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<br /> t -� } " ' o ert Insurunce. Sortower shall keep the improvemenis now exiscing or hereafter erected on •i. ,
<br /> 5. Hazard or Pr p y ,. �
<br /> - the Propercy insured against lo�by�fite.hazards included�+nthin the term "extended covetage"and at�y othet hazards. , .
<br />. including floods or floodin$,for whi�h Lend�er requins insurance.This insurance shaU be maintained in the amounts •
<br /> � � and for the periads that Le,mder requires,'fl�e insurance can►er Providiag the insurance shall be chosen by Borrower "'r �;
<br /> �. subject to Lender s approval which shaU not be unreasonably withheld.It Borrotiver fails to maintain coverage desscribed
<br /> . . •�::�� ab�ve,Lender may.at Lender's option,obtairi coverage to protect Lender's rights in the Property in accordance with _ . .-: ._
<br /> �_ _ ..� ParaP�Ph 7. `_..ff•
<br /> °�'� All insurance policies and renecvals shall be acceptable to Lender and shall include a standard mortgage clause. ; .� ,
<br /> ' , ;� l,ea der s ha l l h a v e t h e ri g h t t o hold the policies and renewals. lf Lender tequires. Borro�vei' sha11 PT°mPt�Y g�''e to , �,,.
<br /> .:.c ,
<br />_ `� Lender all te�eipts of paid premiums and tenewal natices.In the event of loss,BosroNer s h a l l give promp i no ti c e t o t h e _ „
<br /> � ,3 ;nsuranee carrier and Lender.Lender may make proof of loss if not made promptly by Borro�ver. _
<br /> lintess Lender and Borrower othernise agee in writing,insurdnce proceeds shall be applied to sestoi'ation or repair _ ,
<br /> � �� ' �j �•,},^ af 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 security would be l�ened.the insurance proceeds sha11 be ,....� 'i _�y.i
<br /> . applied to the sums secused by this Security Instrument,whether ar not then due,with any excess paid to Horrower.If Rt•..
<br /> ' Borrower abandons the Property,or does not answer within 30 days a notice from Lender that the insurance carrier has .r-. .�_
<br /> .` . � offered to settle a claim.then Lendei'may collect the insurance proceeds.Let►de�'may use the proceeds to tepai�ll . .V���^"""•=
<br /> � �.!� restose the Property or to pay sams secured by this Security Instrumet►t,whether or not then due.The 3Q'day peti ,;:
<br /> �� . } begin when the notcce is g'�ven. shall not extend or ~ —
<br /> . � . .i. Unless Lender and Borcower otherwise ag►�ee in writing,anY aPPlication of psocceds to PrinciPal ` _
<br /> . � postpone the due date of the monthly paymenis refernd w in paragraphs 1 and 2 or change the amaunt of the payments. :�_:
<br /> _ • _ �.. If under paragraPh 21 the PropertY is acquired by L.esider, Borrower s sight to anY insurance policies and proceeds ..' •��--�
<br /> `-��. resulting from damage to the Property prior to the acquisition shali pass to I.ender to the estent of the sums secured by _ -,t +�
<br /> . this Security Instrument immediately pnor to the acquisition. �.�.:
<br /> • . 6.Occupancy.Preservation.Maintenance and Protection of the Psoperty;Borrower's Loan Application; . ����_��_
<br /> ',•�• I,eeseholds.Borrower shall occupy.establish,and use the Property ss Borrawer's principal residence�rithin siaty days �.�.. _
<br /> :� . after the execution af this Security Instrument and shall cont�nue to accupY the Property.as Bonower's principal £ ; � �,:�;�
<br /> ��� residence for at least one year after the date of ocxupancy,unless l.ender othernise agrees in wnt�ng,which cosisent shall � ;. ,,�
<br /> � i not be unreasonably withheld,or unless extenuating circumstanoes exist which are beyond Borrower's control.Borrower ,, ,;�.
<br /> . , shall not destroy.damage or impasr the Property,allow the Property w deteriorate.or commit waste on the Praperty. -:.�;F•.
