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��14�3575 B, Property Insuranc�. So lang as the �wners Ass�ciation maintains, w�th a generally accepted �nsurance carri�r, a "master" �� "blanket" pa�icy �nsuring the Property which �s satisfactory to L�nder and which pra�ides insurance co�erage in the amounts �includin� deductib�e �e�els}, for the p�riads, and against lass by fir�, hazards inc�uded within the term "extended c��erage," and any �ther hazards, including, but not ��mited to, earthquakes and f�oads, far which Lend�r �equi��s insurance, then: �i} Lender wai�e� the pro�isivn �n Sect�an 3 for the Periodic Payment to Lender ❑f the year�y premium instal[ments far property insuran�e on tne P�ap�rty; and �ii} Borrawer's �bligat�on under Section 5 to maintain prope�ty insurance co�erage on the Property is deem�d satisfi�d to the extent that the re�uired cv�era�e is pra��d�d by the C]wr�ers Assaciation policy. Wnat Len�er requires as a canditian of th�s wa��er can �hange during the term of the �oan. Barrvwer shall gi�e Lender prompt notice �f any �apse in required praperty insurance G��rage pra�ided hy the master ❑r b�an{�et policy. �n the e�ent �f a dist�i�utian af prvp�rty �nsurance prv�eeds in �ieu of rest�rati�n or repair fa��awing a foss to the Pra�erty, vr tv �ommon areas and fac�lities of th� PUD, any prvice�ds payabie to B�rrvwer a�e he�eby assigned and shall be paid tv Lender. �ender shal� apply the pr�c�eds to th� sums s�cured by the S�curity Instrument, whet�er ❑r not then due, with the �xcess, if any, paid tfl Bvrrawer. C. Public Liability Insurance. B�rrower sha[� take such actions as may �e reas�nab�e to insu�e that the C�wners Ass�ciatian ma�nt�ins a pub��c �iab�lity insurance policy acceptab�e �n form, amount, and extent of co�erage to Lender. D. C�ndemnatian. The proceeds of any award or claim far damages, direct o�- consequentiaf, paya�le tv Barrvwer in cannectian with any candemnation nr ather tak�ng of all ar any part �f the P��perty ar the cvmm�� areas and facilit'res af the PUD, or for any �on�eyanc� in li�u �f c�ndemnat�on, are hereby assigned and shalf b� paid to Lender. Su�h pr�ceeds shall be applied by Lender ta th� sums secured by the Security �nstrument as pro�ided in Sectian � 1. E. Lender's Prior Cons�nt. Bo�r�wer shall nat, except afte� notice to Lender and w'rth Lende�`s pr'ror written consent, either partitian or su�diWide the Pr�perty ❑r consent ta: �i} the abandanment or term�nation of the PUD, �xcept for abandonment ❑r ternninatian requir�d by law �n the case vf su�stantial destructi�n by fire vr vther casualty vr in the case �f a tak�ng by condemnation ar ern�nent domain; �ii} any amendment to any p��isian �f th� "�anstituent Documents" if the provisian is far the express benefit �f L�nder; �iii} tsrmination of �r�fessi�na� management and assumptian vf selfWmana�ement vf t[�� Uwns�-s Assac�ation; �r �i�} any activn which wvuld ha�e the effect af rend�ring the public lialai��ty insurance c��erage maintained by the �wners Assvciation unaccepta�le to Lender. F. Remedies. �f Borrvwer dves nvt pay PUD dues and assessments wh�n due, then Lender may pay them. Any amounts dis�aursed by Lender unde� this paragrap� F sha�l become additi�nal debt �f Sc�rrower secured by the Security lnstrument, Uni�ss Borrower and Lender agree ta �th�r terms vf payment, these am�unts sha�� ear inter�st fr�m the date of disbu�-sement at the Nvte rate and sha�� be paya�fe, with int�rest, up�n natic� frvm Lender ta Borrvwer request�ng payment. MULT�STATE PUD RIDER � Single Family - Fann�e i'1l�aelFreddie Mac UNIF RM ��VSTRUN�E�VT VMP��7R ��8� �} Pa�� 2 of 3 �n�t�a�s; , . Fvrrn 3�5� 114� �