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��15�3��1 B. Property �nsu�ance, So ��ng as the �wners Associat�vn maintains, with a generai�y accepted insurance car�ier, a "master" or 'rblanket" pv�icy insuring the Praperty wh�ch �s satisfactary t� Lender and wh�ch p�v�ides insurance co��ra�e in t�e amounts ��nc�ud�ng deduct�h�e �e�e�s�, fvr the perivds, and aga�nst Ioss by fi�e, ha�ards inc�ud�d within the ter� "extende�i ca�erage," and any ather hazards, includ�ng, but nat ��mited to, earthquakes and flvods, f�r wh�ch Lender r�quires �nsuran�e, then: �i} Lender wai�es the pro�ision in Sect�vn 3 for the Periodic Payment ta Lender of the yearly premium insta��ments fo� prvperty insu�an�e on the Praperty; and 4ii} Bo�rower`s abligation under Se�tivn 5 to maintain pr�perty �nsu�anc� c��erage on the Property is deemed satisf�ed t� the extent that the requir�d cv��ra�e is pr�Wided by the �wners Ass�ciativn p�licy. 1Nhat Lender requires as a condition �f this wai�er can chan�e during the term of t�e ioan. Borrower shall g�� Lender prampt notice of any lapse in required prvpe�ty insu�ance cv�erage prv�id�d by the master or blanket �ol�cy. In the e�ent of a distribut�on of property �nsurance p�o�e�ds in li�u vf restarati�n or r�pair follvw�ng a loss to the Property, or to comman areas and facilities of the PUD, any proceeds payabf� t� Borrower a�e hereby a�signed and shall be paid t� Lender. Lend�r sha�� apply the p�o�eeds to the sums secured hy the S�cu�ity Instrument, whether ar n�t then due, with the excess, if any, paid ta Bvrr�wer. �. Public Liability tnsurance. Bor�vwer shal� take su�h a�tions as may b� reasonable to insure that the flwners Associativn mainta�ns a puk�lic �iability insurance policy accepta�� in fvrm, am�unt, and extent vf co�erage to Lender. �3. �andemnation. The praceeds af any award or c�air�r� far damages, direct ar cansequential, payab�e to Barr�wer in c�nnection with any condemnatian vr other taking of a�l nr any part of the Praperty �r the comm�n areas and facilities vf the PU�, vr f�r any con�eyance in lieu of condemnation, are here�y assigned and shall b� pai�i t� Lender. Such praceeds sh�� be applied by Lender to the sums secured by the ��curity Inst�ument as pra�ided in Section � �. E. Lsnder's Pr�or �vnsent. Borrower shall not, ex�ept after notice t❑ L�nder and with Lender's pr�or written consent, ��ther partitian vr subd��de the Property or consent ta: 4i} the abandonment or terminatifln ❑f the �'UD, except f�r abandonment or ternn�nation required by law �n the caS� of substantial destruction by fire or other casua�ty or in the case of a taking by condemnation ar eminent domain; �ii} any amendment to any prv�isian vf the "�onstituent D�cuments" �f the pro�ision is for the express �aenefit af Lender; �iii} terminat�on �f pr�fess�onal mana�em�nt and assumption of self-management af the �wners Assvciat�on; nr 4��} any action wh�ch wauld ha�e the eff�ct of render�ng the publ�c l�ability �nsurance co�erage mainta�ned by the �wne�s Ass�ciat�vn unacceptab�e to Lender. F. Rem�dies. �f Borrawer �aes not pay PUD du�s and assessments when du�, then Lender may pay them. Any amnunts disburs�d by Lender under this paragraph F sha�� become additiona� debt of Borrower secu�red by the Security Instrument. Un�ess Barrower and Lender agree ta oth�r t�rms �f payment, t�ese amounts sha�� b�ar �nterest from the date �f d�sburs�ment at the Nflt� rat� and shall �e payable, with interest, upon natice frv�n Lender to Borrower requesting payment. �1lIULTISTATE PUD FiIDER - Single Fami�y - Fannie N�aelF�edd�e Ma UN1F�F�N[ INSTRUMENT VMP�-7R 4�8� 1� Page 2 of 3 (n�t�a�s: .. r�_ Farm 3'15�3 110� � �.