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��14�5�� �. Pr�pe�y �nsura��. �o long �� h� C]w n�r� A��oci�fiion mainfa�n�, w ith a general�y accep�ed insurance carrier, a "master" o� "blanke�" poficy insuring the Praper�y wh�ch is sa�isfactory tv Lender and w hi�h pr�vides insurat�ce caverage in th� amounts �including deduc�ible levels}, for the per�ods, and �gains� loss by f�re, hazards included w i�hin the term "extended c�v�ra�e," and any other hazards, �nclud'[ng, bu� na� ��mit�d ta, earfhqu�kes and �foods, f�r w hich L�nder requires insurance, th�n; �i} Lender w a�ves the provision in 5�cti�n 3 for th� Perio�ic Paymenfi tQ Len��r nf fihe ye�rfy premium i[�sta[finenfis f�r praperfy �nsuran�� �n the Property; and �ii} �orrower'� vbligafiion unde� Sec��on 5 to mair�tair� pr�perfy �nsurance Gover�ge on fhe Proper�y is deemed s��isfied fio �he exfienfi fhat fihe requir�d caverage is provid�d by fihe ��v ners Associat�on poficy. l�hat L�nder requires as a �andit�on �fi fihi� waiver �an chang� during the �erm o� the l�an, Borrow�r shall giv� Lende�r prampt not�ce af any lapse in requi�ed praperty insuranc� c�verag� provid�d by fihe mast�r ar blankefi poficy, . �n the event of a distribu�ion v� propert� insurance p�oceeds in Iieu o� restorafi��n �r repair f�llo�r ing a loss to th� Property, or fi� common areas and faci�ities flf fihe PUD, any proc�eds pay�ble to �orro�v er are h�reby assigned and shaf I be paid ta �ender, L�n�er shaff apply �he pr�ceeds �o �he sums secure� by the Security Ins�rum�nfi, �hether or no� then due, w i�h the exc�ss, if any, paid to B�rrow er, �. Pu�<<c L�ability Insurance. Borraw er shall take such actians as may be r�asonab[e fio insure that the �w ners �ssociafiion maintains a publ�� liability insuran�e policy acceptable �n f�rm, amount, and exfienf �f coverage fo L�nder, a. �ond�mna��ion. The proceeds of any award or claim �or damages, direcfi or consequen�ia�, payable to Borrvwer in connection �vith any condemnafi�an or �ther taking of all �r any par� o� fihe Pr�perfy or fhe cQmmon area� an� faciEit�es of �he PUD, or for any convey�nce in �ieu of candemnation, ar� hereby assigned and sha�l be pai� to Lend�r. Such procee�� sha�E b� applied by Lender to th� sums secured by �he Security Ir�strumen� as pravided in Section � �, E. L�nder'� Prior C�n�ent� Ba rraw�r sh a[I rr ot r 2xC�..-'�� ft�r n fl�ic� f o Len d er an d w it h Lender's prior w ri��en �onsenfi, either partifion pr subdivide the Property �r c�nsenfi �o: �i} the aband�nmen� �r �ermination af the PUD, excep� �or aband�nment o� �ermina�ifln requ�red by faw in fhe �ase �� subsfantiaf desfruc�ion by �ir� or ofh�r casualfiy or in fihe case af a �aking �y �ondemn��ion or eminenfi domain; �ri} �ny am�n�ment to any provision of �he "Cvns�ituenfi C]ocumen�s" if �h� prav�isian is for �he exp�ess benefit af Lender; �iii� terminaf�an o� prflfession�l mana��m�nt and assumption of self-managemenf of the �w ner� Asso�ia�ion; or ��v} �ny a�tion w hi�h w�uld h�v'� the effecfi o� renderEng �he pu�lic liability insuranc� �overag� mainfiained by the ��rv ners Associat��n unaccep�ab�e to Lend�r. F. F�em�dies. If Sorrow er does nvt pay PUa du�s and ass�ssments w her� due, then Lender may pay fihem. Any �mounts disbursed by Lender under �his paragraph F sha�l be�ome additionaE �eb� of B�rrQwer secur�d by the 5ecur�fy l�strumen�. Unless �orrower and Lender agree to ofiher terms of payment, �hese ar�a�nts shal[ bear [nteresf from the da�e of disbursernen� afi �h� Note ra�e and shali be payable, w ifih interest, upon nofice ��m Lender �� Borr�w er requesting paym�nt. 13��4��1 11JI ULTISTATE PUD FtI�ER- S[n�le F'amify � Fa��ni� �Iae�Fr�ddie �a�_ N[F�3RM,�f��TRUMENT VM P�-7 R ��8� 1} Page�� of 3 I n it ia[s� orm 3�5� ��