<br /> Borrower shall be in default if any forfeiture action or proceeding,whether civil or criminal,is begun that in Lender's ' ��";= ��•,
<br /> - Fn'
<br /> • good faith judgment could result in foreeitureof the Property or otherwise materaally impair the tien created by thia . •:��,;;:
<br /> .���;
<br /> � � ' Security Instrument or Lender's security interest. Borrowec may cure such a default and reinstate,as provi6ed in .,:��;;�,_
<br /> �� paragraph 18, by causing the action or ptoceeding to be dismissed with a suling that, in Lender's good faith ;� �;��;,:
<br /> • t determ�nation,precludes fosfeiture of the Borrower's interest in the Praperty or other material impairrtent of the lien �' �-'-`
<br /> _ , � _ -;�� created by this Security Instrument or Lender s security interest.Bonower shall also be in default if Borrower,during `���i°��
<br /> . `_cs.,._
<br /> . the loan a p plication process. gave materially false or inaccurate information or statements to Lender (or failed w ' '��
<br /> � �j. provide L e n der wi t h any material information)in connertion wit h t he loan evi den c e d b y t h e N o t e, includia g.but not �-:.,,�,
<br /> � ' 1�m�ted to,tepresentations concerning Borrower's occupancy of the Property as a principal residence.lf this Security :_�,`.i:
<br /> �;�.. . Instrument is on a leasehold,Bonowet shaU comply with aU the provisions of the lease.If Bonower aequires fee title to .,. .
<br /> ' the Property.the leasehold and the fee title shall not merge unless Lendes agrees to the merger in�vriting. , _,,,,_
<br /> ' 7. Protection of l.ender's Rights in the Property. If Borrower fails to perfosm the covenants and agre�menta • _��
<br /> � wntained in this Security Insttument,or there is a legal proceeding that may significantly affect Lender's tighis ii,the .,�,_
<br /> . �r � Propercy isuch as a proceeding in bankrupuy. probate, for condemnation or forFeiture or to enforce laas or ���'.���
<br /> regulations),then Lender may do and pay fur whatever is necessary to protect the value of the Property and Lender's
<br /> ,.rx�.
<br /> 'r � �� . rights in the Praperty.Lender's actions may include paying any sums secured by a lien which has prcority over this � '. " .�_
<br /> . �,� Security Instrument,appearing in court,paying reasonable attorneys'fees and entering on the Property to make repairs.
<br /> � i Aithough l.ender may take action under th�s paragcaph 7.Lender does not havC to do so. . ., , ,
<br /> •,,; 1 Any amounts diabursed by Lender under thia pasagraph 7 shall become additional debt of Borrower secured by this
<br /> � � Se�urity lnstrument.Unless Borrotver and Lender agree to other terms of payment,these amounts shall bear interest ,
<br /> . � from the date oi disbursement at the Note rate and shall be payable.with interest,upon noiica from Lender to Borrower . .
<br /> :. . y requesting payment. ' • • _ . .
<br /> l 8. 1�iortgage Insurance. If Lender required mortgage insurance as a condition of making the loan secured by this
<br /> . � Security Instrument.Borrower shall pay the premiums requ�red to maintain the mongage insurance in effect.IP.for any
<br /> reason. the mortgage insurance coverage re�u�red by Lender lapses or ceases to be in effect, Bonawer shall pay the
<br /> • ' � premiums required tn obtain coverage substantially equivatent to the mortgage insurance previously in effect,at a cost , .
<br /> ' �`�+� uivalent to the wst to Rormwer of the mortgage insurance pteviously �n effect, fram an alwrnate
<br /> . substantially eq ,
<br /> , . . . `' mortgage insurer apprnved by Lender. If substantially equivalent martgage �nsurance coverage is not available, .
<br /> •, Hotrnwer shall pay to lxnder each month a sum equal to one-tweltth of the yearly mortgage insurance premium being .�<<
<br /> paid b y Aormwer when the ins«rance c��verage lapsed ar ceased to be in etfect.Lender will accept, use and retain these
<br /> , . � paymen�s as a to�.S resCrve in lieu of mortgage insurance. L oss reserve paymen t s ma y n o l o n g e r be r e quired
<br /> . � Farm 30 9/90
<br /> • � �-6R(NEI�o�,zxo, D�90 a or e INt�et�,
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