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<br /> 5. Hazsrd or Property Insurance. Borrower shall keep the improvements now eaastsn�or he on : _
<br /> ' the Property insured against loss by fire,hazards included within the term "exiended coverage and any other hazards, � � � �•.
<br /> including flaoda or flooding,for which I.ender requires insurance.This insurance shall be maintained in the amounts ., , , ,_
<br /> end for the periods that Lender requires.The insurance carrier providing the insurance shall be chosen by Borrawer � �
<br /> subject to Lender's approval which shall not be unreasonably withheid.If Bonower 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 f , . :�
<br /> . FaragtaPh 7. f ... .
<br /> All insurance policies aad renewals shall be acceptable to Lender and shall include a standard mortgage clause. . _
<br /> Letider shall have the right to hold the policies sud renewals. If Lender requires, Borrower shail promptly give to � . - -_
<br />. L.ender all receipts of paid premiums and renewal notices.In the event of loss,Borrower shall give prompt notice to the ; _
<br /> insurance carrier and L.ender.Lender may make proof of loss if not made promptly by Borrower. i , � . ,
<br /> � Unless Lender and Bonower otherwise agree in writing,insurance proceeds shall be applied to restoration 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 security would be lessened,the insurance proceeds shall be
<br /> • applied to the sums secured by ttus Secimty Instrument,�vhether or not then due,with any excess paid to$orrower.If �'���=
<br /> • Borrower abaadons the Property,or does not answer within 30 daqs a notice from Lender that the insurance carrier lias �. :,,�_
<br /> • offered to settle a claim,then Lender may collert the insurance proceeds. I.ender may use the proceeds to repair or ; ' yT� -
<br /> restore the Property or to pay sums secured by this Security Instrument,whether or not then due.The 3U'day period will _'. _ "'-_�''-�
<br /> � begin when the notice is given. ' � , .����'�-
<br /> ; Unless Lender and Borrnwer otherwise agee in writing,any application of proceeds to principal shall not estend or a.:,,�-
<br /> `� postpone the due date of the monthly papments referred to in paragraphs 1 and 2 or change the amount of the payments. (� ; _'-� c
<br /> �� If uader paragraph 21 the Property is acquired by Lender, Borrnwer's right to any insurance policies and proceeds f ., :�} .'�.,-.�,9..
<br /> •�� resulting from damage to the Property prior to the acquisition ehall pass to Lender to the estent of the sums secured by ---
<br />' � thia Security Iastrnment immediately priar to the acqwsition. � . .���=` ""'
<br />���! 6.Occupeucy,Preservation,Maintenance and Pratection of the Property;Borrower's Loan Applicetion; � �-A,,;,�;�,-�
<br /> I,easeholds.Borrower shall occupy,establish,and use the Praperty as Bortower s principal residence within siaty days =
<br /> '�� after the esecution of this Security Inauument and shall continue to occupy the Property as Borrower's principal `{�°'-� +�
<br /> � residence for at least one year after the date of occupancy,unless Lender otherwise agrees in writing,which consent shall ' •.� —_-
<br />,._s not be unreasonably withheld,or unless extenuating circumscancea exist which are bepond Borrower's control.Borrower _._ �
<br /> ,i shall not destroy.damage or impair the Properts,allow the Property to deteriorate,or wmmit waste on the Propertq. :�.;. " �.-
<br /> ' Borrower shall be in default if any forfeiture acnaa or proceeding,whether civil or criminal,is begun that in Lender's ���_`_
<br /> ! good faith judgment could result in forfeiture of the Progerty or otherwise materially impair the lien created by t}ua :�',��r��
<br /> Security Instrument or Lender's sacurity interast. Bonower maq cure such a default and reinstate, as provided in :,�.:,_:`"`
<br /> paragraph 18, by causing the accion or proc�eeding to be dismiesed with a ruling that, in Lender's gaod faith -- �
<br /> determination,precludes forFeiture of the Bonower's interest in the Pmperty or other material impairment of the lien � `-�=
<br /> created b thia Security Instrument or Lender's security interest.Borrower shall also be in default if$orrower,during ,� ��___
<br /> the loan applicatioa process, gave matetislly false or inacc��rate information or statements to Lender (or failed to ' '.;i•'� �
<br /> provide L.ender with any material information}in wnnection with the loan evidenced by the Note,including,tLt not 's�'` �'
<br /> limited to,representations coacerning Borrower's occupancp of the Property as a principal residence.If ttris Security � ' �
<br /> . Instrument is on a leasehold,Borrower shall comply with all the provisions of the lease.If Bonower acquirea fee title to _
<br /> the Property,the leasehold and the fes title shall not merge unless L.ender agrees to the merger in writing. `- �
<br /> 7. Protection of Leader's Rights in the Property.If Bonowet fails to perform the covenants and agreesnents :�!"��
<br /> contained in this Security Instrument,or there is a legal proceeding that may sigiuficantly affect Lender e rights in the ' "
<br /> Property (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture or to enforce laws or _ _
<br /> regulatione),then Lender may do and pay for whatever is necessary to protect the value of the Property and Lender's ����
<br /> righte in the Propetty. I.ender's actions may include paying any sums secured by a lien which has pnority over this . �"�,>.,, .
<br />• Security Instrument,appearing in court,paping reasonable attomeys fees and entering on the Property to make repaire. LL
<br /> Although Lender may take action under this paragraph 7,Lender does not have to do so. ..,� -'�-._--
<br /> Any amounts disbursed by Lender under this paragraph 7 ahall become additional debt of Bonower secured bq thie r =
<br /> Security Instrument.Unlesa Bortower and Lender agree to other terma of payment.these amounts shall bear interest • , . �. ••� °'�;
<br />� from the date of diabursement at the Note rate tusd ahall be payable,with interest,upon notice from Lender to Borrower ,�'`�-
<br /> requesting payment. �°.
<br /> 8. Mortgaga Insurence.If Lendet required mortgage inaurance as a condition of making the loan secured bq this � '`'�'"S �
<br /> Security Instrument,Bonower shall pay the premiuma required to maintain the mortgage insurance in effect.If,for any �`�;��.--r.- •v- �:�
<br /> reason, the mortgage insumnce wverage required by Lender lapses or ceases to be in effect,Borrower shall pay the `
<br /> premiuma required Lo obtain coverage substantially equivalent to the mortgage insurance previously in effect,at a cost .. . : ..�-r:�--
<br /> aubstantially equivalent to the cost to Bonower of the mortgage insurance previously in effect, from an alternate ' � . •
<br /> mortgage insurer approved by Lender. If eubstantially equivalent mortgage insurance coverage is not aveilable, • � �
<br /> Bonower shall pay to Lender each month a sum equal to one-twelfth of the yearly mortgage insurance premium being � �
<br /> paid by Borrower when the insurance coverage lapsed ot ceased to be in effect.Lender will accept,use and retain these ..
<br /> payments as a loss reaerve in lieu of mortgage insurance. Losa reserve payments may no longer be required, � �, , _ �__
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<br /> Ferm 3025 9/ ' . • ,_.._.
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