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��14��57� B. Prvperty Ir�surance. Sa �ong as the awners Assoc�ation maintains, with a genera��y acc�pted insurance carrier, a "master" or "��anket" po�icy insu�ing th� Prvperty which �s satisfact�ry ta Lender and wh�ch pra��des insurance co�erage in the amc�unts �includ�ng deductible 1e�els}, for the periods, and against �oss by f�re, hazards included within the term "ext�nd�d co�erage," and any vther hazards, including, but not limited ta, earthquakes and f��ods, for which Lender requires insurance, then: {i� Lender wai�es th� pro��s�on in Section 3 far the Periodic Payment to Lende� of the yearly premium installments for property insurance ❑n the Prap�rty; an� �ii} Barrvw�r's ab�igation under Section 5 to maintain prope�ty insurance c��erage �n the Property �s deemed satisfied to the extent that the required co�erage is prv�id�d by the �wners Association policy. What Lender requ�res as a candition of th�s wai�er can change during the t�rm vf th� Inan. B�r�ower sha�l gi�e Lend�r pr�mpt nvt�ce af any �apse in required property insurance co�erag� pro�ided by the maSt�r or b[ank�t pvlicy. In the e�ent of a distributivn vf p�operty insurance proc�eds in fieu af restoratinn or repair fvllvwing a �ass t� the Prope�ty, vr t� ��mm�n areas and fac��ties of the PUD, any prviceeds payable t� Bflrrawer are h�reby ass�gned and shall be paid to L�nder, Lender sha�� apply th� praceeds t� th� sums secured by the �ecurity Instrument, whether ar not then due, w�th the exc�ss, if any, paid ta Barrower. �. Pub�ic Liability �nsu�ance. Borrower sha�1 take such acti�ns as may he reasanable ta �nsure that th� �wners Ass�c�at�on mainta�ns a pub��c lia�ility insurance pa�icy acceptab�e in form, amount, and extent af co�erage to Lender. D. �vndemnation. Th� pr�ceeds �f any award or cfaim f�r damages, direct or consequentia�, payab�e to Bvrrower in cannection with any c�nd�mnativn or vther taking of all or any part af the Prop��ty vr th� cammon areas and faci�iti�s of the PUD, ar for any con�eyance �n ��u af condemnation, ar� her�hy assigned and sha�l be paid to Lender. Such proc�eds sha�l be applied by L�nd�r to the sums secured by the S�curity Instrument as prv�id�d in Section ��. E. Lender's Prior Cvnsent. Bor�ower shall not, except after notice tn Lender and with Lender's prior w�itten consent, either partit�on or subd��ide the Prape�ty ❑r consent ta: 4i} the abandanment or term�natian of the PUD, �xcept far a�aandonment ar termination requir�d by law �n the case of substantial destruction by fir� or vther casualty �r in the �as� vf a taking �y condemnation or �minent domain; 4�i� any amendnnent tv any p�o�ision vf the "�onstituent �ocuments" if the prv�isi�n is far th� expr�ss benefit of L�nder; �iii� termination of prvfessiana� manag�ment and assumpt�on �f se�f-management of the �wners Association; or �� any actian which wvuld haWe the effect af rendering the public liabil�ty insurance co�erage ma�ntained by ths �wners Ass�ciat��n unacceptak�l� to Lender. F. Rem�d�es. If Borrower dves not pay PUD dues and assessments when due, then L�nder may pay them. Any amounts disbursed by Lertd�r unde� tn�s para�raph F shal[ �ec�me additiana� debt of �3o�row�r secu�ed by the Se�u��ty �nstrument. Unless Borrower and L�nder agree to other terms of payment, these amounts sha�� bear interest frvm the dat� vf disburser7nent at the Note rate and shall �ae payable, with interest, upon notice frvm Lender to B�rrower ��questin� payment. MULTISTATE PUD R�DER - Single Family - Fannie MaelFreddie Mac UNIFt]RM 1NSTRUN�E�VT VMP�-7R �481 �� Page � of 3 Initials: � Form 3�54 71D'i �