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<br /> ' - � ' . ' periods that Lender re�ires. 'il�e in.wrance carrier providing the insurance sha11 be chasen by Borrower subject to Lenders ,�" � ��- '
<br /> �` • approval which shall not be wue�onably withheld. If Barrower fails to maintuin coverage desrribed above,L.ender may.at -�.� ��� ..
<br /> F��- ���•r--`�' Lender's•option.obtain coveraee to protect Lender+righ[s in the Property in accordance�vith paragraph 7. , , �•`� f �;
<br /> ; __` ___ All insurance policic�and renewals shall be acceptable to Lender and shall include a standard mortgage clause. Lender
<br /> � shal!have the right to hold the policies and renewals. If Lender reguires.Borrower shall promptty give to E,ender a}I receipts '.`�, t �;,
<br /> ' ;. �. � of paid premiums and renewal notices. In the event of loss.Borrower shall give prompt notire to the insurance ranier and . ; � • . .
<br /> . !' Lende�. Lender may make proof of loss if not made promptly by Borrower. , •'� F
<br /> � ' � Unless I.ender and Borrower otherwise agree in writing,insurance praceeds shall be applied to restoration or repair of . �.
<br /> ' . - � ', .� f the Property damaged, it the restorsuon or iepair is economically fe�as�'ble and Lender:s security is not lessened. If the _ ~�•��, �°
<br /> . restoration or repair is no[ecoaomically feasible or Lender's security would be tessened,the insurance proceeds shali 6e
<br /> ' ' . applied ta the sums secured by this Securiry lnstrumen�whether ar not then due, with any excess paid to Borrower. !f __
<br /> - " � ,,"�,'..� Borrower abandons the Property,or does not ans�ver within 3U days a aorice from Lender that the insurance carrier hac , __ _
<br /> �� ., � � . . offered to settle a claim,then Lender may collect the insurance proceeds. Lender may use the proceeds to iepair or restore ..
<br /> �,`.• • � the P[operry or to pay sums secured by this Security Inswment,whether or not then due. The 3(l-day periad will begin when _�;._°_ �
<br /> ` `� � e the nouce is given. •`�-�y
<br /> '" . .•�r Unles4 Lender and Borrower othenvise agtee in wtiting,any application of proceeds to principal shall 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 paymen�s. If ,
<br /> - ' ' " �. - under paragraph Z! the Property is acquired hy Lender,Borrower's right to any insurance policies and praceeds resulting �.,z:.:
<br /> ,. fram damage to the Pcoperty prior to the acquisition shull pass[o Lender to the extent of the sums secured by this Security , '=
<br /> � •� Instrument immediately prior to the acquisition. � "`�
<br /> �_.__ _ , ��:x' 6. Occvpancy, Preservation. Maintenance and Protection of the Propesty: Borrower's Loan App![cat�on; _ .. _� '`=-
<br /> " [.easeholds. Botrower shall accupy,establish,and use the Property as Borrower's principal residence within sixty days after , �;��'�`���.-
<br /> . the execuuon of this Security Inrnuinent and shall continue to accupy the Pmperty ati Borrower's principal residence for at _+•'"' �-'� �
<br /> ... s-—
<br /> • �'•� least one year after the date of occupancy. unless Lender otherwise agrees in writing, which consent shall not be '•��_
<br /> � �.: .. �' ' ?;"-_
<br /> • •` unreasonably withheld,or unless extenuating eircum�tances exist which ate beyond Borrower's control. Borrower shall not 4.�:
<br /> _.. . .:_.,. '�' _ ,.�
<br /> desuoy,damage or impair the Fraperty.aRow the Property to deteriorate,or commit waste on the Property. Borrower shall ,_a.:�.•_
<br /> � �` be in default if any forteiture action or proceedin�.whether civil or criminal,is begun tfiat in Lender's good faith judgment ::�;��_"
<br /> could result in forfeiture of the Property or otherwise materially impair the lien created by this Security i�strument or - _ _ _
<br /> `�! Lender's security interesG Boaower may cure such a default and reinstate,a�provtded in paragraph 18,by causing the aciion• -�
<br /> t•. �� -` or proceeding to be dismissed with a ruling that,in Lender's gaod faith determinatian,prr.cludes forfeiture of the Borrower:s ' ';A�.'
