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<br /> ` Cel:er' ' ��'r' -
<br /> . , " 5, y�� aT prop�y Ia�uranc¢. Borrower shall keep the impm'vements no exis m� or hereafter erected on the :` . , ,
<br /> p ro p e r l y i s u u r e d a g a i n s t l o s s b y fire. hazards inctuded within the term "extended wverage" and any ather haiards. inctuding `�;� f, .�,.' ,
<br /> � � floods or flooding.for which Lender requires insurance.This iasurance shall be maintained in the amounts a n d for t h e pe ri a d s ( . _
<br /> ' '_ ' t h at Lender reyuires. 'I7ie insutance c�rrier Pn3viding the iasurance shall be chosen by Borrower subject to l.ender s approval ,
<br /> � _,.,�_ which shall not be unreasonably withheld. If Borrower fails to maintain coverage described above. Lender may. at Lender's _ u
<br /> � .J� . -r- option,obtain coverage to protect Lender's rights in the Property in accordance with paragraph 7. . �
<br /> = �:� �-� Ali insurance policies and renew�s shall be acceptable to l.encler and shall include a standard mortgage clause. Lender _
<br /> • shail have the right to hold the policies and renewals.If Leader requims.Borrower shall promptly give�o L.ender all receipts of '.�. � •� �
<br /> �• � � paid premiums and renewa!notices.In the eveat of loss.Bomower shall give prompt notice to the insurance carrier aad Lender. ,I�: t;�°
<br /> ��, �� ' Lender may make pmof of loss if not made prompily by Borrower. ,a' '",`: . ;
<br /> ' ' 1 Unless l.ender and Bornower otherwise agree in writing,insurance prooe�ds shalt be applied to iestoration or repair of the .
<br />- ` � , property damaged,if the restoradon or repair is economirally feasble and Lender's security is not lessene�. If the restoration or
<br /> • � repair is not economically feasible or Lender's security would be lessened,the insurance procxeds shal�be applied to the sums : . ,�f'j`_.`_�`
<br /> � � - secured by this Secvrity Insirument, whether or not then due.with any excess paid to Borrower. If Borrower abando� the � y,.�:-i.'-,
<br /> � � ' Propecty.or does not answer within 30 days a aotice from Lender that the insurance carrier has off2red to settle a claim,then
<br /> ' Lender may collect the insurance praceeds. Lender may ose the proceeds to repair or restore the Property or to pay swns x ._ ;•��'�
<br />_ , . secured by this Securiry Instnunen�wheiher or not then due_The 30-day period wiU begin when the nouce is given. _
<br /> ` < Unless Lender and Borrower othenvise a�rce ia wriring. any applicarion of proceeds to principal shal! not extend or
<br /> , postpone the due date of the monthly payments referred to in paragraPhs 1 and 2 or change the amount of the payments. If ,�` �.:','� _
<br /> �. � � under paragraph 21 she Property is acquired by l.ender.Borrower s right to any insuraace policies and proceeds resulting from :;.� �
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<br /> - � - -���,� damage w the P4operty prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument y ��
<br />- � ° - immediately prior to the acquisition. � —
<br /> �� 6.Occupancy,Preservation,Malatenance and Pratettton of the Property;Bocrower's Loan Applicatton;Leaseholds. �•�;T-;
<br /> . . ' ` � ; Borrower shall occupy.establish,and use the Property as Borrower s principal residence within sixty days after the execution of :�•��;-,fi;�•_-�
<br /> this Sezurity Inscrument and shall wntinue to occupy the Property as Borrower's principal residence for at least one year after •��,,�
<br /> �. , . the date of occupancy.unless Lender oihenvise agrees in writing, which consent shaU not be u�o��Y�+'��held,or anless _. �:���
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<br /> . �'- ... ' ' extenuating circumstances exist which are beyond Borrower s control. Barrower shall not destroy, damage or impair the ,• r;,��
<br /> �..;� property. allow the Praperty to deteriorate. or commit waste on the Psoperty. Borrower shall be in default if any forfeiwre . . ,...�.�
<br /> . action or proceeding, whether civil or criminat. is begun that in Lender s goad faith judgmeat cauld result in fort'eiture of the ,• '�:;�.
