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<br /> � . 5. Ha�ard or Property Insnrance. Borrower shall keep the improvemenu now exiscing or hereafter erected on th_ • � . {;�� c •
<br /> , . Pivperty ins�ued agaiast loss by fere,hazards inciuded within the term'"extended coverage" and any other harards.inciuding 1� . ,
<br /> < • � floods or flaoding,for which Lender requires iiu�srauce.This insurance sha116e maintained in the amounu and for the aeriods� _
<br /> -- sra ,
<br /> ;. r;;e�; that Lender requires.The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approvat� � , . �
<br /> . .- -- which shall not be unreasonably withheid. If Borrower fails to maintain coverage described above, Lender may, at Lender s/_ � _ • '•�,,�.�.� �� �.
<br /> ' --- -- - opiion.o6tain caverage to protect Lender's rights in tfie Properry in acrnndance with paragraph 7. �°� ` - -, --�-_ -
<br /> , � AU insurance policies and renewals sha11 be acceptable to Lender and shall include a standard mortgage clause. Lender� i • .
<br /> �` shall have ihe riDht to hoid the policies and renearals.If Lender requires.Borrower shall prompdy give to Lender all receipts ofyy �
<br /> paid premiums and mnewal notices.In the event of loss,Borrower shall give prompt notice to the insurance rmrier and I.ender.� `�} �. :
<br /> � ' , x• Lender may make proof of loss if aot made promptly by Borrawer. ` : ; , �
<br /> .� � . Unless Lender and Borrower otherwise agree in writing,insurance proceeds shall be applied to restoration or repair of the _ '� "'�.��^
<br /> Property damaged,if the ratomtion or repair is economicaliy feasible and L.ender s security is not lessened.If the rescoration or 'l ` : •- . �-'�;:-,.
<br /> repair is not ec�onomically feasible or L.ender's security would be lessened.the insurance proceeds qhall be applied to the suuts � '�''_� ____
<br /> ' , secured by this Security Instrument, whether or not then due, with any exce.ss paid to Borrower. If Borrower abandons the - -
<br /> - Property, or does not answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim,then - .. `�"����
<br /> Lender may collect the insurance pmceeds. Lender may ase the proceeds to repair or restore the Property or to pay sums • ___
<br /> ' , � : secured by this Security Ynstrument.whether or noi then due.The 3I3-day period wifl begin when the noure is given. ��. ==
<br /> � Unless Lender and Borrower atherwise agree in writing. any application of pmceeds ta principat shall not extend or y �"��_'
<br /> ' postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or chanae the amount of the paymenu. If , � ��
<br /> . . . -t.� . under paragraph 21 the Property is acquired by Lender,Borrower s right to any insursnce policies and proceeds resulting from �"_,;;: . '�'�•.
