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<br /> j . 5.Hs7ard or Property Insuranoe. Borrowcr shall keep the improvements now existing or i�c�eafier erei:ted on ihe perty �' "�
<br /> insured against lazs by fue, haTards included within the term "extended coverage"and any other haTards.inclading tloods or , � . � ,,
<br /> tlooding.for which Lendea re�uires uuucactce.This insurance shall be maintaufed in the amounu and for the paiads that Lcnder • � �'°.
<br /> mq�ires.'ll�e ioc��r�nce canier providing the insurance shall be chosea by Borrower subject tn Leader's appmval which shal!not . �•,�;:;;`
<br /> be unreasonably withheld. If Borrower faiLs to maintain coverage desazbed abovc, I.cuder may, ai Lender's aption, obtain s
<br /> coverage to protect Ixuder's rights in the Property in accordance with paragraph 7. . . .
<br /> All insurance policies and re�ewals shai3 be aocep�ble to Leader and slrall iuttudc a st�udard martpge cl�use. Lender shall - -
<br /> � have the right w hald the policies and renewals.If Lender requiQes,Bonower shall promptly give to Lender all receipts of paid i ..
<br /> piemiums and renewal notices.In the ev�t of loss,Barrower shall�ve pmmpt nodce tn the insurance carrier and Lxr!dcr.l.ender �
<br /> � may make proof of loss if not made prompdy by Bormwer. � • �
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<br /> � Unless L.euder and Bormwer otherwise agree in wrim►g,insurauce proceeds shall be applied w restoration or repair of the i • � --
<br /> � Property damaged,if the restarauon or repair is economically feasi'ble and Lender's security is not lessened.If the resroration or � � ' ' ' -'
<br /> : repau is not eoonomisally feasible or Leader's security would be l�sened,the u�suianre proceeds shall be applied ro the sums , ': �;
<br /> s�m� by this 5ecurity Instrument, whethea or aot then due, with any eacess paid to Borrower. If Borrower abandons the � •
<br />� 0 s a notice from Lend�thai the insurance cairier has offered to setile a claim,thea � ' ' �.�`'
<br /> Propearty,or daes not answer anthm 3 day . _
<br /> ' Lende.r may colle�t rhe iasurance proceeds.L.euder may use the proceeds to repair or reso�re the Propeaty or to pay sums secured , . ` _
<br /> by this Security InS:tumeut,whether or uot th��e.The 30-day petiod will begin w6en the notice is given. ; � � •
<br /> Ualess Leuder�d Boimwer a�erwise agr>..:in writing,any appliration of proceeds tn prumcxpal shall nat extend or postpone � . ' � z
<br /> ths due date of the monthly paya�a's refened tn in paragraphs 1 and 2 or change t�e unoimt of the payments.If undes paragraph � . , = _ ; �—
<br /> 21 t�a Prapearty is acquuecl by Lendea, Borrower's right w any ins�uaace policies and proceeds resuiting from damage to the � . , `. ,�,-�-F
<br /> �Y P�T w the acqnisitinn shall pass tn I.e�d�tn the extent af the surns secured by this Seauity Instzument immediasely .. . ,., .,�,,. -
<br /> ' . prior tn the scquisi�on. _ y,��x
<br /> 6.Ooeapanty,Preservation,Mainteaance and Protecbion of the Pr�perty; Borrower's Loan AppllcatIon;LeasehoWs. � -: '��,a-
<br /> � Boaower shall occupy,esiablish,and ase the Propeaty as Bozrowea's pru►cipal residence within sixty days after the execution of t, . :��'�.�
<br /> � this Seauity Instrument and shall conw�ue tn oce�py the Pra�t}+as Borrower's principal residence for at least one year after the . . . i ■
<br /> tlate of occupancy. unless Lender otheawise agrees in writ+�r„ which consent sha(1 aot be unr�onahly withhetd,or antess � � 4 ��'� s
<br /> extenuatong circumstances exist wtuch are beyond Borrower's oontroL Bosower shall not desoroy.dauiage or impair the Property, �� � ��-
<br /> alloa the Property tn detraiorate,or commit waste on the Property. Borrowea shall be in default if any forfeiwre action or � . +! 't .