<br /> �.,, pcoperty or otherwise materialty impair the licn cteated by this Security Instrument or Lender's security interest. Borrower may , �_
<br /> � � ,`•; cure such a default and reinstate.as provided in paragraph l8,by causing the action or proceeding to be dismissed with a tuling �,
<br />- . • . ' that, in l.ender's gaod faith determination, precludes forfeiture of the Borrower's interest in the Properry or other material ���T
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<br /> , impaitment of the lien created by this Security Instrument or I.ender s security interest. Borrower shall also be in default if , _�
<br /> � ' .� s Borrower,during the loan applicarion process.gave materially false or inaccurate information or statemeats to Lender(or failed �. . ��
<br /> •- ��- -+ -:,-�.:=�? to provide Lender�vith any material infom�ation)in connection with the loan evidenced by the Note.including,but not limited �,,�•::� _',—�_
<br /> • � . �'• to,represeatatians wnceming Borrower's occupancy of the Property as a principal residenrx.If this Security Instrument is on a ,�-,�rr--
<br /> �' leasehold. Borrower shall comply with all the provisions of the lease. If Bortower acquires fee utle to the Property. the "":,��,-
<br /> • � leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. ` ,��_.
<br />°- � � 7,Protectton of Lender's Rlghtss in the Property.lf Borrower fails to perform the covenants and agreemenu contained in ,. :• ;,;,�.__
<br /> ' . .'.. �F this Security Instrument,or there is a legal proc.eeding that may significantly afFect Lender's righis in the Property (such as a � • ;;�_
<br /> . �� proceeding in bankruptcy,probate. for condemnation or forfeiturc or to enforce laws ar regulations),then l.ender may do az:d �,. ..• ��_--
<br /> � � �;� pay for whatever is necessary to protect the value of thc Property and Lender's rights in the Property. I.ender's actions may .�:=.
<br /> � - • , � inctade paying any sums secured by a lien which has priority over this Security Instrument, appearing in court. paying _ y__
<br />.�•'` . '� reasonable attomeys fees and entering on the Property to make repairs.Although Lender may take a�Kion under this paragraph , . __,��_
<br /> • '� �� 7.Lender does not have to do so. • •
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<br /> , � Any amounts disbursed by l.ender under this paragraph 7 shall becomc additional debt of Borrower secured by this : . ,
<br /> Security InStrument. Unless Borrower and Lcnder agree to ather terms of payment,these amounts shall bear interest from the .
<br /> � ` date of disbursement at the Note rate and shall be payabie, with interest, upon notice from Lendcr to Borrowcr requesting : ,.
<br /> . �. payment. ..
<br />: . ' . � 't S.Mortgage Insurance.lf Lender required mortgage insurartce as a wndition of making the toan secured by this Security :
<br /> � ' � ' : .� Instrument, Honower shall pay the premiums required to maintain the mortgage insurance in effect. If, fot any resson, the .
<br /> `• t mortgage insurance coverage required by L.ender lapses or ceases to be in effect. Borrawer shall pay the premiums required to
<br /> � � ob[ain coverage substantially equivalent to the mortgage insurance previously in effect.at a cost sabstantially equivalent to the
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<br /> � , ' ; cost to Borrower of the mortgage insurance previausly in effect, from an altemate mortgage insurer approved by Lcnder. If .
<br /> � • � substantially equivalent mortgage insurance coverage is not available.Bonower shall pay to Lender each month a sum equal to ,
<br /> � • one-twelfth of the yearly mortgage insurance premium being paid by Borrower when the insurance coverage lapsed or�:cased to
<br /> : . . '' be in effect.l.ender will accept,use and retain these payments as a loss reserve in lieu of martgage insurance. L.oss reserve
<br /> �• ,:
<br /> Form 3028 9/90
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