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1 ��14�75�� B. Praperty tnsurance. So lang as the C�wners Ass�ciation mainta�ns, with a gene�-a��y acGepted �nsu�ance carrier, a "ma�ter" or "b[anket" pv�icy insuring the Prope�ty which �s satisfact�ry to Lender and which prov�des insurance cv�erage in th� amounts ��nclud�ng deduct�bl� l��ls3, fvr the per�ads, and against fass by f�re, haza�ds included with�n the te�m 'Textended co�erage," and any �ther hazards, including, but not �imited to, earthquakes and f�a�ds, for wh�ch L�nder require� insurance, then: 4�} Lende� wai�es the pra�ision in Section 3 fflr the Periodic Payment to Lende� t�f the year�y premium installm�nts for property insurance on the Property; and {ii� Bor�ower's ab[igation under �ection 5 ta maintain property insurance co�erage on the P�operty is deemed satisfied to the extent that the required co�erage is prav�ded by the Uwn�rs Associat�on po�icy. What Lender requires as a candit�vn vf this wai�er �an change during the term of the �oan. Borrvwer sha�� gi�e Lend�r prnmpt natice of any �apse in required prvperty insuran�e co�erage p�a�ided hy the ma�ter or bianket policy. �n the e�ent vf a distributi�n of prop�rty insu�anc� pr�ceeds in lieu af restaration �r repair falfowing a loss to the Pr�pertyr or to comm�n areas ancf faci�'rties vf the PUD, any proceec�� payable to 8orr�wer are hereby a�signed and sha�l be pa�d to Lende�. Lender sha11 apply the proceeds ta the sums secured by the Security Instrum�nt, wheth�r vr nvt then due, with the excess, �f any, paid ta Bo�rawer. �. Public Liab�lity �nsuran��. 8orraw�r shall take such actions a� may be reasona�le to insur� that the �wners Assvciation mainta�ns a pub��c Liabi�ity insurance po�icy acceptab�e �n form, amount, and extent of co�e�ag� ta Lender. _ D. �ondemnat�an. The proceeds af any award ar c�aim f�r dama�es, d�re�t �r �onsequ�ntia�, payable t� Bvrrower in connectivn with any �andemnation or other taking of a�� or any pa�t af the Property vr th� c�mr�vn a�eas and fac�l�t�es of the PUa, or for any c�n��yance in ��eu af condemnat�an, are hereby assigned and shal[ kae paid to Lender. 5uch proceeds shall be app�ied by Lender to tne sums secured by th� Security �nst�ument as pro��ec� in Sect�an �7, E. Lender's Pri�r �onsent. Borrawer sha�� not, except aft�r notice to Lender and ►�vith Lender's prior written cansent, either part�tian or subd��ide the Praperty or cvn�ent to: 4ij the abandonment ar termination af the PUD, except for abandonment vr term�nativn required by 1aw in the case vf substantia� d�st�uctian by fire vr ather casua�ty ❑r in th� case �f a taking by cond�mnat�on or �minent dvmain; �ii} any amendment tv any pro�ision af the "Canstituent Documents" if the pro�is�fln is f�� the express ��nef�t af Lender; {i�i� te�m�nation of prof�ssiona� management and assumption of self-management of the �wne�s Ass�G�at�on; ar �i�j any a�tion �rvhic� wou�d ha�� the effect of rendering th� pub[ic liabiiity insurance caWerage rr�ainta�n�d by the �wne�s Associatian unacc�ptab�e tv Lender. F. �em�dies. If S��rrawe� dves not pay PUD dues and assessments when due, th�n Lend�r may pay them. Any amounts d�s�aursed by Lende� under this paragraph F sha�� becom� additi�na� debt of Borrower secured by the Security [nstrument. Unl�ss Bvrrowe� and Lend�r agree to ath�r term� of payment, these amounts sha11 bear interest from the date of d�sbursement at the Nvte rate and sha�� be payable, with interest, upan nat�ce from Lender t❑ Borrawer r�qu�st�ng payment. MULTl�TATE PUD R�DER - Singfe Family - Fanni� MaelFredd�e Ma 1F �IVI lNSTRUMENT VMP��7R {�8� �} . Pa�e 2 �f 3 [n�tia[s: � ,� F�rm 3'i 5� '11�� �� `�;��