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Rf-R�CORDED 20�20781� B. Praperty Insurana�. So long as the Owners Association maintains, with a generally accepted insurance carrier, a"master" ar "blanket° policy insuring the Property v+rhich is satisfactory to Lender and which provides insurance coverage in the amounts (including deductibie levels), far the periods, and agai�st loss by tire, hazards included wlthin the term "extended caverage," and any other hazards, including, but not limited to, ea�thquakes and floods, for which Lender �equires insurance, then: (i) Lender waives the provision in Sectlon 3 for the Periodic Payment ta Lender of the yearly premium installmants for property insurance on the Property; and (ii? Borrowe�'s obllgation under Sectfon 6 to maintain property insurance coverage on tF�e Property is deemed satisfied to tne extenf ihat fhe requirzd. covarage Js providad by the �wne�s Assaciation policy. What Lender requires as a condition of this waiver can change during the term of the loan. Borrower shall give Lender prompt notice of any lapse in required property insurance coverege provided by the master or blanket poliay. In the evenfi of a distribution of p�operty insurance proceeds in lieu ot restoration or repair following a loss to the Property, or to cammon ereas and fecilities of the PUD, any praceeds payable to Borrower are hereby assigned and shall be paid to Lender. Lender shall apply the proceeds to the sums secured by the Securlty Insvument, whether or not then due, with the excess, i# any, paid to Borrowa�. C. Public Lialotlity lnsuranoe. Borrower shall take such actions as may be reasonable to insure that the Owrters Association maintains a pubtic liability insurance policy acceptable in form, amount, and extent uf coverage to Lender. D. Candemnatian. The proceeds af any award or claim for damages, direct or consequential, payable to Borrower in connection with any condemnation or other teking of afl or any part of the Praperty or the comman areas and faciiities of the PUD, ar for any conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds shaU be a�plied by Lender to the sums secured by the Security Instrument as provided in Section 11. E. Lender's Prior Consent. Borrower shall nat, except after notice to Lender and wlth Lender's priar written consent, elther partitlon or subdivide the Praperty or consent to: ti} the abandonment or termination of the PUD, exoept for abandonment or termination required by iaw in the case of substantia! destruction by fi�e or other casualty or in the case af a taking by condemnation or eminent domain; tii) any amendment to any provision of ti�e °Constituent Documents" if the provision is for the express benefit of Lender; (iii? terminatian of profsssional management and assumption of self-management of the Owners Association; or tiv} any action which woutd have the effect af rendering the public liability irtsurance caver�ge maintainecJ by the Owners Association unacceptable fio Lender. F. R�medies. If Borrower does nat pay PUD dues and assessments when due, then Lender may pay them. Any amounts disbursed by Lender under this paragraph F sha�l become additional debt of Borrower secured by the Security instrument. Unless Sorrower and Lende� agree to other terms of payment, these amounts shall bear interest from the date of d[sbu�sement at the Note rate and shall be payable, with interest, upo� notice from Lendar to Borrower requesting payment. MULTIS'TATE PUD R10ER - Single Family - Fannie Mae/Freddie Ma_c{J� FOi�M, INSTRUMENT VMP�-7R (0811 t Page 2 of 3 Initials: PV �1Form 3950 9/01