201201914 - Laserfiche WebLink

Browse

��i2fl1��.� �. Property lnsurance. Sa long as fihe Owners Associstion maintains, with a generally accepted insurance carrier, a"mas#er" or "blanket" policy insuring the Properry which is satisfactary to Lende� and which provides insurance coverage in the emounts (including dec3uctable levels}, for the periods, and against lass by fire, hazards included within the term "extended coverage," and any other hazards, including, but not limited to, earthquakes and floods, for which Lender requires insurance, then: (i1 Lender waives the provision in Section 3 for the Periodic Payment to Lender of the yearly premium installments for property insurance on the Property; and {ii? Borrower's obligation under Section 5 to maintain property insurance coverage on the Property is deemed satisfied to the extent that the required coverage is pravided by #he Owners Association policy. What Lender requires as a candition of thts waiver can change during the term of the loan. Borrawer shalt give Lender prompt notice of any lapse •in required praperty insuranae coverage provided by the tnaster or blanket policy. In the event of a distribution of property insurance procesds in lieu ofi restora#ion or repair following a loss to the Praperty, or to common areas and fiacilities of the PUD, any proceeds payable to Borrower are hereby assigned and shall be paid to Lender. L.ender shali apply the proceeds to the sums secured by the Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. C. Public Liability Insur�nce. Borrower shall take such actians as may be reasonable to insure that the Owners Association maintains a pubtic liabitity insurance policy acceptable in form, amount, and extent o# coverage ta Lender. D. Condemnation. The proceeds of any award or clairn for damages, direct or consequential, payable to Borrower in connection with any condemnation ar other taking df all or any part of the Property or the cammon areas and faciiities of the PUD, or for any conveyance in lieu of condemnation, are hereby assigned and shal[ be paid to Lender. Suah procesds shal) be applied by l.ender to the'sums secured by the Security lnstrument as provided in Section 11. E. Lender's Prior Consent. Barrower shal) not, except after notice to Lender and with Lender's prior written consent, either partition or subdivide the Property or consent to: (i) the abandonment or termination af the PUD, except for abandonment or termination required by iaw in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation o� eminent domain; {ii) any amendment to any provision of the "Constituant Documents" if the provision is far the express benefit of Lender; (iii) termination of professional management and assumption af selfi-management of the Owners Assaciation; ar (iv) any action which wauld have the effect of rendering the public liability insurance coverage maintained by the Owners Association unacceptable to Lender. F_ Ftemedies. If Borrower doss not pay PUD dues and assessments when due, t4ien Lender may pay them. Any amaunts disbursed by Lender under this paragraph F shall become additional debt of Borrower secured by the Security Instrument. Unless Borrower and Lender agree to other terms uf payment, these amounts shall bear interest from the date of disbursement at the 1Vote rate and shal! be payable, with interest, upon nofiice from Lender to Borrower requesting payment. MULTISTATE'PUD RIDER - Single Family = Farmle MaelFreddie Mac UNIFORM INSTRUMENT VMP�-7R (081'1) Page 2 of 3 {nitials: Form 3150 1101