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201208989 Section 3 for the Periodic Payment to Lender of the yearly prernium 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 provided by the Owners Association policy. What Lender requires as a conditfon of this waiver can change during the term of the loan. Borrower shall give Lender prompt notice of any lapse in required property insurance coverage provided by the master or blanket policy. In the event of a distribution of property insurance proceeds in lieu of restoration or repair following a loss to the Property, whether to the unit or to common elements, any proceeds payable to Borrower are hereby assigned and shall be paid to Lender for application to tY�e sums secured by the Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. C. Public l.iability Insurance. Qorrower shall take such actions as may be reasonable to insure that the Owners Association mainYains a public liability insurance policy accoptable in form, amount, and extent of coverage to Lender. D. Condemnation. The proceeds of any award or claim for ciamages, direct or consequential, payable to Borrower in connection with any coridemnation or other taking of all or any part of the Property, whether of the unit or of the common elements, or for any conveyance in lieu oP condemnation, are hereby assignetl and shall be paid to Lender. Such proceeds shall be applied by Lender to the sums secured by the Security Instrument as provided i� Section 11 . E. Lender's Prior Consent. Borrower shall 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 of tht Condominium I�roject, except for abandonment or terminatlon required by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or eminent domain; (ii) any arnendment to any provision of the Constituent Documents if the provision is for the express uenefit of Lender; (iii) termination of professional management and assumption of self-management of the Owners Association; or (iv) any action which would have the effect of rendering the public liability insurance coverage maintained 6y the Uwners Association unacceptable to Lender. F. Remedies. If Borrower does nof pay condominium dues and assessments when due, then Lender may pay them. Any amounts disbursed by Lender under this paragraph F shafl become additional debt of Borrower secured by the Security Instrument. Unless E3orrower and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting payment. 12-09-00002II MULTISTATE CUNDOMINIUM RIDER - Single Family - Fannie MaelFreddie Mag� UNIFORM INSTRUMENT C/��,�j/ � VMP�-8R (0810) Page 2 of 3 Initial : �drm 314Q 1107