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<br /> 5. Mazard or Property tnsurance. Borro�.er �hall kecp the impru�rment> now existing .ir hereattcr �re�ted on the . ; �` "�
<br /> Pruprrty in�uree! again+t lu+, b} fire, hatard� includeei «•ithin the terns "extcnde�i cucrrage" and am uther h:uard+. inrluding . _ �'�'
<br /> flewd.ur tlooding. fur�shich Lender require,insurance. Thi� ia,urancr+hall br maintaintd in the:unuunt,:uid fur the period+ ,
<br /> ,.� --
<br /> that Lendcr rcyuire.. The in,urance rarrier pm��iding the imur,�nte�hall be chutien b} Burrower .ubjert tu Lender'.appru��al • , �:f��
<br /> w•hirh �hall nut hct unre�a�un:►blp withheld. !f Borrower fails tu maints►n cocrrege dc�critx�d abo�e. Ixndrr m:sy. xt [.ender'> , �-
<br /> uption.c�btain co�•erage to protctit L.ender'�rights in the Property in accurdanre titiith p�uagraph 7. • _
<br />-. All insurance poliriea and renewals .hall be acceptable to I.�nder:ind shall indude:� standatd mort�age clause. Lender _ • , ��.
<br /> shall have the right ta hold the policies and renewal�. If Lendrr requirc�.Borrouer�hall promptly giti•z ta Lernier al!rereepts of -. ___ s_ __'._� `_ _.•�,`
<br /> paid premiums and renewal notices.In the event of losti, Borrower shall give prompt notice to the insurance carrier and Lxnder. . , _
<br /> Ixnder may make proof of loss if not made promptly by Borrow•er. ,
<br /> linleas Lender and Borrower otherwise agree in writing. insurance proceeds shall be applied to restoration or repair of the � ;�� �. � �-�_:
<br /> Property damaged,if the restoration or repair is economically feasible and Lender's security is not lessened. If the restoration or ° .... . ..:�
<br /> repair is not economically feasible or Lender's security would be lessened,the iaturance proceeds shall be applied to the sums : , .,.
<br /> secured by this Securiry Instrument, whether or not then due, with any excess paid to Borrower. If Borrower abandons the �, �. • _ _ :.��:,;s.:�
<br /> Property, or does not answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim. then ; - �
<br /> Lender may collect the insurence proceeds. I.ender may use the proceeds to repair or restore the Propeny or to pay sums � _�=�'_°~-°°°=
<br /> secured by this Security Instrument.w�he:her or not then due.The 30-day Reriod will begin when the notice is given. �d`''.°J�� '
<br /> Unless Lender and Borrower otherwise agree in writing, any application af procceds to principal shail n��t excend or _ ��� "f�
<br /> postpone the due date of the monthly payments referred to in paragraphs ! and 2 or change the amount of the payments. If � `'�..��"
<br /> under paragraph 21 the Property is acquired by Lxnder. Borrower's right to any insurance policies and proceecls resulting from ° , ,��= ''''�:__
<br /> damage to the Property prior to the acquisition shall pass to L.ender to the extent of the sums secured by this Securiry Instrument ; �•'��-•-..�� __
<br /> immediately prior to[he aa�uisition. < � ��3";_—
<br /> � �'.
<br /> 6.Occupancy,Preservation,l�faintenance and Protection of the Property; Borroir•er's I.oan Apptication; Leasehalds. � -- - ""°�
<br /> Borrower shall occupy,establish,and ose the Properry as Borrower's principat re�idence within sixty days after the execution of . ����'--�
<br /> •,.�.-
<br />� this Security Instrument and shall continue to occupy the Property as Borrower's principal re�idence for at least one year after
<br /> �-.
<br /> the date of occupancy. unless L.ender otherwise agrees in writing.which consent shall not be unreasonably withheld,or uniesa r•,���;i�—�—�',.
<br /> � extenuatin circumstances exist which are beyond Borro�ver'� control. Borrower shalt not destroy, damage or impair the � '` • —
<br /> g •,-�:�;; _` �.
