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<br /> < including floods or flooding, for wbich Lender requires insurance. This insurance shall be maintained in the amounts and �
<br /> —. for thc periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Borrower subject to x
<br /> Lende�s apptoval which shall not be unreasonably withheld. if Bonower fails [o maintain coverage described abo�c. �
<br /> • Lender may. at Lender's option, obtain coverage to proteet l.ertder's rights in the Property in accordance with patagraph —
<br /> � ��
<br /> 7. •
<br /> All insur2nce policies and renewals shall be acceptable to Lender aad shall include a standard mortgage clause. ��
<br /> ' Lender shall have the nght to hold the poticies and�nes:�ls. If Lender re�vi�e.c, Borrower shall promptly give to Lender s _ _.__ _ _ ___ __
<br /> all receipts of paid premiums and renewal noYices. In the event of loss,Borrower shall give prompt nouce to the insurance F . .
<br /> carrier and Lender.Lender may make pmof of loss if not made prompdy by Borrower. ( . _�•
<br /> Unless Lender and Botrower otherwise agree in writing.uuurance Proceeds shall be applied to restoration or repair ; . . v
<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 feasihle or Lender's secunty would be lessene�, the insurance proceeds shall be I • .
<br /> applied to the sums secured by this Secwity Instrument, whether or not then due, with any excess paid to Borrower. If �. . : �-�
<br /> Borrower abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has —
<br /> t�he p�iro e Senor to�am'sums secured by ytUis 1S rity Instrumen r wh�er or not then due eTh 30-day penod will beg a �� • `� _
<br /> Prt5', PY . .
<br /> when the nouce is given. � , �:`.�'
<br /> Unless Lender and Borrower otherwise agree in writing,any application of proceeds to principal shall not extend or : , .
<br /> postpone ths due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the paymenu.If • _ ;.—
<br /> ' under paragraph 21 the Property is acquired by Lender, Borrower's nght to any insurance policies ar.d proceeds resultin8 �'��.;__
<br /> from damage to the Property prior to the acquisuiun shall pass to Leader to[he extent of the sums secured by this Security , . '—
<br /> '� Instrument immediately pnor to the acquis�tion. � •"•
<br /> � 6. �ecupaney, Preservation, Matntenance and Protection of the Prapesty; �arroc�er's Loan Applicatinn; �r :.— . `:� :' --
<br /> � l.easeholds. Borrower shall occupy, establish, and use the Property as Borrower's pnncipal residence within sixry days ttI �.� .,�,,��:� .
<br /> l' . '4...� ;i
<br /> -� after the execution vf this Sec��rity Instnunent and shall continue to occupy the Propercy as Borrower's principal residence . �.: u ,
<br /> for at least one year after the date of occupancy. unless 1-ender oiherwise agrees in wnting, which wnsent shalt nat bc - - - --�, i
<br /> unreasonably withheld,oc unless extenuating c�rcumstances exist which are beyond Borrower's conuol.Borrower shall not
<br /> � desuoy. damage or impair the Property, atlow the Properry to deteriorate, or commit waste on the Properry. Borrower ; ��'�` ��; '
<br /> shall be in default if any forfeiture action or proceeding. whether civil or criminal, is begun that in Lender's good faith .':� . ��
<br /> ; judgment coWd result in forfeiture of the Property ar otherwise materially impair the lien created by this Secvrity '�; �� ', s�
<br /> lnstrument or Lender's security interest.Boaower raay cure sucb a default and reinstate. as provided in paragraph 18,by ��
<br /> causing the aetion or proceeding to be dismissed with a niling that, in Lender's good fvth determination, precludes , ��': '�=�'�_;�
<br /> forfeiture of We Bonower's interest in the Property or other material impairment of the lien created by this Secwity . ,�.` ��
<br /> = Instrument ar Lender's security interest.Borrower shall also be in default if Borrower,during the loan appltcauon process. ,�,
<br /> = �ave materialiy false or inaccurate information or statements to Lender{or failed to provide Lender wrth any material . �• :-f, �.� t:��
<br /> " information)in connection with the loan evidenced by the Note, inciuding:but not tinuted to, repmsentations conceming :<>.... •. � , ,�,
<br /> Bonower's occupancy of the Property as a principal restdence.If this Secunry Instrument is on a leasehold,Borrower shali : � �� .,.
