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, ��14��57� B. Property Insuranc�. So lvng as th� awners Association maintains, with a g�ne�a��y accepted insurance carrisr, a "mast�r" or "b�ank�t" p�licy insuring the Property which rs sati�factvey to Lend�r and which pra�ides insurance co�erage in tne amounts �includ�ng deductible �e�efs}, far the per�ods, and against lass �y fire, hazards inc�uded W�tn;n tn� te�m "�xtended co��rage,�' and any ath�r hazards, inc�uding, but nvt limited to, ea�thquak�s and fl�ods, far which Lender requires �nsuranc�, th�n: �i� Len�er wai�es the pro�isi�n in Section � for the Period�c Payment tc� Lender of th� year[y premium insta��ments for p�operty insurance on the Property; and �ii� Borrower's obligation under S�ct�on 5 t� maintain p�operty insurance co��ag� an the Praperty �s deemed satisfied to the �xtent that the required co�erage �s pr��ded by the �wners Association po��cy. What Lend�r r�qui�es as a cond�tion �f this wai�er can change during the term vf the I�an, Borrower sha�� gi�� L�nder prompt not�ce of any laps� in r�quired property insu�ance co�erage pro�ided �y the master vr blanket pv��cy. ln the e�ent of a distribution of pr�perty insuranc� proceeds �n �ieu af r�stvratian �r repa�r following a ��ss to the Property, ar t� ��mmvn a�eas and fac'r�ities vf the PU D, any proceeds payab�e ta Borr�we� are here�y assigned and shall be paid to Lender. Lend�r sha�f app�y th� proceeds to the sums secured by th� Security �nstrument, whether or nat then du�, w�th the exc�ss, if any, paid ta B�rrower. �. Public L�abil�ty Insurance. Borrower sha[L take such act�ons as may be reas�nab�e ta �nsure that the C]wners Asso�iat�on maintains a pub��c liabi�ity insurance policy acceptable �n farm, amount, and extent af �o��rage tv Lender. D. C�ndemnation. The pra��eds af any award ar claim fvr damages, direct �r consequential, payab�e t❑ Bv��ower in �onn��t�on with any condemnatit�n o� ather tak�ng of a�l or any part af th� Prop�rty or the comm�n areas and faci��t�e� vf th� PUD, vr far any con�eyance in �ieu of condemnat�an, are her�by assigned and shail be paid tv Lender. Such pr�ceeds shall be app��ed by Lender to the sums secured by the Security �nstrument as pro�ided in �ecti�n 1 �. E. Lender's Priar Consent. Barrower sha[[ not, exc�pt afte� notice to Lender and wit� Lend�r's p�iar written consent, e�th�r partition or subdi�ide the Property or consent ta: �i} the abandanment or term�natian of the PUD, except for abandonment vr termination requir�d by �aw in the case af substantial destruction by fir� vr other �asualty ar in the case of a taking by c�ndemnat�on or eminent domain; �i�3 any amendment to any pro�isian of the "Constituent Documents" if the pro�ision is fo� th� exp�ess ben�fit of Lend�r; ��i�} termination vf professiona[ managem�nt and assumpt�on af se�f-management vf the �wners Assaciativn; or �i�� any action which wvuld ha�� the effect af rendering th� public liability insurance �o�erage maintained by the Owners Assoc�ation unacceptable to Lender. F. Remedies. �f Borrawer does not pay PU D dues and assessments when due, then Lend�r may �ay th�m, Any amounts disbursed by Lender under this paragraph F shall become additional d�bt of Bflrrower s�cur�d by the Security lnstrument. Unless Borrawer and Lender agree t� other terms of paynnent, these am�unts sha�� bear interest f�am the dat� af disburs�ment at the Note rat� and sha[� be paya�l�, with interest, upon nat�ce from Lender to Bnrrvw�r requesting paym�nt. N[ULTISTATE PLJD FiIDER - Sing�e Family - Fannie MaelFreddie Mac C.��VIF�RM INSTRUMENT VMP�-7R ��8� 1} Page 2 of 3 �nit�als: Form 3"i�� 1�� ��