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<br /> : ' . 9 ��ag���_ �, �` � �_
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<br /> w existin or hereafter ereaed on the � ,
<br /> , §. Haasrd or Property Insurance. Borrower shail keep the imgrovements no g . . . -° ---
<br /> Property nosured against loss by fire,hazards included within the term "extended coverage' and any other harards. inctuding l . ' .�.
<br /> , floods or�looding, for wLich I.ender requires insurance.This insurance shall be maintuined in the azaounts and for the periods � � : , _4
<br /> that L�adet requires. The �n�,*Ance carrier providing the insurance shall be chosen by Bortower sub}ea to I.ender's apPmval � • , ' ��
<br /> � wluch shall not be unreasonabfy withhelcf. If Borrower fails to maintain coverage descrihed above, Lender may. at Lender's � , i ..;,
<br /> oprion.obtain coverage to protea Lender's rights in the Properry in accordance wid�paragca?h 7• � ��.�
<br /> � � All �n��*ance poficies and renewals shall be acceptable to Lender and shall include a staadard mortgage clause. Lender ' �. �
<br /> • shall have the right to hold the poliaes and renewals.If Leader requines.Borrower sball prampdy give to Leader all receipts of . , � ; �-
<br /> - ..� paid pr�zmiums aad rene�val notices.In the event of loss,Borrower shall give prompt notice to the insurance carrier and Lender. ,
<br /> Lender�ay make gmof of loss if aot made prompdy by Borrower.
<br /> ' � U n less L en der a n d Borrower o t hera+ase agree in wri t i ng.i n s u r a n c e p r a c e e d s s h a 1 1 b e a p p l i e d t o r e s t o r a t i o n o r r e p a i r o f t h e
<br /> ,—- Property damaged,if the restoration or repair is economically feasible and I.ender's security�s not lessened.If the restontion or � '-.--.-;,-_� _ �:
<br /> � repair is not economically feasible or Lender's ser.urity would be lesseaed,the�n�,�n�p proceeds sha11 be applied to the sums � �-
<br /> :. . , _
<br /> � � sewred by th�s Securiry Insuument,whether or not then due, with any excess paid to Borrower. If Borrower abandons the i - , ; '
<br />. . i Property, or does not anmer within 30 daps a aotice from I.ender that the insurance carrier has offered to settle a claim, then � � _
<br /> _; Lender may collect the insurance pmceeds. Lender may use the proceeds to repair or restore the Property or to pay sums • � . .
<br /> secured by this Security Instrument,whether or not chen due.The 30-day period will begin when the natice is given. — ---.-°=:=�;='��.;-;;�'•
<br /> Uuless Lender and Borrower otherwise agrce in a+rit�, any applicariou of p�co principal shall not excend or < ..
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<br /> �. postpone ihe due date of the monthly paymenu teferred to ia�atagraphs 1 azcd 2 or chang�Y�e amouni of the paymznts. If �` � ==
<br /> � • �; h 21 the Pro e �s by Lender,Bbrrower's ri t to in�**�nce olicies and roceeds�itin from ..�"°"�f�
<br /> • P��P P nY� � S�h any P p g .. ;,;::,��'�
<br /> .. .+� dama8e w the ProP�Y Prior W the acquisition s?�all pass w Ixnder to the extent of the sums secured by t�is Security Instrument �`��`=„ -
<br /> r•Iimmediately prior to the acquisiaon. .. '�`..�°���-. - .�
<br /> � 6.Oocupancy.Preserva4Ion.Maintenaace and Pratedioa of ine PropertY:Borro.,�r's Loan AppUcat�on;I.easeholds. ` ''�
<br /> � j Borrower shall occapy,establish,and use the Property as Borcower's principal residence within sixry days after the exe�ution of s�'°��-�
<br /> ��w...�r..�,
<br /> this Security Insuumsnt and shall cont�ue to occupy the Progerty as Borcower's principal residence for az least one year aiter , . . { . `�,
<br /> . .. the date of aa;upaacy,wnless I.ender oiherwise agce�.s in cvritiang,wluch conseat shall nnt be unreasonably withheld, or unless . ��' '+M�
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<br /> extenuating circumstances exist wtuch are beyond Borrower's oontrol. Borroaer shall not desuoy, damage or impair the _ . T�"_ �°�'��
<br /> • Property� allow the Property to deteriorate,or commit waste on the Property. Borrower shall be ia default if any forfeiture � ' '
<br /> • actton or pmceeding.whether civil or criminai. i�begua that in i.ender's good faith judgmeat could result in forfeiture of the �.� ��
<br /> Pmperty or othe�wise materially unpair the liea created by c6is Securiry Inssrument or I.ender's security interess. Borrower mny _ ��,' ��*r'•
<br /> :.' �'' cure such a default aad relnstate,as pmv-ided ia pamgtapb 18.by causiag the sctiott or pmceediag to be dismissed arith a niling '. - �-
<br /> �•�...,. .