<br /> � • interest in the Property or other material impairtnent of the lien created by this Security inswment or Lender's seeurity - - :-_
<br /> • interest. Barrower shall also be in default if Borruwer, during the loan application Qrocess. gave matetially false or 4 '`�"�
<br /> _ • • inaccumte information or statemen�s to Lender(or failed to provide Lender with any material information)in connection with , �,�,�;;a;
<br /> � , the loan evidenced by ihe Note, including. but not limited to, representations conceming Borrower's occupancy of the .. , � "
<br /> � - , Property ati a principal residenee. If this Securiry Instrument is on a leasehold Borrower shall comply with ali[he provisions • "�`
<br /> � ' �' of the lease. If Bo�row�er acquires fee title to the Prapecty,the leasehotd and the fee tide shall not merge unless Lender agmzs . ' °'W_
<br /> ;.: - - ; •' • ,_--
<br /> • ` � to the merger in writing. " '• � ;--�
<br /> . 7. Protectlon of[.ender's Rigfits in the Property. If Borrower fails to perform the covenants and agreements � , '•.i��-.
<br /> .� ' contained in this Security Instrument, or there is a tegal proceeQing that may sign�ficandy affect Lender's rights in th� • , .r.�,.-
<br /> �� � Property(such us a proceeding in bankruptcy.probate.for condemnation or forfeiture o�to enforce laws or regulatians),then _, �:�;�;_:-;
<br /> ;:.�' � Lender may do and pay for whatever is necessary to protect the value of the Property and Lender's rights in the Property. `:.;::;:��
<br /> Lender's actians may include p•rying any sums secured by a lien which h�s priarity over this Security Instrument,appearing „ .
<br /> • � ' in coun,paying reusonabie a[tomeyti fees nnd entcring on the Property to make repairs.Although Lender may take actien , „�. • ,;;��.
<br /> ' . ' � under this paragr.�ph?.Lender does nat have to do so. '=-_:
<br /> - . , Any amounts di�bursed by Lertder under thiti paragraph 7 shali become additional debt of Borrowcr secured by this . • .�_
<br /> � _ . . Securiry lnswment. Unless Borrower and Lender agree to other terms af payment,the+e simounu shall bear interest from the ,;•: .:, _
<br /> . �,�- date of disburscment at the Note rate and shall be payable,with interest,upon r.otice from Lender to Borrower requesting ;:,,
<br /> _,___. . ....,..,. payment. " �
<br /> . • S. Ndortp,a�e Insurance. If Lendcr mquired mortgage inwrance as A condition of making the loan secured by this �?- � . .
<br /> Security tnstrument,Borrowcr shall pay the premiums reyuired ta maintain thc mortgage imurance in effect. If,for any -
<br /> .� . • reason, the mongage insurance coverage reyuired by Lender lapsev or ceases to be in effect. Borrower shall pay the , � . ,
<br /> : premiums required to obtain coverage substantially eyuivalent to the mongage insurance pceviously in eEfec� at a cost . �-
<br /> ��'`'' . . substantially eyuivatent ta the cost to Eiorrawer of the mortgage insurance p�eviously in effect.from an altemate mortguge . � ,.
<br /> '� insurer appraved by Lender. If suhst�ntially eyuivalent mortgage insurance coverage is not available.Borrower shall pay to : • .
<br /> ' Lender each month a tium equal to one-twelfth of Ihe yearly mongage insurance premium being paid by Borrower when the .
<br /> insurance coverage lapsed or cea�ed to be in effect. Lender will�ccept,use and ret:tin the�e payments ac a loss mserve in lieu .
<br /> _ • � af mortgage insurance. Losv reserve paymenty may no longcr bc rcquired,.rt �hc option of Lender,if mortgage insurance
<br /> . coverage(in thc amoun�and for thc period that Lender rcyuires)provided by an insurer approved by L.ender again becomes � . .
<br /> � ' available und is obtained.Borrowet sh.ill pay Ihe pmmiums reyuired to maintain mo»gage insurance in effect,or to pravide a � .
<br /> � ' los�re�crve,until the requirement far mo�gage imurance ends in accordance with any writtrn agreement between Borrower � � ,
<br /> � and Lcnder or applicablc law. ,. ' �
<br /> • 9. Inspection. Lcnder or itr agent may make rea.tionable entrie�upon anJ in�pections af ihe Property. Lender shall .
<br /> " ,� give Borr�wer notice at Ihe time of or prior to an inspeclion rpecifying reasonable cau�e fi�r the inspection.
<br /> � � 10. Condemnation. 'fhe proreeds of any award or claim for damagex,dirert ar cunscyuential,in ranne�:tion with uny : , .
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