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��15�3�59 .� ' . • .. '. . ' ' r . .. ��.•„�_ . . . * � B. Property lnsurance. So long as the �wners Assaciation maintains, with a generally . accept�d insurance carrier, a "master" ar "b�anket" palicy insurin� the Prvperty whi�h i� � ��a�is�acto�y to Lende� �a�d whic�r_pro��des �nsurance co�erage in the amounts ��nc(ud�ng ' d�eductible le�e�s}, for tMe p.eriads, and against �oss by fire, hazards included within the term - � "ext�nded c��erage," and .any other hazards, inc�uding, but nat iimited t�, ea�thquak�s and -� _ f�oQds, fo� which L�nder-requires �n�urance, then: �i} Lender wai�es the pro�ision in Sectian 3 ; fo�; th� P��odic Payment tv Lender of the yearly premium installments for property �nsurance . � �n the P��perty; and �ii} Bo��ower's ob��gation und�r Section 5 tv ma�ntain property �nsu�ance ` � ca�erage �n the Pra�erty is d�em�d sati�f��d t� the extent that th� required ca�erage is v pra��ded by the �wners Ass�ciation pvlicy. - ' ' ` What�L'ender .�equires as a candit�on af this wa��er can c�ang� during th� term flf the Ioan. � Borrower shall �i�e Lender prompt notice of any �aps� in requ�red pr�perty �nsu�ance co�erage pra�ided by the master ar blanket policy, �n the e�ent of a distr�bution vf prope�-ty insurance pr��eeds in lieu of rest�ration or . - repa�r f�il�w�ng a Ivss ta the Pr�pe�ty, �r to cvmmvn area� and fa�i�ities af the PUD, any -- pr��eeds payabfe to 6orrvwer .are her�by assigned and sha�� h� paid ta Lender. Ler�der shall . app�y the prviceeds t� the sums secu�red by th� Se�urity Instrur�ne�7t, whether a� not then due, � � with the �xcess, �f any, paid t� Bvrrow�r. � _ , C: �u�� Liab��ity lnsu�ance. B�rrowe� sha�� take such actions as may be reasonabl� to - � insure that the �wn�r� As�aciation maintains a pub[ic ��ability insuranc� p�li�y accepta��e in fo��, arnount, and extent-of co��rag� to L�nder. D. �on�emnat�on. The- �raceeds of any award nr claim far damages, direct �r . consequent�al, paya�le �o Bo��awer in connection w�th any c�ndemnat�on ar othe� taking �f all � �r_ any- part� af the Prvperty or tiie cvmman areas and fa��ities of the PU D, or for any - . . � �on�eyance �n lieu vf�cand�mnatian,•are h�reby ass�gned and sha�l be pa�d to Lender. Such r_ . . . • . praceec#s sha�� be app[�ed �y Lend�r tv the sums se�ured by the Security lnstrument as - " prfl��d�d in S�cti�n� � 1. � ." • . � . - E. Lender's Priar G�ns�nt. Barrawer sha�� nnt, ex�ept after noti�e tv Lender and with Lender's .prior writ�e� consent, eit�er part�t��n or subdi��de the Property ar cvnsent to, �i� the � aband�nment or termination of the PUD, except far abandonment or term�natifln re�u�red by law in the case of suhstantial `destruct�on by fire or �ther casualty or in the case of a taking � by condemnation ar eminent da�ain; 4i�� any a�endment to any pra��sion �f the "Constituent _ . . - �_ Documents" �f the pro�ision is for the express benefit of Lende�; �iii} termination of p�ofessiona� manag�ment.and assumptian of se�f�management �f the �wners Assaciatian; vr 4i�� any a�ti�n w��ch would ha�e th� �ffect of �endering th� pu�lic ��a�ility insurance ca�erage ma�ntained by th��wners As��c�ation unacc�ptab[e ta Lender. - F. Remedi�s. If Bar�ower' dv�s not pay PUD du�s and ass�sSments when du�, th�n � Lender may pay th�m. Any am�unts disbu�sed by Lend�r under this paragraph F shall become . add�tior�a� debt of Barraw�r secured �y the Security �nstrument. Unless Bar��w�r and �end�r . agree to other terms Qf p�yment, these amounts sha�� ear interest from the date of , � d�sbursement at the Note rate and shali be payabl�, with �nterest, upon notice from Lende� to � - Barrower requesting payment. MULTISTATE PUD R�DER - Single Fami�y - Fannie N1aelFredd�e Mac U��F �N't �NSTRIJNiENT VMP��7R 4�811} Page Z af 3 �n�t�a�s: �� Farm 3'15D �l�'[