<br /> proceed'mg,whethea civil or criminal.is begun t6at in Len�rs's good faith judgQnent could res�ilt in foifeihue of the Propeaty or f '. .. •„ �_ ,=._ � . = r
<br /> o�dac3v.�ise mateiially impair the lir�created by this Security �meAt or L.ender's su�tjr mtrrest.Borrowea may aue suc6 a :".; :;* � �`_:�:. .
<br /> d��1t��d reinstat$,as grovi� in paragz-aph 18,by c� :he actioa or proc�g t�r be disnissed with a ruling that,in ' ;�i'�' . �'�.;� `• . ��
<br /> Le�d...°-'s good fai�e detraminazion,precludes forfeiuue of the Sflrrower's�.�-`,st in the Property or other material impairment of � ��� � �� _ _
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<br /> tt��s created by e�:is Seauity Instniment or I.ender's seauiry interest.�a�ea sGall also be in default if Bonower,dvring the ` , :L. • •` .t.�i �
<br /> la:a�.plication process.gave materiaIIy false or macc�uate�formation or statements to Lendra(or failed ta provide Lendea arith •'. ';,�t ; s.
<br /> am�r �atsial informatian) in oe-.�^earon with the loa� e�:�ced by t6e Note, including, but aot limited tn, representarions . - � � ��• �
<br /> c��niag BaQmwer's oocupancy of the Propeaty as a princ�+al residence.If this Security Instivment is on a leasehold,Borrower �� .,.;�;.
<br /> shall comply with all the prnvisions of the lease.If Bomnwer acquire.s fee title w ihe Propaty,the leasehold and the fez dtte shall � " --
<br /> not merge tm2ess Lender agrees tn the merger in wriring. �. ' .: . ,. '�
<br /> 7.Protection of Leader's Rights m the Property. If Boaow�fails to perfom►the covenants and agreements contained in ..�'=��.`��'r'�'
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<br /> this Seaaity Insuu.met►t,or there is�legal proceeding that may significantly affect I.��er's rights in the Propesty(such as a . . .
<br /> proceeding in banlauptcy,probate,for condemnation or forfeimre or tn enforce laws or regalations),thea Lender may do and pay : �.���
<br /> for whatever is n�r to protect the value of the Property and I.ender's ri�ts in the Pmpeaey.Ix.�der's actions may include . �` '�
<br /> a any snu�s s�sred b a lien which bas o ' over this S �
<br /> P Y� Y Pn nt3' ecutitY Instzument,aAD�B in coiut.PaYinB reasonab2e . . �-:::
<br /> auomeys'fees an�9 entrring on the Paoperty to make zepaus.Alihough Lender may take action und�a this paragraph T.I.en� • Y .:-
<br /> does not have ta do so. , d==��'�=� .-�x�,—
<br /> My amounts disburse�by Lender undea this paragraph 7 shall become additional debt of Bonowea secured by�.is Security ' ��'=-- -- -
<br /> �:� Insu�umeat U�less Bomnwea and Lendea a�ee to othea teams of paymea►t,these aaca�nts shall bear int�est frorr��e da�af �' ,-"F'Y'
<br /> disbursement at the Note:ate and shall be payabte,with intemst,upon notice from Lend�tn Bo:mwer requesting payment �`' .
<br /> 8.Mortgage Insmrance. If Lender r�mortgage msivance as a conditian of makmg the lo�secuored by this Seaui3y • ..'''�. • �---�
<br /> Instrament, Bomnwa shall g�y rhe premiums required to maintain the moitgage ins�ance in effect. If,for any mason, the .
<br /> mongage ins�uance cove�age���ired by I.ended lapses or ceases w be in ef€ect.Born�«er shall pay the premiums required to . �,
<br /> obt�coverase svbstantially equivalent to the mortgage ins7uance previously in effect,at a cost substzmtially equivalent tn the '• , . —
<br /> cost ta Barower eS the mortgage ins�uance previously in effect, from ue altemate mortgage insurer approved by Lender. If �' . .
<br /> substanaally etviv�t mongage uisarance coverage is not availabte.Banawer sha11 pay to L�dea each month a sum equal to • '. '. . -
<br /> � oa��-,:elflh of the yearly mortg^t.ge�surance premium being paid by Borrower when the insurance coveaage tapsed or ceased to � �
<br /> be c�effetL Leader will acc�4 vse and retain these payments as a loss reserve in lieu of mortgage insucance. II.oss reseave
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<br /> Form 8028 9/90 . �'°
<br /> �i �-8R(y�(921�1.01 Papo 3 ot 8 �nniau: . .
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