<br /> � � �-'� damage to the Properry prior to the acquisition shali pass to Lender to the extent of the sums secured by this Security InstrumenL ,.� ��,.,_
<br />- ' ��y immediately priar to the acquisition. .S� �`�,''�''�
<br /> ` 6.Occupaacy,PreservatEon,Mainteuance and Pratectfan of the Propesty;Borro�cer's Loan Appltratlon;I.eageholds. "`",%y��}
<br /> ��:..:;:..�'�n
<br /> �•' � ;�'�s:—a...v
<br /> � ,',� Borrower shall occupy,establish,and use the Property as Borrowei s principal residence within s'vcty days after the eaec+.ction of y:
<br />: - ^ . this Security Instrument and shall continue to occugy the Pcoperty as Borrower s principal residence for at least one year after .�. � �`i�'�`'�
<br /> the date of occupancy.unless Lender otherwise agrees in writing,which consent shall not be unm�sonably withhetd,or unless :�fi ,�,`�,� " �
<br /> , : .' ' ` extenuating circumstartces exise which are beyond Barrower s controL Borrower shall not destroy. damage or impair the � � . • �
<br /> . "� Property. allow the Property to deteriorate. or wmmit waste on the Pro e Borcowes shall be in default if forfeiture � .�:•
<br /> P nY• �Y �. •���i�
<br /> � ' action or pro�eeding.whether civil or criminal.is begun that in Lender's gaod faith judgment could resuit ia forfeiture of the .�=�-=�_
<br /> � � '� Property or otherwise niaterially impair the lien created by this Security Instrument oc Lender s security interest.Borrawer may _ .;`,�T;�,���
<br /> ' cure such a default and reinstate,as provided in paragraph 18,by causing the action or praceeding to be dismissed with a roling � ��
<br /> that, in Lender's good faith determination, precludes farfeiture of the Borrower'c interest in the Property or other material , ��� �
<br /> , impairment of the Iien created by this Security Insirument or I.ender's securiry intemst. Borrower shaFl also be in default if -, ':�r,,,
<br /> -�-�."'=: . Borrower.during the loan application process,gave materially false or inaccurate informarion or statemenu to Lender(or failed , •�'��'`=�-°�`
<br /> , � to provide Lender with any material information)in connection with the loan evidenced by the Note, inciuding,but not limited . � �'����
<br /> �' ,,,.,:,;:
<br /> ' �� to, representations concerning Borrower's accupancy of the Property as a principal residence. If this Security Instrument is on a . ' �.',:,'�
<br /> .; leasehold. Barrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the �?,'-���h;
<br /> � � }. leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. ; N•�-'
<br /> � 7.Protection of Lender's Rights In the Property.If Borrower fails to perform the covenants and agreements contained in ""'
<br /> this Security Instrument, or there is a legal proceeding that may signiticantly affect Leader's rights in the Property(such as a , •� � �.��,
<br /> � , � � -� proceeding in bankruptcy,prabate, for condemnation or forfeiwre ar to enforce laws or regulations).then Lender may do and •; "'�"_�_�
<br /> � . .:.� pay for whatever is necessary to protect the�alue of the Property and Lender s rights in the Property. Ixnder's actions may
<br /> �` include paying any sums secured by a lien which has priority over this Security Instrument. appearing in court. paying
<br /> � � reasonable att�rneys fees and enterin�on the Property to make repairs.Althou�h under may take action under this para�raph . �. :"
<br /> � " 7, Lender does not have to do so. ,�.. •: ^ �
<br /> . Any amounts disbursed by Lender under this paragraph 7 shall become additional debt ot'Borrower secured by this ', '
<br /> � • • Security Instrument. Unless Borrower and I.ender agree to other terms of payment,these amounts shall bear interest from the . : � •
<br /> � � date of disbursement at t3�e Note ratc and shall be payable, with interest, upon nutice from Lcnder to Borrower requesting �u'�' ,�' ,
<br /> .� . . .
<br /> paymcnt. '
<br /> �. �� • 8.Mortgage Insurance. If Lender required mortgage insurance as a condi[ion of making the laan 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 /> � � mortgage insurance coverage required by Lender lapses or ceases to be in effect, Borrower shaU pay the premiums required to ' � _
<br /> � � � obtain covera�e cubstantially equivalent to the mongage insurance previously in effect,at a cost substantially equivalent to the , ,
<br /> cost to Borrower of the mortgage insurance previousiy in effect. from an altemate mortgage insurer approvcd by Lender. lf � ' , . .
<br /> • substanteally equivalent mortgage insurance coverage is not available.Borrawer shall pay to Lender each month a sum equal to � • . . '
<br /> . ,� one-tw�clfth of the yprly mortgage insurance premium being paid by Borrower when the insurance coverage lapsed or ceased to � ' •
<br /> { be in ePfect.Lender will accept,use and retain these payments as a loss reserve in lieu of mortgage insurance. Loss reserve . ;
<br /> . Form 3028 9/90 • •
<br /> � _ Pa4o 3 ot 6 '' � . .
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