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<br /> , •,�, 5. Rmard or Property Inst�rance. Barrower shall keep the improveinents now exi5�ting ur hereafter erected un the � , � � � �.
<br /> _ , Pr+operty inswed against loss by fire, hazards included within the term "extended wverage" and any other hazands, including � . , ,. ,'
<br /> ..�-�5! floods or tlooding,for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods � ' `,�" _ • '
<br /> . t . that I.ender requires. Tt�e insurance carrier providing the insurance shall be chosen b} Bonoa�er subject to Lender'�approval _ _ _
<br /> ---- - which shal! not be unreaso�nbly �vithheld. If Borro�ver fails to maintain coverage described ahove. Lender may, at Le�der's � �
<br /> , , option.obtain coverage to pmtect[xnder's rights in the Property in accordance with paragraph 7. P� �,��:; �
<br /> . All insurance policies and renewais 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 Lender requir�r.Borrower shall promptly give to Lender all receipu of� - - , .
<br /> ' • paid premiums and renewal notices.In the event of loss.Borrower shall give prompt nntice tn the insurance razrier and Lender. '� •
<br /> .� • Lender may make proof of loss if not made pmmptly by Borrower. � . � . ,_
<br /> . . ' Untesti Lender and Borrower otherwise agree in writing,insurance procecds shall be applied to restoration ur repair of the , �' .,.,..;�
<br /> ', ' • � Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened.If the restoration or R''� ` ;'
<br /> ' , ,',, repair is nat economically fpsible or Lender's secucity would be lessened.the insurance proceeds shall be applied to the sums `��-��:-Y�+
<br /> . ;;�•-
<br /> �� secured by this Security Instrument, whether or not then due. with any excess paid to Boaower. If Borrower abandons the '. .-
<br /> � ' � Propeny,or does not ac�wer aithin 30 days a notice from I.ender that the insurance carrier has offered to settle a claim,then . -, ,��-,�„
<br /> " - � Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums , � ;
<br /> • � -i secured by this Security Instrument,whether or not then due.The 30-day period will begin when the notice is given. _ , . ,,�rA'�,"'.`;�
<br /> � Unless Lender and Borrower otherwise ree in �vritin . any a lication of roceeds to nnci al shall not extend or � ',�-��_,.
<br /> . � � 8 PP P P� P .�`
<br /> ` one the due date of the monthl a ents referred to in ra tu 1 and 2 or chan e the amaunt of the a ments. If ��'
<br /> � :�,a Po�P Y P Ym P�S F g P Y _ .,.;�`��•,_' .
<br /> - under paragraph 21 the Property is acqoired by I.ender,Borrower's right to any insurance policie:,and proceeds resulting from ---� �:
<br /> • damage to the Propc�rty prior to the acquisition shall pays to Lender to the extent of the su►nti secumi by this Security Instr�ment �T �`'�'':--:
<br /> _ r ; i;,r:�-
<br /> , immediately prior to the acquisition.
<br /> ��.:��.i:.:r�.�
<br /> � • • ' 6.Occupancy,Preservation.l�tivntenance and Protection of the Property;Borrower's Loan AppfIcation;Leaseholds. ,`4�:{'"F:���
<br /> �'� ` Barrawer shalt occupy,establish,and use the P�operty as Barrower's primipal residence within sixty days after the execution of •- -`��'��=�'�'
<br /> �+ � ` this Security Instrument and shall continue to occupy ihe Property as Borrower's principal residencc far at least one year af'ter :~, �°�'� F,�n::�
<br /> • the date of accu anc ,unless Lender otherwise a ees in writin which conscnt shall not be unreasonabl withheld.or unless � •``�.
<br /> P Y � g. y , , ' �r .
<br /> ' emenuatin circumstances exist which are be and Borrower's control. Borrower shall not des�tm . damage or im air the ' �•�`'��'#'','
<br />- S Y Y P •, : �:.�,�?__.
<br /> ['roperty,allow the Property to deteriorate, or commit ws�te an the Property. Borrower sha11 be in default if any forfeiwre �"" '�_"'.