<br /> ; ; comply with aU the provisions of the lease. if Bonower acquires fee tide to the Property, the leasehold and the fee title s,,_�_ "'—
<br /> ° shall not merge unless Lender agrees to the mer�er in writing. . . °�;-�-
<br /> � 7, Protectioa ot Lender's Rights in t6e Property. If Borrower fails to perform the covenanu and agreements • _
<br /> � ycantained in this Security Insttument, or there is a legal proceeding Wat may si�nificantly affect Lender's rights in the . : '��_.,
<br /> � Property(such as a proceeding in bankruptcy,probate, for condemnation or forfeuure or to enforce laws or regulations). • ��
<br /> � then Lender may do and pay for whatever �s necessary to protect the value of the Property and Lender's rights in the '_ti._!
<br /> m
<br /> • � Property. Lender's actions way include paying any swns secured by a lien which has priority over this Security _
<br /> Instrument. appearing in court. paying reasonable attorneys' fees and entering on the Property to malcs repairs.Althougb • � -_.�
<br /> ' L ender ma y take action under th�s paragraph 7,Lender does not have to do so. •- •,��':
<br /> ; Any amounts disbursed by L en der un der Wis para g r a p h 7 s h a l l b e c o m e a d d i t i o n a l d e b t o f B o r r o w e r s e c u r e d b y t h i s :
<br /> 5ecurity Instrument. Unless Borrower and Lender agree to oWer terms of payment.chese amounts shali bear interest from �. , �,
<br /> � �i the date of disbursement at the Note rate and shall be payable, with interest. upon notice from Lender to Borrower _ „�;,�--. —
<br /> ';_..,
<br /> , requesting payment. . '�r��
<br /> � 8.Mort�age Insurance. If Lender required mortgage insurance as a condition of making the loan se�ured by this
<br /> ag
<br /> Sec�irity Instrument, Borrower shall pay the preminms required to maintain the mortgage insurance in effecc. If, for any ',� _
<br /> � reason, the mortgage insurance coverage requ�red by Leuder lapses or ceases to be in effect, Borrower shall pay the .. . �
<br /> premiums required to obtain coverage substannally equivalent to the mortgage insurance previously in effecx. at a cost . t �:
<br /> . '� substanrially equivalent to the cost to Borrower of the mortgage insurance previously in effect, from an altemate mortgage c—
<br /> insurer approved by Lender. lf substantially equivalent mortgage insurance coverage is not available.Borrower shall pay
<br /> � to Lender each month a sum equal to one-twelfth of the yearly mortgage insurance premium being paid by Borrower when �
<br /> the insurance coverage lapsed or ceased to be in effect. Lender will accept,use and retain these payments as a loss reserve �
<br /> in lieu of mongage msurance. Loss reserve payments may no longer be required. at the option of Lender, if mortgage , � �
<br /> insurance coverage (in the amount and for the penod that Lender requires) provided by an insurer approved by Lender
<br /> � again becomes available and is obtained. Bonower shall pay the premiums required to maintain mortgage insurance in i
<br /> effect, or to provide a loss reserve, until the tequirement for mortgage ins�arance ends in accordance with any written
<br /> agreement between Bonower and Lender or applicable law. Form 3o2Q�/9p Ip 3 o sl
<br /> � BANKERS SYSTEMS.iNC..5T.CLOUO,MN BB302 11�800 397�Z3411 iOflM MO�1�NE 2/5/91 �� .
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