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��15�1455 E3. Prap��ty ��suranc�. 5� �ong a� th� av�r ners Associat�vn main�a�ns, w i�h a general�y accepted insurance carrier, a "mas�er" or "blanket" pof�cy insuring th� Pr�p�r�y wh�ch is sa�isfac�ary �� Lender and vtir h��h pr�vid�s insuranc� co�e�age in �he amounts �InGlUding deduc��e le�els}, fnr �he per�ods, and aga�r�st loss by fire, haza�ds inc�ud�d w i�hin �he �e�m "��tended ca��age," and any o�her h�ards, �nclud�ng, but not �im�ted to, ear�hquakes and floods, fo� w h�ch Le�d�r r�quires �nsu�ance, �hen: �i} L�nder wa��es �he pro��s�on in Secti�n 3 �or the P�rifld�c F'a�ment �o Lender af ��e yea�ly premium �ns�allments for proper�y insurance on �h� Proper�y; and ��i} Barro�v��'s �bliga��n und�� Sec�ian � �a maintain p�operty insuranG� �o�erage an �h� P�operfiy is deemed sa�isfied �o �he ex�ent �ha� th� required coverag� is pro�ided by the �wners Assa�ia�ion p�l�cy. INnat Lender requir�s as a c�nd�tifln o� this w aiver can change dur�ng the term of the �aan. Borrow er shal! g�ve Lender promp� r�a�ic� �f any lapse in �e�uired proper�y in�urance �o�era�e p�a�ided �y the mas�er flr blanke� poiicy. �n �he �ven� vf a distributiar� �� prop�rty insurance proc�eds in lieu vf res�oratifln or r�pair fflllowir�g � �vss to �he Pr��er�y, or to ��mmon areas and fa�i��t�es of the PUD, any proceeds payabl� �❑ Borrow er a�e h�reby assign�d and shall be paid t� Lender. Lender sha11 apply the p�aceeds �o �he sums se��ed �y �he Security Instrumen�, �rv h�ther or no� �hen due, w�th the exc��s, Ef a�y, pa�d to B�rro�v er. �. Publ�c L��b�lity l�surance. Bvrrower shal� tak� suGh ac��ons as may be reasonabl� to �nsure �hat �he �ervners Assac�a�ion m�ir�tai�s a pub�ic I�abi[i�y insu�ance po�icy acc�ptab�e in form, amount, and ex�e�t of ca��age �� L�r�der. D. �ond�m�at�vn. The proce�ds of any aw ard or claim for damag�s, direc� a� �onsequen�ial, payable ta �orrov��r i� conne��iQn w i�h any Gondem nati�n ❑r o�her taking �f all or any par� �� th� P�roperfiy o� �h� cvmmon areas and fa�ilities of �he PUD, or far any conveyance in �i�u o� �ondemn�tion, ��e h�reby assi�ned and sha�� be paid �a Lender. Such prviceeds shall �� appl�ed by Lender to tne sums secured by #he Secu��ty �ns�rumen� as provid�d in Sect��n ��. E. Lender's �ri�r �o�se�t. E�orr�w�r shall na�s exc�p� after not�c� to Lender and w�th L�nder's �ri�r w ritt�n ��nsent, ei�her pa��ion or su�divide the Praperty o� consent �o: �i} the abandnnmen� ar �ermina��n of �he P�1D, except for abandonmen� or te�m�nation requir�d by !aw �n �he Gase o� subs��ntial ��s�ruct��n by f�re or v�her casual�y �r in tn� case of a taking by candemna��vn �� eminent d�rr�ain; ��i� �n� amendm�n� �� any prvvisior� o� the "Cons�ituent Documen�s" i� �he pr�v�sion �s far the express benefi� of Len�er; ��i�} te�m�nat�on af pr�fessianai rna�a�emen� and �ssu�ptiv� of self-management �f the ��v ners Ass�cia�ion; or �iv} any a��ion w hic� w ouid nave the �ff�c� of rendering the pub�ic �iability insuran�e ca�erage ma�n�a�ned by the �wner� Ass��iafiion unacceptable �a Lender. F. Remed��s. �� Bar��er d�es n�t pay PUC� dues and assessments rrv hen due, �hen Lender may pay �hem. Any ar�oun�s disbu�s�d by Lender under �his p�ragraph F shail bec�me add�tional deb� of Ba�rovuer s�c�red �y �he Secu��y ins�rument. UnCess Bo�rower and Lender agree to a�he� �erms o� pay�en�, thes� amounts sha�� bear interest from �he da#e of d�s�u�sement �� he No�� ra�� a�d s�a�� e payabl�, w ith in��res�, upon na�ice fram Ler�der to Borrow er reques�ing pay��nt. ��o��s��o7 �sa��s��o7 11�tJL�f�STA�E P�l�] �DE�- S�ng9� F�mi�y � Fann�e l�aelFreddie I�la IFDRM �NSTRU�UI ENT VM PQ-7 R ��8�� P�ge � af 3 lni��als: Farm 3'�5D '�l�'