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��15�1�45 B. Property �nsurance. Sa lvng as the �wners Assaciation maintains, w�th a gen�rally accepted insu�ance carrier, a "master" or "blanket" p�licy �nsuring th� Prvperty which �s satisfacto�y to Lender ar�d which pr��ides insurance c��era�e in the am�unts �includ'rng deducti�fe le�els�, fvr th� peri�ds, and against �oss by fire, hazards inc�uded w'rthin the term "extended co�erage," and any other hazards, includ�ng, but not l�mited to, earthquak�s and flflads, for whic� Lende�- requi�es insurance, t1�en: ti} Len�er wai�es th� pra�isivn in Section 3 far the Periadic Payment to Lend�r �f the yea�ly premium insta��ments fvr pro�erty insurance an the F'roperty; and �ii} gorr�wer's �bligativn under Sect�on 5 to maintain praperty insurance c��erage on the Pr�perty �s deemed satisfied tv the extent that the requ�red co�era�e is prr��ided �y the �wners Assaciati�n policy. Vtlhat Lender requires as a cvndit��n af th�s wai�er can change during the term of the Ivan. Bor�-�wer sha�l gi�e Lender �r�mpt n�t�ce of any lapse in required property insurance cfl�erage p�a�ided by the master or b�anket p�licy. !n the e�ent of a distribution of property insurance procee�s in lieu of restoration or repair fv�lowing a las� t� the Prope�ty, ar ta cammon areas and facilities vf the PU�, any praceeds payable tv �vrrvwer are hereby assigned and sl�all b� paid tv L�nt�er. Lender sha�l apply the p�aceeds t� the sums s�cured by the Security Instrument, whether vr nvt then dus, with the excess, if any, paid tv B�rrawer. C. Pul�lic L�ahility lnsurance. Bvrrower shall take such actions as may be reasanable to insur� that the C]wn�rs Ass�c�ativn maintains a pub�ic iiabi��ty insurance policy acceptable �n form, amvunt, and extent of �v��rage to Lender. D. �vndemnation. The pr�c��ds af any awa�-d or claim for damages, direct or �vns�quential, payab�e to Borrower in connect�on with any condemnati�n �r other taking of aIl a�r any part vf the Property ar th� c�mmon ar�as an�� fac��ties of th� PUD, or far any ; c�n�eyance in I�eu of condemnat�on, are hersby assi�n�d and �ha�� be pai� to Lender. Such praceeds sha�l be app�ied by Lender ta the sur�s secured by th� Secu��ty Instrument as pro�ided in S�ctivn � �. E. Lender's Pri�r Cnnsent. Borrower sha�l not, except afte� natic� to Lend�r and with Lende�'s pri�r written consent, either partition or subdi��de the Property or �ansent ta: 4ij the abandonment �r terminati�n vf the PUD, exce�� for ��andanment ar terminatiort required by law in the case of su�stant�al destruction by fire or vther casualty or in the case �f a taking by condemnation o� eminent domain; �ii� any amendment ta any prv�ision of the "�anstituer�t �]ocuments" if the pro�isi�n �s far the exp�ess benefit af Lender; �iii} terminat�on �f pr�f�ss�anal management and assumpti�n of selfWmanagement of the �wners A�sociati�n; or {�� any action which would ha�e the �ffe�t vf render�ng the public �iabi�ity �nsurance co�erage maintained by the �wners Assvciation unacce�tab�e t� Lende�. F. Remedies. �f Barrvwer daes nnt pay PUD dues and assessments when due, then Lender may pay them, Any amounts disbursed �y Lender und�r th�s paragraph F sha�l become additianal debt of Bo�rower secured by the Security �nstrument. Unfess Borrower and Lender agree tv other terms of payment, these amounts shal� bea� interest fr�m the dat� of dis�ursement at the Nots rate and sha11 be payab�e, with interest, upon n�tice f�om Lender tv Borrawer requesting payment. IVIULTISTATE PUD RIDE� - Single Fam�1y - Fannie N1aelFreddie Nia� UNIF�RM �NSTRUN�ENT VN�P�-7R ��81�� Page � �f 3 lnitials: � =��r�n 37�a 'l l�� , ,�� 4.