<br /> ' ' . action or proceeding, whether civil or criminal,is begun that in I.ender's good faith judgment could result in forfeiture of the ',sR=-`.m
<br /> ! � Property or otherwise materiaIly impair the lien created by this Security In�trument or Lender's security interest. Eorrawer may , .. ..�f�'�'.:
<br /> • cure such a default and reinstate,as pravided in paragraph 18,by causing the accion or proceeding to be clismissed with a ruling " � `'''`41E'._;,
<br /> . � . • that. in Lender's good faith determination, precludes forfeiture of the 8orrower's intcrest in the Property or other material - _���::..,,,'�-�.',,`�,•,
<br /> � . — impairment af the lien created by this Security Instrument or Lender's security interest. Barrower shall also be in default if . ..;;�=„�__
<br /> ..; Borrower,during the loan application process.gave materially false or inaccurate information or statements to Lender(ar failed • �'. :.J`_;,
<br /> '• to provide Lender with any material information)in connection with the loan evidenced by the Note.including,but not limited .:�+�`�.
<br /> ;y to,re resentations concernin Borrower's occu anc of the Pro ert as a rinci al residence. If this Securi In.Strument is on a � - � ;:�L'",
<br /> . P S P Y P Y P P tY ,,�;;
<br /> • , . � lcatiehald. Bormwer shall comply with all the provi�ions of the lease. If Bnrrower acquires fec title ta thc Prupeny, the , , .�� . ���};��'
<br /> leasehold and the fee title shall not merge unless Lender agrecs to the merger in writing. '�'��.�.
<br /> : . 7.Protectton of Lende�'s Rights in the Property.If Borrawer fails to perform the covenants and agreemenxs contained in � ��' •
<br /> �-.;' . ..��
<br /> ' [hi+Security Instrument, or there ic a legal proceeding that may significantly affect Lender's rights in the Property (such as a . _
<br /> ',�.� prexeeding in bankruptcy,prabate. for�undemnation or forfeiture or to enforce laws ar regulations),then l.ender may da and • ,i,.,.�.
<br /> ' � ' pay for whatever is necessary to pmtcct the value of the Property and l.ender's rights in ihe Property. Lender's actions may , ,:..�=-
<br /> ' include paying any sums �ecured by a lien whirh hati priority over thi�, Security Instrument, appearing in couR. paying ' •• �
<br /> �," � .:
<br /> �! reasonable attorncys' fecs and entering on the Property to makc rcpair.. Althirogh Lender may take action under this paragraph , �, "
<br /> ' 7,Lender Jne+not have to do so. , ` �`
<br /> �� • �� Any amounts disburted by Lender undcr thia paragrapb 7 .hall become additional dcbt of Borrowcr �ecured by this • . . .
<br /> • ' � Security ln.rtrument. Unless Borrowcr and l.endcr agrec to other tcrms of payment, the�c amounts.rhall hear interest from the .: .
<br /> � ' � �ate af disbur,ement at the IVote rate and tihall be payable. with interctit, upon notice f'r��m L.enJer to Bonower requesting •
<br /> . � , •
<br /> � � payment.
<br /> i':� a . .
<br /> : . • � 8. dtart�a�e Insurancc. lf Lcnder rcyuireJ mortgage in.urance a.a roitditiun of making the loan secured by this 5ecurity ' • .. :
<br /> ln.trument, Borrower �hall pay the premiums requiral to maintain the mortgage inwrance in effect. If, for any rrason, the
<br /> , mongage imurancc coverage required by I.ender lap,eti or ce;i.+es to be in effect. Bonowcr yhall pay the premiums reyuired to
<br /> . . obtain ec►verage�ubstantivlly eyuivalent to the mortgage insuranee previourly in effect,at a cost substantially equiv;�lent to the , �
<br /> � � co,l t�� 8��rrower ��f the mort�:�gc insurance previoutily in effect, from �n alternatc mortgagc inti�rer approvcd hy l.ender. If � �
<br /> ' +uhstantially cyuivalcnt murtgagc in.urancc covcragc is n�n availablc. Borrowcr�hall pay tu I.cndcr each monlh a wm cyual tu ' '
<br /> ��nc-twrlt'th�rf thr ycarly mon,agc inwrancr prcmiutn being paid by Barruwcr ui�cn thc imuranrc covcr:�gc lapscd or ccaticd to � ,
<br /> . hc in effrct. IAnder wiU.�ccept, ux and retain�hese payment+a� �i lu�+ re�erve in lieu of nwrtgage intiurance. Luss reserve .
<br /> Form 3028 9/90 �
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