201504052 - Laserfiche WebLink

Browse

��15�4�5� � � other d�cument whxch�reates the Condaminium Project;(ii)by-lav�rs;�iii�code of regulations;and�iv}oth�r equivalent dacum�nts.Borr�wer sha�l prom.pt�y pay,v�hen due,a��dues and ass�ssrr�ents imposed pu.rsuant to the C onstituent Da cuments. B. Propert�y Insurance. So lor�g as the �wners Ass�ciat�on maintains, with a generally ac��pted insurance carr�e�,a"m.aster"or"blanket"pol�cy on the�ando�ninxum Proj ect which�s satisfactory to Lend�r and u�hich provides ir�surance co�erage in the amaunts �including dedu�tib�e l�vels}, for the periods, and � against�oss by f�re,hazards�nc�uded v��thin the term"e�t�nded c�verage,"and any other hazards,including, but not��m�ted��,earthquakes and floods,from vvhich Lender requires insurance,then:(�)L�nder wa��res th� provis�on xn Sec�ion 3 for th�P�r��dic Payment to Lender�f the year��prem�um�nstal�ments for property �nsurance �n the Pro�erty; and (ii} B�rrov�er's abligat��n under S�ction 5 tfl maintain property �nsurance �average on th� Property �s d�emed satisfied t� the extent that th� required c�verage is pro�ided hy the � Uwn�rs Associ�.tion p�lzcy. � �W�at Lender req�.�ires as a�ond�t�on of this v�raiver�an change dur�ng the t�rm of the Ioan. B�rr�wer sha1l give L�nd�r prom,pt n�tice of an�lapse in requ�red property�.nsurance coverage prov�ded �y the master or b�anket palicy. � In th� �vent of a distrihut�on of property insurance pr�c�eds in��eu of r�storation or repa�r following a �oss t�the Prop�rty,wh�ther to the unit or t�common e�ements,any praceeds payab�e to B�rro�wer axe h�reby ass�gned and sha�T be paid t�Lend�r f�r appl��ati�n to the sums secured by the Se�urity Instrument,wh�th�r � �r not th�n due,w�th the excess, if any,paid to Borrower. C.Pu��c Liabi�ity Insurance.Borro��r sha��ta.�e such ac�ions as may be reasonable ta insure that the �wners Associ�.t�on�na�ntains a public liability insurance�o��cy acceptabl��n f�rm,amount,and extent of cov�rage t�Lend�r. D.�ondemnation.The pr�c�eds�f any award or c�aun for damages,direct or�onsequent�a�,payabl�to � Borrov�rer�n cor�n�cti�n v�ith any cnndemnation or�ther ta.l��ng of a11 or any part�f t�.e Prq�e�ty,whether�f the unit or ofthe common��ements,�r for any��nv�yar��e in��eu of��ndemnation,ar��re�y ass�gned and shall b� paid to Lender. Such pra�eed� sha11 b� app�ied by Lender to the sum.s secured by the Security Instrument as provided in Section 1�. E. Lender's Prior Consent.Borrawer sha��not, exce�t aft�r not�ce to Lender and w�th Lend�r's pri�r written cons�nt,�it�er par��tion ar sub��vide the Prapert�y or consent t�:�i}th�al�andonment ar t�rmination af the�ondominium Proje�t,exc�pt for al�and�nment Qr termination required by�aw in th�case�f�ubstant�a� destru�ti�n by fire�r other casualty or in the case nf a taking by�ondemnatxon ar emin�nt d�m�.a�n;[ii�ar�y arnendment to any prov�sion �f the C�nstituent Docuxn�nts xf the pr�vision is f�r the e�press b�nefit of Lender; ��ii� termina�ion o�profess�onal managemr.ent and assumpt�on of seif manage�nent of th� �wners MULTISTATE C�ND�M1NIVM R�DE�-Single Fam�Cy- Form 3�4� �1�� Fannie MaelFr�ddje Mac UN�F�RM INSTRUMENT � Page 2 0�3 r' �, i os,��c. Bo rr��ver�s} !n itials � , �