201500151 - Laserfiche WebLink

Browse

��15��151 B. Property �nsurance. So lang as the �wne�s Associat�an maintains, with a generally accepted insurance carrier, a "mast�r" or "blanket" po�i�y insurin� the Property which is sat�sfa�tory ta Lender and whicn pro��es �nsurance co�erage �n the amvunts 4�ncluding deductible le�e�s}, for the periods, and against loss �ay f�re, hazards in�luded wit��n tne te�m "extend�d ca�erage," and any ather hazards, including, but not �imited to, ea�thquakes and flv�ds, far which Lender requir�s insu�an�e, th�n: �i} Lend�r wai�es t�� prv�ision in Sectian 3 far the Periodic Payment tv Lende� of the year�y premium insta��mentS for pr�perty insurance vn the �'raperty; and �ii� Bflrrower`s ob�igation under Section 5 to maintain property insuran�� ca�era�� on the property is deemed satisfied t� th� extsnt that the required ca�erage is pra�ided by the �wners Assvciat�on po[icy. Wnat Lende� requires as a conditian of this wai�er can change during the term of the loan. Bo��vvver shall gi�e Lende� prompt n�tic� of any [apse in requ�red property insurance c��e�ag� pro�ide�i hy the master or blanket �fl�icy. �n the e�ent vf a distri�ution of p��pe�ty insurance pro�eeds in lieu of �estoration �r r�pair f�llowing a [oss t� ths P�operty, ❑r to cvmmvn areas and fac��t�es of the PUD, any pro�eeds payable to B�rrvwe� are herehy assrgned and sha�� e paid to Lender. Lender sha�� app�y the proceeds t� the sums secured by the Secu��ty Inst�ument, wh�th�r o� nat then due, w�th the excess, if any, paid to B�rrower. C. Pub��c Liab��ity �nsurance. Bvrrvvv�r sha�� take su�h a�tians as may b� reasonable to �nsure that the �wners Assvciatior► maintains a public ��ability insurance p�licy ac�eptab�� n form, am�unt, and extent of c��erage to Lender. D. C�ndemnation. The p�oceeds af any award or claim for damages, direct o�- consequential, payab[e to Borrower in connection with any candemnation or oth�r taking Qf a�� or any part �f the Property �r the cammvn areas and fac��ties caf the PUD, or for any can��yance in lieu af c�ndemnatifln, are here�ay assigned and sha�� be pa�d ta Lend�r. Sucn �roceeds shal� b� appli�d by Len�ler t� the sums secured by the Security �nstrument as prv�ided in Secti�n '� �. E. L�nde�rs Privr Consent. B�rrawer sha�� not, except after notice ta Lender and with L�nd�r's pr��r written c�nsent, either partit�an or subdi�ide the Pro�erty ar c�nsent ta. �i� th� aband�nment or termination �f th� PUD, except for abandvnment or te�rr�ination required by law in the case of substantial d�struGtion by fir� flr other casualty flr �n th� case af a tak�ng by condemnati�n or eminent damain; ��i� any am�ndment to any pro�ision �f th� "�onstituent D�cuments" if the pra��sian �s far the �xpress benef�t of Lender; 4iii} terminativn of profess�ona[ management and assumption of self-management of the awners Associatian; a� �i�} any action which wou�d ha�e the effect af render�ng the pu�[i� 1�abi�ity insurance co�erage mainta�n�d by the �wners Association unacceptabl� t� Lender. F. Remedies. lf B�rrower dves nat pay PUD dues and assess�ents when due, tnen Lender may pay them. Any amounts d�s�ursed by Lender under this paragraph F shall bec�me additional debt af Borrvwer secured �y the Security �nstrument, Un�ess Borrower and Lender agree to vther t��ms af paym�nt, these amounts shal� bear interest f��m the date of d�sbursement at the Note rate and �ha�� he payable, with interest, upan nat�ce frflm Lender t❑ B��rvwer r�qu�st�ng payment. MULTISTATE PUD RIDER - Single Family � Fanni� �V�aelFredd�e Mac tF[)RM fNSTRUN�ENT VM�'��7F� 4�8� �} Page � of 3 �nit�a�s: Form 3�5� '11Q� � � � ;