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<br /> . ,: � includin flaods or flaodiag.for which Lender requires insurance. 7'his insurance shall be main�ia�he amo�nu s�►d f , .
<br /> _'_ . .,.,� for the periads thai Lender requires.The insurance carrier providing the insurance shall be chosen by Borrower subject to , - - -- �}-
<br /> Lender's approval wDich shall not be unreasonably witiiheld. If Borcower fails to ma�nrain coverage described above. -
<br /> Lender may. a�Leader's oprion,obtain caverage to protect Lender s rights in the Property in accordance witt►P�B�Pb ' _
<br /> 7. ' • _
<br /> � p11 insurance policies and renewals shaU be acceptable to Lender and shall inciude a standard mortgage clanse.
<br /> I,ender shall have the nght to hold the policies aad renewals. If l�nder requires,Borrawer shall pmm�tly give to Lxnder
<br /> • all receipts of paid preuuums aud�aewal notices.In the event of loss,Bormwer shall give pmmpt nonce to the insuiance = --•� :G.:-
<br /> . carrier and Lender.Lender may make proof af loss if not made Pnomptnyce yroceeds sba11 be lied to restoration or repair '"�
<br /> • � - Untess Leader aad Borrower otherwue agra in writing.' P �p . . ;:,�;
<br /> - . . o�the Pcoperty damaged.if We restoration or repa�r is economically feas�le and l.ender's secuiity is not lessened.If the ; ..�, �_
<br /> restoration or repair�s nat economically feasible or Lender's security woutd be lessened,the ins�►rance Proceeds�be
<br /> � - applied to the sums secured by this Secauity lnstnnnent. whether or not thea due.with any excess paid to Borrower. If . , , �• -
<br /> - r Borrower abandons the Property, or does not aaswer within 30 days a natice from Lender that tiie insuranr,e carrier has -,��t�y„���
<br /> � . offered to setUe a claim,then Lender may tollect We insisrance pmceeds. i.epder may use the pmceeds to re�air or restore i .,. r ;.. �L
<br /> � the Property or to pay sums se�bY th�s S�uritY Insnument. whether or not then due. The 30-day penod will Uegin 2, �_;
<br /> when the notcce is given. g y al shaU not extead or �°�•=y���
<br /> Unless Lender and Boaower otherwise agree in aririn ,an application of proceeds to princip . . . �,�.'��
<br /> , � postpone the due date of the monthly paymeats ceferred to in paragnpl�s 1 and 2 or change the amount of the payments.If . :�., r—
<br /> . u n d er paragrap h Z l t h e P r o p e t ty i s a c q u u e d b y L e n d er.Borrnwer s ri g dt to any insurance po3icies and pmceeds resultiag , - �_-_�
<br /> • from darnage to ttte Property prior to the acquisiaon shall pass to I.ender to the extent of the swns secured by this S e c u r iry • �--�- 3
<br /> ' Insuumeat immediately prior to the acquisition. . ��'}"
<br /> . � 6. OcwPancY. Preservation, Malntenance and ProtertIon of the Properg'; Bomower's Loan Applfcatlon; �: �a
<br /> I.easeholds. Borrnwer shall occupy. establish.aad�se the Property as Borrower's principal residence aritliin sixt7��Yg � � d;
<br /> • - a ft e r the exeastion of this Security lasuument and shall wntinue to accupy che Property as Borrower's principal restdence .;.����,:,;
<br /> :_._�.=_'
<br /> for at least one year after the date of occapancy. u n less L e n der a t h e r w�s e a g r e�.s m w r i f m g. w h i c h c a n s e n t s h a l l not be , ;:.�:
<br /> unreasonably witiiheld,or unless eatenuating circumstances exist which are beyond Borrower's control.Borrower shaU not ,',�<,��:
<br /> - desuoy,damage or impair the Property. allow the Property to deterioratc, or commit waste on the Property. Barrower :a���,
<br /> shall be m default if any forfeiture aixion or proceeding.whether civil or criminal. is begun that in Lender's good faith � ��t� aY�
<br /> ` judgmeai could result in forfeiture of the Property or otherwise materially impair the lcen created by Wis Security , ��'. �9�� .�,•
<br /> 'k:"�:":•.�."•.i�ri,_'s3i•-;
<br /> • (nst�ument or Lender's securiry interest. Borrower ma�cure such a default and reingtate.as pravided in Paragrapb 18,by . ,.- :..1�r:�_.�
