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��15��7�� , B. Prvpe�ty �nsurance. Sa �ang as the �wners Association maintains, with a genera��y accepted �nsurance carri�r, a "master" ar "��anket" po��cy insur�ng the Property wh�ch is satisfactory to Lender and whi�h prv�ides insurance co�erag� in the amounts �inc�uding deductib�e le�e�s�, far the periods, and aga�nst I�ss by fire, ha�ards included within the term "extended co�erag�," and any othe� ha�ards, �nc�uding, but not �imited tv, earthquakes and flaads, for which Lender requir�s insurance, then: 4i} Lender vvai��s th� pr��sion in Section 3 f�r th� Perivdic Payment to Lender of t�e yearly prem�um installments for pr�perty inSurance an the Prvp�rty; and 4ii} Barrawer's obligation unde�- Sect�on 5 to maintain pr-aperty insuranc� co�erage an the Prope�ty is deemed satisfied to tne extent that th� required co�erage �s prv�id�d by the �wners Associat�on policy. 1Nhat L�nder requires as a c�ndit��n of this wai�er can change during the term of th� �aan. Borrawer s�a�� g��e Lender prampt notice flf any lapse in required property insurance c��erag� pro�ided by the maste� ar b�anket palicy. �n the e�ent af a distributivn �f property insurance praceeds in li�u of restaration ❑r repai� fol[c�wing a Ioss tv the Property, or t� common areas and facilities af th� PUD, any proc�eds payab[e tv Bor�awer are here�y assi�ned and sha[I be paid ta Lend�r. Lender shal� app�y the proc�eds tv the sums secured �y the Security lnstrum�nt, whether or nat then du�, with the excess, if any, paid to Bvrrower. C. Public L�abi�ity Inrsurance. Bvrrowe� sha�� take �uch actions as may be reasonabie to insure that the Uwners Assac�atr�n mainta'rns a public �iability insurance poli�y acceptab�e in form, amount, and extent �f co�e�age ta L�nder. D. Condemnation. The proceeds of any award or c[aim fvr damages, dir�ct or cvns�quent�al, payab[e ta Borrc�wer in connectian with any condemnation or vther taking of all vr any part of the Prop�rty or the common a�eas and faciliti�s of the PUD, or for any cvn��yance �n lieu of c�ndemnation, are hereby assigned and shall be paid to Lender. Su�h pr�ceeds sha�l be applied by Lender to the sums secured by the Security lnstrument as prv��d�d in S�cti�n � 1. E. Lender's Privr C�nsent. Borrower shall nvt, except after notice ta Lender and w�t� Lender's pr�or written �onsent, either part�tion ar subdi�ide the Property or consent t�: 4�3 t�e abandonment or term�nat��n nf the PU D, except far ak�andonment or terrr�ination r�qu��ed by law in the case of substantial d�structr�n by fire nr other casualty ar in the case af a tak�ng by condemnation ar eminent damain; �ii� any amendment to any prv�ision of the "�onstituent Dvcuments" if the pro�ision �s for the express benefit �f Lend��; ��i�� terminativn af professiona� management and assumption of s��f-management nf the �vvners Assoc�ativn; �r 4i�� any action which wvuld ha�e the effect of �endering the pub[ic liability insuranc� ca�era�� maintained by the Uwners Association unac�eptabCe to Lender. F, Remedies. If Barrc�wer does not pay PUD dues and assessments when due, then Lender may pay them. Any amounts disbursed by Lender under this paragraph F shall bec�me addit�onal debt of Borraw�r s�cured by the Security Inst�ument. Un[ess B�r�awer and Lende� agree to other terms of payment, the�e amaunts shall hear int�r�st from the date of d��bursement at the Note rate and shall be payab�e, with int�r�st, upQn notice f�om Lender to Bor��wer requesting payment. MULT�STATE PUD FiiDER -- Sing�e Fam��y - Fann�e MaelFreddie Mac UN FUR�V� �NSTRUMENT VMP�w7R �Q81 1� . Page 2 ❑f 3 �n�tia�s: Fvrm 3�5� �ID� ��