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201404750 which provides insurance coverage in the amounts(including deductible levels), for the periods, and against loss by fire, hazards included within the term "ertended coverage," and any other hazards, including, but not limited to, earthquakes and floods, for which Lender requires insurance, then: (i) Lender waives the provision in Section 3 for the Periodic Payment to Lend�r of the yearly premiurn 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 condition of this waiver can chanDe during the term of the loan. . Borrower shal l 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 af restoration or repair following a loss to the Property, or to common areas and facilities of the PUD, any proceeds payable to Borro�ver are hereby assigned and sha(1 be paid to Lender. Lender shall app(y the proceeds to the sums secured by the Security Instrument, whether or not then due, with the excess, if any, paid io Borro�ver. C. PubliC LiBbility itlSuranCe. Borrower shall take such actions as may be reasonable to insure that the Owners Association maintains a public liability insurance policy acceptab(e in form, amount, and extent of coverage to Lender. D. Condemnation. The proceeds of any award oi• claim for damages, direct or consequential, payable to Borrower in connection with any condemnation ar other taking of all or any part of the Property or the common areas and facilities of the.PUD, or for any conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to the sums secured by the Security Instrument as provided in Section l 1. E. l.ender's Prior Consent. Borrower shali not, except after notice to I.,ender and with Lender's prior «�ritten consent, eitl�er partition or subdivide the Property- or consent to: (i} the abandonment or termination of the PUD, except for abandonment or termination 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 amendment to any pravision of the "Constituent Docwnents" if the provision is for the express benefit of Lender; (iii) termination of professional management and assumption of self-management of the Owners Association; o►- (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by the Owners Association unacceptable to Lender. F. Remedies. ff Borrower does not pay PUD dues and assessments when due,then Lender may pay them. Any amounts disbursed by Lender under this paragraph F shall become additional debt of Borrower secured by the Security Instrument. Unless Borrower 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. MULTISTATE PUD RIDER--Single Family DacMagfcEl�a�P,r,r�; Fannie Mae/Freddie Mac UNIFORM INSTRUMENT www,docmagic.com Form 3150 1/01 Page 2 of 3 