<br /> . , causing the action or pmcceding to be dismissed w�th a ruling that. in Lender's goed faith detennination, Precludes ';,:'��' :�".�.F�",;
<br /> • forfeiture of the Borrower's interest in the Property or other material impairment of the lien created by Wis Sec.urity _n ✓_
<br /> 'n
<br /> Instrument or Lender's security interest.Borrawer shall also be in default if Borrower.during the loan application process, . _,,.��,
<br /> � �ave materially false or inaccurate information or statemenu to ixnder(or failed to provide I.ender with any material . �•,;.`?. `.,
<br /> mfosmasion)in connection witb thc loan evidenced by the Note.including:but not limrted to.representations conceming �.,,,�.,
<br /> Borrower's occvpancy of the Pcoperty as a principal residence.lf this Secunty Instrument is on a leasehotd,Borrower shal! :_,�,,.4;,
<br /> - comply witb a11 the prov�stons of the lease. If Borrower acq�ires fee title to the Property,the leasehold and the fee titte ; ;.�f�'
<br /> - ' shall not merge unless Leader agrees to the merger in writing•If eorrower fails to erform the covenants aud agreements ' � ~.•'l.�:
<br /> ' � � 7. Protec�ion oY l.ender's Rlghts in the Praperty. P. ..
<br /> � contained in this Securiry Instnunent, or there is a legal proceeding that may sign�ficantly affect Lender's righu m the �:3�
<br /> � ' Piroperty(such as a proceeding in bankruptcy,probate. for condemnat�on or forfeiture or to enforce laas or reguladons), . _ __
<br /> . then L.ender may do and pay for whatever u necessary to protect the value of the Property and Lender's ri�hts in tDe : . : `�s:
<br /> � Property. I.eader's actions may mclude paying any sums secured by a lien which has priority over ttus Secun . , •
<br /> � � � � Instniment,appeazing in wurt,paying reasonabte attomeys'fees and entering on the Properiy to make repairs. Altliou� • , ,�*�.;
<br /> ';� Lender may take action uader thts patagraPh 7.1-ender does not have to do so. :
<br /> • My amounts disbursed by Leader under th�s paragraph 7 shall become additional debt of Borrower secured by this z
<br /> Security Instnunent.Unless Borrower and Leader agree to other terms of paymeat.these amounts shall bear interest from ,.
<br /> � the date of disbursement at the Note rate and shall be payable. with interest, upon notice from Ixnder to Borrower ,
<br /> '�` . requesting payment. • ,
<br /> 8.Mortgage Insurance. If L,ender required mortgage insurance as a cond9tion of inaking the loan sec�ued by this
<br /> gecurity Instrument.Bo�rower shall pay the premiiuns requ�red to maintain the mortgage insurance in effect. If,for any
<br /> rcason, the mortgage insurance coverage reqmred by Lender lapses or ceases to be �n effect. Borrower shail pay the .
<br /> � premiums required to obtain coverage substantially equivalent co the mongage insurance previously in effect, at a cost
<br /> substantially equivalent to the cost to Bonower of the mortgage insurance prevtously in effect.from an alternate mortgage
<br /> � � insumr approved by Lender. If substantially equivalent mortgage insurance coverage�s nat available. Borrower shall pay � �
<br /> ., �' to Lender each month a sum equal to one-twelfth of thc yearly mortgage insurance preminm being paid by Bonower when
<br /> (,� cept,use and retain these a ments as a loss reserve �
<br /> � � the insurance coverage lapsed or ceased to be in effect. nder will ac P Y , .
<br /> � � in lieu of mortgage�nsurance. Loss reserve payments may no longer be requiTed, at the option of Lender, if mortgage .
<br /> insurance coverage(in the amount and for thc periad that Lender requires)provided by an�nsurer approved by Lender �� .
<br /> • aga'tn becomes ava�lable and is obtained. Bortower shall pay the premmms required to maintain mortgage insurance in
<br /> effect. or to provide a loss reserve, until the requirement for mortgage insurance ends in accardance with any written .
<br /> " agreement between Borrower and Lender or applicable law. Fom,302.8J�9/eo�page 3 of sl
<br /> � � BANI(ERS$�STEMS,�NC.$T CLOUD.MN 56302 1�800 397 23411�ORM MD�NE 7�5�9� � ��-' '
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