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<br /> , � ' . S. Razard or Frop�rty Iasurnnce. Borrower shaq keep the improvements aov�r e�cisting or hereafcer erecc�d on the ���. .:�.: � '
<br /> .. Property insured against loss by fue,harards included within the term "extended coverage" and any other harards. including :�f ; . .
<br /> • - ��: `...s`� floods or floading, for which Lender mquires insurance•T his insurance s h a l�be main t a i n e d i n t h e az n o u n t s a n d f o r t h e p e ri o d s ..;'., ,.
<br /> - =�""'��" that L.ender requires. The insurance cairier pmviding the insurance shall be chosen by Borro�ver subject to Lender's appmval . . _
<br /> �.�� which shall not 6e unreasonably withhetd. If Borrower faifs m maintain covecage descri b e d a buve. L x n de r m a y, a t L c a d e r's - `
<br /> - . option,obtain coverage to protect I.eader s rights in the Property in accordance with paragraph 7. , A a � �,
<br /> �_. �, .,:. ( ,. All insurance policies and renewals shall be acceptable to Lender and shail include a standard mortgage clause. Lender i ,�. '�..
<br />_ - ' �,- �' . shall have the right tu hold the policies and rieaewals.If Lender requires.Boaower shall promptly give to L en der a l t receipts o f _� ,�t �.,4 ;_
<br /> � � • •, paid premewns and renewa!aotices.In the event of loss.Bonower shalt give prompt notice to the insurance carrier and I.ender. .
<br /> ', '" ' lxnder may make proof��f loss if not made promptiy by Borrower. � �` _
<br /> �.0 ' ' . ` Untess Lender and Borrower otherwise agree in wri6ng,iasurance proceeds shall be applied to restoration or repair of the •, -
<br /> .. _,.;�--
<br /> , � � Property damaged.if the restoration or reQair is ecortomirally feasible and Le�der's security is noi lessened.If the restoration or .:••,r�•Y.
<br /> _ , �•'y� repair is not economically feasibie or Lender's security would be tesseaed,the insiu-ance praceeds shall be applied to the sums __-_
<br /> • � �.:. : � ` secured by this Seeurity Instn�ment, whether or not then due, with any excess paid to Borrower. If Barcower abandons We , _ _
<br />- - � ' Property. or daes not answer within 30 days a notice from Lender that the insurance carrier has offered ta seule a claim,then
<br /> � � " Lender may colleet the insurance proceeds• Lender may use the proceeds ta repair or restore the Property or to pay sums . �
<br /> : ` �� �. . secur�d by this Securiry Inswment,whether or not then due.The 30-day period wiil begin when the nouce is givea. _.:-
<br /> Uatess Lender and Bocrower othenvise agree in writing, any applicadon of pi•oeeeds to prineipa! shall not e�ctend or `�-r��� _
<br />�•;�..' � �;. ,
<br /> _:� .'"'F' postpone the dtie date of the monthly payments referred to in paragraphs 1 and 2 or change the amo�tnt of the paymenu. If - �-°_- --
<br /> vnder paragraph 2l the Property is acquirecl by Lender,Borrower's right to any insurance policies and pmceeds resulpng from �`_'°'- �
<br /> �€'_.-�-
<br /> . ; � , damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument
<br /> ;. �.
<br /> immediately prior to the acquisition. ��—'- -
<br /> , �. . . 6.O c c u p a n c y,P r e s e r v a t i o n,l�i a i n t e n a n c e a n d P r o t e c t i o n o f t h e P r o p e r t y;Borroa•er's Loau A p plication;Leaseholds. �:�"--
<br /> �. •..... . �.
<br />- , -• Borrower shaU occupy,establish,and use the Property as Borrower's principal residence within sixty days after the execuGon of ., .,.
