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��14��573 <br /> B. Property In�urance. So [ong a� the Uwners Assaciati�n maintains, with a gene�-ally <br /> acc�pted �nsurance carr�er, a "mast�r" or "blanket" po[icy insuring the Praperty wh�ch is <br /> satisfactary to Lender an� which prv�ides �nsurance ca�erage in the amaunts ��nc�udin� <br /> deducti�ale le�e[s}, fvr the periods, and aga�nst loss �ay fire, ha�ards in�luded within the t�rm <br /> "extended co�era�e," and any other ha�a�ds, including, but not ��m�ted t�, earthquakes and <br /> f�oods, fvr which Lender requires ir�surance, then: {i� Lender wa��es the pr��isian in Secti�n 3 <br /> far the Periadic paym�nt to Lender of the yearly premium instal[ments for prop�rty insurance <br /> �n the Praperty; and �ii} Ba�rower's ob�igativn under S�ction 5 to mainta�n �roperty insurance <br /> co��rage on the Prvpe�ty is deeme� satisfied to th� extent that th� requ�red co�erage is <br /> pro��ded �y the Qwn�rs Assa��at�on polrcy. <br /> V11hat Lender �equires as a condit��n af this wai�e� can change during the ter� af the <br /> Ioan. <br /> gvrr�wer shall gi�e L�nd�r prompt not��e of any �apse in required property insurance <br /> co�erage pro�ided by the master or blanket policy. <br /> In the event of a distri�utivn af prvperty insurance prvc��ds in �ieu of restor�t�on or <br /> repair follow�ng a �oss to the Pr�perty, or tv cvmmon areas and facilities of the PUD, any <br /> proc��ds payab[e t� Barrower are her�by a�signed and sha[� b� paid to Lender. Lender shall <br /> apply the proceeds to the sums s�cured by the Security �nstrument, wnether ar nat th�n du�, <br /> with the exces�, if any, pai� to Barrvwer. <br /> �. Public Liability Insuranc�. Barr�we� sha[l t�ke such activns aS may be reas�nabl� ta <br /> insure that the �wn�rs Ass�ciati�n maintains a pu�alic liab���ty insuranc� pvlicy acceptab�e �n <br /> form, amvunt, and extent af co�e�age t� Lender. <br /> D. �vndemnation. The ��oce�ds vf any award �r c�aim f�� dama�es, direct or <br /> consequ�ntia�, payable ta Borrower �n connectian with any condemnatian or ather taking af all <br /> or any part of the P�operty or the comman areas and faci��ti�s of the PU a, or for any <br /> con�eyance in lieu af cvndemnation, are hereby ass�gned and shall be pa�d to Lender. 5uch <br /> pr�ceeds sha�� be app�ied hy Lender tv th� sums secured by the Secur�ty lnstrument as <br /> pro�ided in Seetian � 1, <br /> E. Lend�r's Prior Gansent. B�rrawer shall nat, except after notice to Lender and with <br /> Lender's privr writt�n �ons�nt, ��ther partition or subdi�ide the Prvp��ty ar consent t�: 4i} the <br /> abandonment or terminat�on of the PUD, except fvr a�andonment or te�mination requ�red by <br /> law in the case of substantial destruction by fire �r other casua�ty or in the case of a taking <br /> by candemnatian or em�nent dama�n; 4ii} any a�endrr�ent t� any pr���sion of the "�vnst�tuent <br /> Documents" �f the pra�ision is far the �xp��ss b�nefit af Lender; �ii�� termination of <br /> professional management and assumptivn �f se�f-management af the �wners Associativn; or <br /> �iv� any action which wvu�d ha�� the eff��t of rend�ring the public liability insuran�e �o�e�age <br /> maintained by the 4wners Associat�an unacc�ptab[e to L�nde�. <br /> F. I�emedies. �f B�rrvw�r does not pay PUD dues and assessments wh�n due, then <br /> L�nder may pay them. Any amounts disbursed by Lender under this pa�a��aph F shall becvme <br /> additianal d�bt of Ba�rawer secured by the Security �nstrurr�ent. Unfess B�rrawer and Lend�r <br /> agree to other te�ms vf paym�nt, these amounts sha�l bear int�rsst from th� date af <br /> d�sk�ursement at the N�te rate and shall be payab�e, with interest, upvn notice from Lender to <br /> B�rrower request�ng payment. <br /> MULT�STATE PUD R�DER - Sing�e Family M Fann�� MaelF�ed�i�e Mac L1N�FC)R�IJi �NS�TRUMENT <br /> VMP�-7R 4�8� �� Pag� 2 �f 3 l nitia�s. A �-�' Form 3�5� 11�'1 <br />