201502875 - Laserfiche WebLink

Browse

��15��575 B. Property Insurance. So �ong as the �wners Association ma�ntains, with a genera�ly accepted �nsur�nc� car��er, a "master" or "b�anket" po��cy insuring the P�op�rty which is satisfactory to Lender and wh�ch pro�ides insurance co�e�age �n the amounts ��ncluding deductible le�els}, for th� pe�iods, and against l�ss by fire, ha�ards included within the term "exten�ed cv�erage," and ar�y ather hazards, including, but not ��mited ta, earthquakes and f�oods, fo� which Lende� �equires insurance, then. �i� Lender wai�es the pro�ision in Section 3 for the Periodic Payment ta Lend�r �f the yea��y premium �nsta�lm�nts f�r �ro�erty insurance on the P�operty; and �i�} Bo�rvwe�'s ob��gation under Section 5 tv ma"rntain ��aperty insurance ca�erage an th� Property is deemed satisfi�d to the ext�nt that the r�qui�ed �o�erage is pro�id�d �y th� �wners Associat��n policy. V11hat Lender requires as a c�ndition of this wa��er can change du�in� th� term of the loan. Borrow�r shall gi�e Lender prvmpt nati�e of any lapse �� requi�ed pr�perty �nsuranc� cv�erage pro��ded �ay the master or �alanket policy. �n the e�ent of a distributifln af property insurance pr�ceeds in �ieu of restoration or repa�� fa��awing a �oss to the Property, or to cvmmvn areas and facilit�es of the PUD, any proceeds �ayab�e to Barrawer are he�ehy assigned and shall he paid to Lender. Lender shall app�y th� prvc�sds t� th� sums se�ured by the Security Instrum�nt, whether o� nvt then due, with th� exc�ss, if any, paid to Svr�ower. �. Pub��c Liab�lity Insuran��. Bvr��wer shall tak� suG� act��ns as may b� rea�anab�e ta insure that the �wners Associatian maintains a pubiic liab��ity insuranc� pn��cy acc�ptable in farm, amount, and extent af ca��a�e ta Lender. D. Condemnat�an. Th� pr�ceeds of any award or claim for damages, direct or consequ�ntial, payab�e to Borr�wer in cvnnect�on with any c�ndemn�t�on �r other tak�ng af al� or any part flf the P�aperty or the cc�mmon areas and faci��ties of the PU Q, �r for any con�eyance �n �i�u ❑f condemnation, are hereby assigned and shall be pa�d to L�nder. Such proce�ds shall be �pp�i�d by Lender to the �ums secured �y the Security [nstrument as pro�ided in Secti�n 1 �. E. Lend�r's Privr Consent. Bvrrvw�r shal� not, except after nvtic� to Lender and w�th Lender's prior wr�ttsn cflnsent, eithe� partitivn or su�adi�ide the Property or cansent t�: 4�� the abandonment ❑r t��minati�n af the PUD, except fvr abandanment or termination required by law in the case of substantial destruction by fire or other casua�ty o� �n the cas� af a takin� by cond�mnatian �r eminent domain; 4ii} any amendment to any pravisian af the "Constituent Documents" �f the ��o�isi�n is for the �xpress benefit af Lend�r; ��ii� terminat��n �f professiona[ management and assumpti�n vf self-management of the C]wners Assoc�ation; or �i�� any activn whEch would ha�e the effect of rend�ring the public liability insurance co�erage maintained ay the Dwn��s Associati�n unacceptab�e to Lender. F. Remedies. lf Barrower does not pay PUD du�s and assessments when due, then Lender may pay them. Any �mvunt� �isbursed by Lend�r und�r tnis par�graph F shall b�ct�me a�diti�na� debt of Bvrrower secured �y the S�curity Instrument. Unless Bo�rvwer and Lend�r agr�� to �ther term� vf payment, these amounts sha�l b�ar inter�st from the dat� of disburs�ment at th� Nvte rat� and sha�� be payable, with inter�st, upon notice from Lender tv Borrower request�ng paym�nt. IV�ULT�STAT� PUD R�DER - �in�fe Family - Fannie �V�aelFreddie N1a . RM 1NSTRUMENT VNiP�-7R ��S� �� Page 2 of 3 Init�als; ~ � _ Farm 3�5� '11�'I � �-