<br /> � this Security Insuument and shall continue to occupy the Propeny as Borrower's principal residence for at least one year after = __
<br /> ,. the date of oecupancy. unless L.ender otherwise agrees in writing. which consent shall nat be unreasonably�vithhetd,or untess � ____
<br /> � extenuating circnmstances exist which are beyond Borrower's control. Borrower shall nat destroy. damage or impair the
<br /> �' � � Property. altow the Property to deteriorate, or commit waste on the Property. Bonower shal! be in default if any forfeiture , ---
<br />".;�:• ... _,
<br /> , T action or praceeding. whether civil or criminal, is begun that in Lender's good faith judgment could result in forfeiture of the .:,��,�;
<br /> � Property or otherwise materially impair the lien created by this Security Instrument or Lender's security interest.Borrower may , '`'.u'
<br /> •�-�:.,..
<br /> • � cure such a default and reinstate,as provided in paragraph 18,by caasing the action or proceeding to be dismissed with a ruling ��-�*��
<br /> �. . ..�-
<br /> •�' , that. in L.ender's good faith determination, precludes forfeiture of the Borrower's in:erest in the Property or other material ,. _
<br /> " �. . � • • impairment of the lien created by this Security Instrument or Lender's security interest. Bdrrow•er shall also 6e in default if �-:,.�;__
<br /> ' �'� Borrower,during the laan appl'scation process,gave materially false ar inaccurate information or statemenu to Lender(or failed _ _
<br /> ' ' • to provide L,ender with any material information)in connection witn the toan evidenced by ihe Note.including,but not limited � `'f
<br /> • .. " to. representatiuns conceming�iorrower's occupancy of the Property a�a principa!residence. If this Security Instrument is on a ��'�'
<br /> .- " leasehold. Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the �—�
<br /> ' ' • leaschold and the fee title shall not merge unless Lender agrees to the merger in writing. . • �
<br /> .' }_
<br /> � � � 7.Protection of Lender's Rights in the Property.If Borrower fails to perform the covenants and agreements ccmtained in � , -
<br /> this Security Instrument,or there is a legal proceeciing that may significandy affect Lender's rights in the Ptoperty (such as a _ - �'' �`
<br /> .• .. � � ' , - proceecling in bankruptcy,prr.�ate, for condemnation or forfeitare or to enforee laws ar re�ulatinns), then I..ender may do and .
<br /> , . . ' .' pay for whatever is necessar}to pratect the value of the Property and Lender's rights in the Property. Lender's actions may •
<br /> include paying any sums secured by a lien which has priority ocer this Security Instrument, appearing in court. paying . . —
<br /> ' � :, reasonabie attomeys fees and entering on thc Property co make repairs. Although l.ender may take actian under this paragraph � ° :
<br /> 7, Lender does not have to do so. • . � •
<br /> . ` Any amaunts disbuned by Lender under this paragrapb 7 shall becomc additional debt of Borrower secured by this • .
<br /> � ' Security lnstrument. Unless Borrower and Lcnder agrce t�other terms oP payment.these amounts shaU bear ir.terest from the
<br /> date of disbursement at the Notc ratc and shall bc payable. with interest, upon notice from Lender to Borrower requesting ,
<br /> - � V . . Payment. , .
<br /> � S.Mort�age Insuranee.If Lender requireci mortsage insurancc as t�condition of making thc loan secured by this Security ,.
<br /> : . • instrument. Borrower thall pay thc prcmiums required to maintain �hc martgagc insurance in effect. lf. for any rcasan. the � .
<br /> mortgage 3nsurance coverage requireci by Lender lapses oc cwses to be in effect. Borrower shail pay the premiums required to , . •
<br /> � ' � . oht�in coverage sub,tantially equivalent ta the mortgage insurance previ�usly in effect,at a cost subtituntially eyuivatent to the � '
<br /> • . a�st to Borrower of thc mortga�c insurancc previoutily in effect, from an altcmatc mortgage insurer.ippruved by Lcnder. lf : . .
<br /> � . substantially t;yuivalenl mortgage insurance wverage is not available. Bonawer shall pay to Lender each rnonth a tum equal to
<br /> - - unc-twelfth of the yearly mortgagc insurance premium being paid by Bonower whcn thc in,urance coverage lapted or ceased to � .
<br /> ^�'' be in ei'fect.Lender will acc�pl,utie and retain thcse pa}ments as �lutis reserve in lieu of nu,rtgage insurance. Loss rescrve - ��-
<br /> Form 3028 919U
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