and Borrower otherwise agree in writing,insurance proceeds shall 6e applied to restoratfon or repair of the �
<br /> ' Property damaged.if the restoration or repair is economicafly feasible and Lender s security is not tessened.If the restoration or ---
<br />�` ' � - repair is not economically feasible or Lender's security would be lessened, ihe insurance praceeds shaD be applied to the sums � _
<br />`� ` . °- `f secured by this Security Uutrument, whether or not then due, with any eacess paid to Borrower. If Borrower abandons the '�= •
<br /> =� � � , .,�.,.� Properry,or does not answer within 30 days a norice from Lencler that the insurance earrier has offered to settle a etaim.then '.`:;�,;.
<br /> _.� •, ' Lender may collect t6e insurance proceeds. I.ender may use the proceeds to rep�a'u or restore the Property or ta pay sums . ., __
<br />._ • , • secured by this Security inswment,whether or not then dae.The 30-day period wil!begin when the notice is given. � ��1..�
<br /> - ' � Unless Lendet and Borrower otherwise agree in writing, any applirarion of praceeds to principal shall not extend or :%: .��_
<br /> " postpone the dae date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the payments. if .�:�?'.`� �_
<br /> ,� � '' under paragraph 21 the Property is acquired by I..ender,Borrower's right to any insurance policies and praceeds resulting from __
<br />� _ . • � ` ,_.'�.':t damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Secruity Inshvment :� , _-_-
<br /> .. _ immediately prior to the acquisition. ���+�; ',:,g_
<br /> ' " 6.Occupancy,Preservation,Mai�enance and Pratecttoa of the Property;Borrower's Loan Applicatton;Leaseholds. :.- ° -
<br /> .'<<.��.•�..
<br /> �' ' Borrower shall occupy,establish.and use the Property ag Borrower s principal residence within sixty days after the eaecuuon of •;�L. �'��
<br /> � . this Security Im•trumeat and shall continue to occupy the Property as Borrower's principal residence for at least one year after � �'�-"-
<br /> : ' � the date of occupancy, unless Lender otherwise agrees in wriUng,which consent shall not be unreasonably withhefd.or unless =
<br /> �- •. � : extenuating circumstances exist wfiich are beyond Borrower's control. Borrower shall not destroy. damage or impair the ;�� '_-�
<br /> � � •"� Property, allow the Property to deteriorate, or commit waste on the Property. Bonower shall be in default if any forfeiture ��� -1--�-=y
<br /> _ �;:;;-_�-
<br /> •` A��;: actian or proceeding, whether civil or criminal, is begun that in I.ender s good faith judgment cou[d tesult in forfeiture of the �� ��' '` ---
<br /> � • Property or otherwise materialiy impair the lien create�by ihis Security Instrument ar Lender's security interest.Borrower ma '=.:;'':''r: •'-�`-T-
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<br /> '�. ' � . ; cure sucfi a default and reinstate,as provided'w paragraph 18,by causing the action or proceeding to be dismissed with a ruling . _ ;_r -
<br />' - that, in Lender's goad faith determination, precludes forfeiture of the Borrower s interest in the Property or other material • ��''"'�
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<br /> � ; - ' • - impairment of the lien created by this Security Instrument or Lcmder's security interest. Borrotiver shall also be in default if - t"`�
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<br /> •` ,; : • Borrower,during the loan applicauon process,gave materially false or inaccurate information or statements�o l.ender(or faited -�:_.�..:
<br /> • _ � , to provide Lender with any material informatioN in connection with the loan evidenced by the Note,including.but not limited " .
<br /> � �' to,representations conceming Burrower's occupancy of the Property as a principal residence. If this Security Instrument is on a , : :j•��`�
<br /> � � � leasehold. Borrower shall comply with all the provisioas of the lease. if Borrower acquires fee utle to the Property. the -=�''=
<br /> • _�. -
<br /> leasehold and the fee title shall aot merge unless Lender agrees ta the merger in writing. '`"`
<br />- � ., . • 7.ProtecNon oP Lender's Rights in the Property.If Soaower fails ta perform the wvenanu and agreemenu contained in �• � _
<br /> � '. this Security Instrument, or there is a lega! proceeding that may signiftcantly affect Lender's rights in the Property(such as a ' , . __
<br /> � ' . proceeding in bankrupuy,probate,for wndemnation or forfeiture or ta enforce laws or regulations).then Lender may do and - . . ,=.T_
<br /> � � pay for whatever is necessary to protect the value of the Property and Lender's righu in the Propeirty. Lender's actions may - -� -
<br /> �r: � - .. � _ indude paying any sums secured by a lien which has priority over this Security instrument. appearing in court, paying -
<br />: �;�, . reasonable attomeys' fees and entering on the Property to make repairs.Althaugh Lender may take action under this paragraph • -_--..
<br /> •• 7.Lender does not have to do so. • •
<br /> . Any amounts disbursed by Lendcr vnder this paragraph 7 shall become additional debt of Borrower secured by this
<br /> . � • Security instrument. Unless Borrower and Lcnder agree to other terms oF payment, these amounts shall bear interest from the .• . .
<br /> •" . date of disbursemcnt at the Note rate and sha11 be payablc, with interest, upon notice from Lender to Borrower requesting �
<br /> . � payment. '�
<br /> � ' � 8.Mortgage Insurance.If l.ender required mortgage insurance as a condition of makin�the loan secured by this Security
<br /> ' .. Instrument. Borrower shall pay the premiums required to maintain the mortgage insurance in effect. If. for any reason. the " .
<br /> �t':; ' • � mortga�e insurartce coverage required by Lender lapses or ceases to be in effect.Borrower shall pay the premiums requi�ed to • . ., �
<br /> obtain coverage substantially equivalent to the mortgage insurance previously in effect, at a cost substantiaily equivulent to the •
<br /> =•i. • wst to Bonower of the mortgage insnrance previously in effect, from an altemate mortgage insurer approved by Lender. If .
<br /> ' • substantially equivalent mortgage insurance coverage is nat available.Borrower shall pay to Lender each month a sum equal to
<br /> one-twelfth of the yeatly mortgage insurance premium being paid by Borrower when the insurance coverage lapsed or teased ta ..
<br /> ' � } be in effect. lxnder will accept,use and retain these payments as a loss reserve in lieu of mortgage insurance. Loss reserve ' •
<br /> . t Form 3028 9/90 � •
<br /> _ � vago 3 of 6 . �
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