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201306190 <br /> B. Property Insurance. So long as the Owners Association maintains, with a generally <br /> accepted insurance carrier, a "master" or "blanket" policy insuring the Property which is <br /> satisfactory to Lender and which provides insurance coverage in the amounts (including deductible <br /> levels), for the periods, and against loss by fire, hazards included within the term "extended <br /> coverage," and any other hazards, including, but not limited to, earthquakes and floods, for which <br /> Lender requires insurance, then: (i) Lender waives the provision in Section 3 for the Periodic <br /> Payment to Lender of the yearly premium installments for property insurance on the Property; and <br /> (ii) Borrower's obligation under Section 5 to maintain property insurance coverage on the Property is <br /> deemed satisfied to the extent that the required coverage is provided by the Owners Association <br /> policy. <br /> What Lender requires as a condition of this waiver can change during the term of the loan. <br /> Borrower shall give Lender prompt notice of any lapse in required property insurance coverage <br /> provided by the master or blanket policy. <br /> In the event of a distribution of property insurance proceeds in lieu of restoration or repair <br /> following a loss to the Property, or to common areas and facilities of the PUD, any proceeds <br /> payable to Borrower are hereby assigned and shall be paid to Lender. Lender shall apply the <br /> proceeds to the sums secured by the Security Instrument, whether or not then due, with the <br /> excess, if any, paid to Borrower. <br /> C. Public Liability Insurance. Borrower shall take such actions as may be reasonable to <br /> insure that the Owners Association maintains a public liability insurance policy acceptable in form, <br /> amount, and extent of coverage to Lender. <br /> D. Condemnation. The proceeds of any award or claim for damages, direct or consequential, <br /> payable to Borrower in connection with any condemnation or other taking of all or any part of the <br /> Property or the common areas and facilities of the PUD, or for any conveyance in lieu of <br /> condemnation, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by <br /> Lender to the sums secured by the Security Instrument as provided in Section 11. <br /> E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with <br /> Lender's prior written consent, either partition or subdivide the Property or consent to: (i) the <br /> abandonment or termination of the PUD, except for abandonment or termination required by law in <br /> the case of substantial destruction by fire or other casualty or in the case of a taking by <br /> condemnation or eminent domain; (ii) any amendment to any provision of the "Constituent <br /> Documents" if the provision is for the express benefit of Lender; (iii) termination of professional <br /> management and assumption of self-management of the Owners Association; or (iv) any action <br /> which would have the effect of rendering the public liability insurance coverage maintained by the <br /> Owners Association unacceptable to Lender. <br /> MULTISTATE PUD RIDER -Single Family -Fannie Mae/Freddie Mac UNIFORM INSTRUMENT <br /> VMP ® -7R (0811) Page 2 of 4 Form 3150 1/01 <br /> II III III 1101111 I II 1 IIII 111110 III II II I III <br /> 0000007866706 <br />