XML : How to use XmlReader with behavior of XmlTextReader with Namespaces = false

I want to parse 'invalid' xml using a streaming xml parser. I have two options

1. XmlReader.Create(..., new XmlReaderSettings() { CheckCharacters = false, ConformanceLevel = ConformanceLevel.Fragment, ValidationFlags = System.Xml.Schema.XmlSchemaValidationFlags.None, ValidationType = ValidationType.None }))

2. new XmlTextReader(...) { Namespaces = false, Normalization = false })

The first is failing on unrecognized namespaces which are presented in the xml: '...' is an undeclared prefix.

The second is failing on invalid characters: XmlException: '', hexadecimal value 0x13, is an invalid character. Line ...

Is there an option to combine both behaviors (Namespaces = false && CheckCharacters = false) so parsing will not fail on undefined namespaces and invalid characters?

Input "xml" cannot be changed as provided as is. It is also huge and cannot be loaded to the memory.