<br /> ' tdai, ia Lender's good faith determtnatfon, precludea focfeiture of the Borrower's interest in the Property or other material ;_�• . '
<br /> . itz�paitmrnt of the Iien created by thia Security Insuument or I.ender's security interest. Borcower shall also be in default if ��,.,, .. '.
<br /> • Bormwer,during the loan application pmcess,gave matedally false or inaa:urate informatioa or statements to Lender(or failed � ���j� :,.`
<br /> . G{� .
<br /> 3, to provide Lender with any material information)in counection wIth ehe toan evideaced by th�Note.including.but not limited �,:• , � •.
<br /> ta,representaaons conceming Borrower's occupancy of the Pmperty as a principal t�esidence.If this Secvrity Insuvment is on a
<br /> • leasehotd, Borrower shall comply �+ith all the provisions of the lease. If Borrower acquires fee tide to the Pmperty. the "q`':��,'� ,� _
<br /> . ' leasehold and the fee ade shall not merge wiless Lender a�ee.s to the merger in writing. �.•,��.. �:> � ����.,:
<br /> �> ` 7.PratecNon oi Lender's Rtghts fn the Property.If Borrower fails to perforin the coveaants and agreements coataiaed in ��~';;� -
<br /> . this Securtty I�trumeat,or there is a legal proceeding that may sig�uf' ccandy affect Lender's rights in the Property (sach as- ��+.. '-�` .
<br /> proceeding in bankruptcy.probate. for condemnarion or forfeiture or to enforce laws or regularions). then Lender may do aad ���� �s� �:,_
<br /> . pay for whatever is necessary to protect the value of the Property and Lender's righu in the Properry. Lender's acrions may "`�`
<br /> Include a ' an sums secured b a lien which has riori over this Securi Instrwnent a earing ia caurt, in �� � �' �"
<br /> P Y�8 Y Y P tY LY , PP PaY g -._�:�,��,�,-;-- ;�
<br /> reasonable attomeys'fees and entering on the Property to make repaizs.Althou�h Lender may take action under this paragraph �•���-•. �_—=-�
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<br /> 7,Lender does not have to do so. �:.
<br /> Any amflunts disbursed by Lender under this paragraph 7 shall beeame additional debt of�flnower secured by this - '1,,;;;,4�' ��=��
<br /> ` . Security Inswm�nt. Unless Borrower aad Lender agree to other tcrms vf g�ay�aent,these amounts snJ bear inurest&om the ��..�°;�_.
<br /> date of disbursement at the Note rate aud shall be payable.with interest. upon notice from Leader ta Borrower requesting •.:x__ _ -"
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<br /> . payment. n.� ��-r.�.
<br /> " 8.Mortgage Insu�aac2.If Lender required mortgage insurance as a conditton of making the loan seaued by this Sa:urity •
<br /> .,��^
<br />� Instrument. Borrower shall pay the premiums s.quired to maintain the moztgage insurauce is effect. If, for any reason. the . ���"�'_-•
<br /> �'.:T�. • ���:� �_
<br /> mortgage insurance coverage required by Len�zr lapses or ceases to be in effect,Boaower shall pay�:s premiums required to ,. �"�` ,,,,;;�;�.,-- .
<br /> obiaia coverage substantially equivalent to the mortgage lnsurance previously in effect,at a cosc substantially equivalent to the � � ���
<br /> ' cost to Borrower of the mortgage insurance previously in effect, from an altemate mortgage ins�rer approved b Lender. If =������• '•�' '��� �I
<br /> y ::�..�,.,.: ,r'�.
<br /> substantially equivalent mortgage insurance coverage is not available,Bomower shall pay to Lender each montb a sum eyual to � - . .
<br /> � � on�nvelfth of the yearly mortgage insuiance p�mium being paid by Borrower when the insurance coverage lapsed os cease�to ` � ' ' - �
<br /> ::�g�:•�,;,_�:� .
<br /> �� be in effect.lRnder will ac:,cpt,use and retain these paycaents as a loss reserve in lieu of mortgage insurance. Loss nesen+e �
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<br /> � Form 3028 8190 _ •�`� ' ' -
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<br /> 302B3.frm 12/96 � � ' '
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