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<br /> � ' 97-����� � ..
<br /> ' S. Hazard or ProQerty Insurence. Borroaer shall keep the improvemenu now existing or her ter erected n :
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<br /> the Property insured against loss by fire,hazards included within the term "extended coverage" and any oLher hazards. ; , , , .
<br /> including floods or flooding, far which L,ender requires insurance.This insurance shall be maintained in the amounts E , , .,�'�
<br /> and for the periads that Lender requires.The insurance c�rrier providing the insurance shali be chosen by Borrower . _
<br /> subject to Lender's approval Rhich shall not be unreasonably withheld if Banower fails to maintain coverage described � � . . �
<br /> � above,Lender may,at Lender s option. obtain coverage to protect Lender's rights in the Property in accordance with �, . '
<br />- P�B�Ph 7. } - .. - � '.�:
<br /> All insurance policies and renewals shall be acceptable to L.ender and shall include a standard mortgage clause. . �--�
<br /> Lender shrill have the right to hold the policies and renewals.If Lender requires, Borrower shall promptly give to -.
<br /> Lender all receipts of paid premiums and renewal notices.Jn the event of loss,Borrower shall give prompt notice to the _
<br /> � insurance carrier and Lender.Lender may make proof of lass if not made promptly by Borrower. ; . i�;'
<br /> Unless Lender and Borrowcr otherwise agree in writing,insurance procceds shall be applied to restotation or repair
<br /> - of the Property damaged,if the restoration or repair is economically feasible and Lender s security is not lessened.If the , : � :
<br /> restoration or repair is not economically feasible or Lender's securiry would be lessened,the insurance proceeds shall be , � _� •t�_
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<br /> applied to the sums secured by this Security Instrument,whether or not then due,with anp egcess paid to Bonower.Tf _.__. ___ . ,.__
<br /> Borrower abandons the Property,or does not answer within 30 days a notice from Lender that the insurance carr►es'has • •r�.,',` .;-._ �
<br />• of{ered to settle a claim, then Lender map collect the insurance proceeds. Lender may use the proceeds to repair or . . - ,�;�•,�
<br /> restore the Property or to pay sums secured by this Security Instrument,whether or not then due.The 30'day period will . .–�,:
<br /> � begin when the notace is given. . - � _
<br /> Unless Lender and Borrower otherwise agree in writing,anp application of praceods to pris�cipal shall not extend or ; . '
<br /> postpone the due date of the monthly pay�sents referred to in paragraphs 1 and 2 or change the amount of the payments. , . + '� ,�_
<br /> Yf under paragraph 21 the Propercp is acquired by ?ender, Borrower's right to any insurance policies and proceeds :� . , k ;`:=��
<br /> resulting from damage to tine Pmpertq prior to the acquisition shall pass to Lender to the extent of the sums secured by ;;,.�:;.:,;` ,� .:_:v
<br /> � this Se�urity Instrument immediately prior to the acqu�sition. � . ° �"
<br /> •`` 6,Occupancy.Preservation,i�aintenance and Protection of the Property; Bonower's LoanApplication; -� ;}� -T
<br /> -�°3 Leaseholds.Borroner shall occupy,es:ablish,and use the Property as Bonower s principal residence within sisty days � ..����.�
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<br /> after the eaecution of this Security Instrument and shall conhnue w occupy the Property as Borrower's principal ; �:.' .;:;
<br /> - residence for at least one pear after the date of occupancg,unless Lender otherwise agrees in writing,which consent shall ;`��_�:t.-i • ___
<br /> ' not be unreasonablq withheld,or unless extenuating circumstances esist which are beyond Borrower's control.Borrower ��
<br /> shall not destroy.damage or impair the�roperts,allow the Property to deteriorate,or commit waste on the Property. , . .,..".i � �� � `��
<br /> n that in Lender's ''• ; `�
<br /> :'!�: Borrower shall be in default if any forfeiture action or proceeding, whether civil or criminal,is begu . , ,,
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<br /> good faith judgment could result in forfeiture of the Property or otherwise materially impair the lien created by this _�':.. ;„
<br /> Security Instrument or Lender's security interest. Borrower may cure such a default and reinstate, as provided in _ �r:�..�:sy�
<br /> paragraph 18, by causing the action or procceding to be dismissed with a ruling that, in Lender s gaod faith ,_,,;� . ,� .. ,�.
