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�012Q�14� (including deductible levels), for the periods, and against loss 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: (i) Lender waives We provision in Secflon 3 for the Periodic Payment to Lender of the yearly premium installments for property insurance on the Property; and (ii) Bonower's obligation under Section 5 to maintain property insurance coverage on the Property is deemed satis8ed to the extent that the required coverage is provided by the Owners AssociaHon policy. What Lender requires as a condiHon of this waiver can change during the term of the loan. Borrower shall give Lender prorapt notice of any lapse in required property insurance coverage provided by the master or blanket policy. In We event of a distribution of property insurance proceeds in lieu of restoration or repair following a loss to the Property, or to common areas and facilifles of the PUD, any proceeds payable to Borrower are hereby assigned and shall be paid to Lender. Lender shall apply the proceeds to the swns secured by the Security Instcvment, whether or not then due, with the excess, if any, paid to Borrower. C. Public Liability Insurance. Bonower shall take such actions as may be reasonable to insure that We Owners Association maintains a public liability insurance policy acceptable in form, atnount, and extent of coverage to Lender. D. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to Borrower in connection with any condemnaflon or other taking of all or any part of the Property or the common areas and faciliHes of the PUD, or for any conveyance in lieu of condemnaHon, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to We sums secured by the Securlty Inshvwent as provided in Section 11. E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prlor written consent, either partition or subdivide the Property or consent to: (i) the abandonment or terminaflott of the PUD, except for abandonment or terminaHon required by law in the case of substanflal destrucflon by fire or other casualty or in the case of a taking by condemnation or eminent domain; (ii) any amendment to any provision of We "Consfltuent Documents" if the provision is for the express bene8t of Lender; (iii) termination of professional management and assumpflon of self-management of the Owners Association; or (iv) any actlon which would have the effect of rendering the public liability insurance coverage maintained by We Owners Association unacceptable to Lender. MULTISTATEPUDRIDER-Sm�eFemuy-FmnteMaemreaaie�vrm+O�ensnvsrxcn�rr Form31501/Ol G315Q02 (0008) (Page 2 of3) In' ' ��