<br /> Property. allow the Property to deteriorate, ar commit waste on the Property. Borrower shall be in default if any forfeiture , � } . -
<br /> action or proceeding,whether civil or criminal, is begun that in L.ender's good faith judgment could result in forfeiture of the � ; " ,.t �. �'T
<br /> �r�-'$ . . . ,
<br /> Propeny or otherwise materially impair ehe lien creat e d by t his Security Instrument or l.e n der's securi ty i n t e r e s t. B o r ro w e r m a y , .-"�" y,,:�: �
<br /> cure such a default and reinstate,as provided in paragraph 18, by causing the action or proceeding ta be dism"ssse�with a ruiing ;i,•� .�_-:,'>
<br /> that, in L.ender's good faith determination, precludes forfeiture of the Borrower's interest in the Property or other material =' �• ' �",z
<br /> impairment of the lien created by this Security Instrument or Lender's security interest. Borcower shall also be in default if �''� .�-
<br /> Borrower,during the loan application process,gave materially false or inaccurate infomtation or statements to Lender(or failed ?�yt ' •--
<br /> to provide Lender with any material information) in connection with the loan evidenced by the Note. including,but not limited � et ' `�
<br /> to, representations conceming Borcower's occupancy of the Propeny as a principal residence. If this Security Inspument is an a ��.., `''
<br /> leasehold, Borrower shall comply a•ith all the provisions of the lease. if Borrower acquires fee title to the Property, the % � ��: �_ _�
<br /> leasehold and the fee ti[le shall not merge unless Lender agrees to the merger in writing. F? - —_
<br /> _ 7.ProtetKton of Lender's Rights in the Property.If Borrower fails to perform the covenants and agreements cantained in ; �.�___.
<br /> this Security Instrumeni, or there is a legal proceeding that may signiftcandy affect L.ender's righu in the Property(such as a .'��•
<br /> r�'`:..�s�>.
<br /> proceeding in bankruptcy,probate, for condemnation or forfeiture or to enforce laws or regulatians), then Lender may do and �z=,':y�-
<br /> � ` pay for whatever is necessary to protect the value of the Pruperty and L.ender's rights in the Property. l.ender's actions may . •• . : '�""`��:��'
<br /> include paying any sums secured by a lien which has priority over this Security Instrument. appearing in coun, paying � - a---�:-Y-:
<br /> . reasonable attorneys'fees and entering on the Property to make repairs. AI[hough Lender may take action under this paragraph ��, _,
<br /> 7.Lender does not have to do so. _ �"
<br /> Any amounts disbursed by Lender under this paragraph 7 shall become additiona! debt of Borrower secured by this y.:�.�,,�, '*;'.'
<br /> Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from the __--___ ��%"` ?.�`�=
<br /> daie of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting -�,..;�,sT.-"�'�'•"'�_�-
<br /> payment. -:����='�
<br /> $.Mortp,age Insurance. if Lender required mortgage insurance as a condition af making the Ioan secured by this Security ' ' e—
<br /> lntitrument. Borrower chall pay the premiums required to maintain the mortgage insurance in effect. If, for any reason, the . _
<br /> mortgage insurance coverage required by Lender tapses or ceases to be in effect. Borrower shall pay the premiums required eo ,:� w �
<br /> ���:`�,.
<br /> obtain coverage substantially equivalent to the mortgage insurance previously in effect.at a wst substantially equivalent to the . :,, �_;..;�.,, j°.:.;=..
<br /> cast to Bonower of the mortgage insurance previously in cffect, from an altemate mortgage insurer approved by Lendcr. if ••:;,',�;,,,.,�;,,;�;t�••t.
<br /> substantially equivalent mortbage insurance coverage is not available. Borrower shall pay to Lender each month a sum equal to . , � • �
<br /> one-twelfth of the yearly mortgage insurance premium being paid by Borrower when the iasurance coverage lapsed or ceased to .
<br /> be in effect.Lender will accept,use and retain these payments ati a loss reserve in lieu of mortgage incurance. Loss reserve . ' , :: . ..
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