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<br /> determinatiun,precludes forfeiture of the Sonower's interest in the Property or other material impairment of the lien '. 3. �
<br /> created by this Security Instrument or Lender's security interest.Borrower shall also be in default if Bonower.during ` : � ��. _�, �
<br /> the loan application pracess, gave materially false or inaccurate information or statements to Lender (or failed to ,: .•: •.'�'���i .'
<br /> � provide Lender�vith any material informatian)in connection with the loan evidenced by the Note,including,but not ��i�'; � –
<br /> limited to, representations concerning Borrower's oceupancy of the Property as a principal residence.If this Security •-: �• � '
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<br /> I n s trumen t i s o n a l e a s e h o l d,B o r rower shail com pl y with all the provisioas of the lease.If Borrower acquires fee title to �::., . •��
<br /> the Property,the leasehold and the fee title ahall not merge unless Lender agrees to the merger in ariting. ;:�.� � :'
<br /> ' 7.Protectiaa of Leader's RQghts in the Property. If Barrower fails to perPorm tha covenants and agceements ,r;; •. ..,,,
<br /> � contained in this Se�urity Instrument.or there is a legal praceeding that may sigmficantly affect Lender's rights in the �'��_�••;-�-
<br /> •� Property (such as a praceeding in bankruptcy, ptobate. for condemnation or forfeiture ar to enforce laws or �• �
<br /> ' � regulations),then Lender may do and pay for whatever is necessary to protect the value of the Property and Ixnder s "'�'`"". _rr �-
<br /> i rights in the Property.L.eisder's actions may include paying any sums secured by a lien Nhich has pnority over this .'*�.
<br /> �i Security Inscrument,appearing in court,paying reasonable attomeys'fees and entering on the Property to make repairs. , , �A._ _
<br /> � Although Lender may take action under this para�rraph 7.Lender doea not have to do so. • •'�'"`"��`��`—
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<br /> �'"� Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrower secured by this ;.-�;,�:,��,;;;�:",:_ --
<br /> � + Security Instrument.Unless Borrower and Lender agee to other terms of payment,these amounts shall bear interest . �,�.=._:`:_:
<br /> �� from the date of disbursement at the Note rate and shall be payable.with interest,upon notice from Lender to Borrower _ {
<br /> ` . requesting payment. � -"'"�`T�-�
<br /> 8.Mortgage lnsurance.If'Lender required mortgage insurance as a condition of making the loan securrd by this ��`'-
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<br /> �� Security Instrument,Borrower shall pay the premiums required to maintain the mortgage insurance in effect.lf,for any , _
<br /> reason,the mortgage insurance coverage required by Lender lapses or ceases to be in effect, Borrower shall pay the .
<br /> ' premiums required to obtain c�verage substantially equivalent to the mortgage insurance previously in effect,at a cost '�,
<br /> ' substantially equivalent to the cost to Horrower of the mortgage insurance previously in effect, from an alternate .. :
<br /> '. � mortgage insurer approved by Lender. If substantially equivalent martgage insurance coverage is not available, : �
<br /> Borrower shall pay to Lendet each month a sum equal to one-tavelfth of the yearly mortgage insurance premium being , , ,
<br /> paid by Borrower when the insurance coverage lapsed or ceased to be in effect.Lender will accept,use and retain these .
<br /> payments as a loss reserve in lieu of mortgage insurence. I.oss reserve payments may no longer be required, .�
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<br /> Form 302 9/90 � , . .,.
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