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��15�4511 B. Prt�perty lnsu�ranc�. 5� I�ng as �he �wners Assaciat�vn mainta�ns, vvi�th a generally accepted insuran�e ca�ri�r, a "ma�ter" o� "blanket" p��icy insuring the Property which is satisfactary to Lender and which pra�ides insurance ca�erage in the arnaunts 4including deductib�e �e�e1s�, fo�- the periods, and against loss by fire, hazards in�luded within the t�rrn "extended �c��erage," and any othe� ha�ards, �n�[uding, but not limi�ed to, earthquakes and filaod�, for which Lender re�uires insurance, then: �i� Lender waives the pro�ision in Section 3 for the Periodic Payment t� Lende�- af the yearly premium insta�lments fflr p�vperty insurance on th� Praperty,• and �ii} Borrvwe�'s ohfigatian under S�ction � t❑ maintain pr�perty insurance ca�erage �n the PrQperty is deemed satisfi�ed to the extent that the requ��ed ca��rage �s pr��ided by the C�wners Assaciat�nn palicy. 1Nhat Lender requires as a c�nditian ❑f this wa��er �an change during the term �f the �oan. Borrowe� sha�� giv� Lender pr�mpt notice ❑f any [apse in r�qu��ed property insurance �o�erage pro��ded by the master or �lanket policy. [n the �vent of a distr�but�an af prap�rty insuranGe proce�ds in [�eu of r�storati�n flr repair fa��owing a ��ss ta the Prvperty, ar tv cvmmvn areas and fa��lities ❑f the PUD, any prac�eds payab�e tfl Ba�-rower are hereby ass�gned and shall be paid t❑ L�nder. Lender shall app[y the proceeds t� the sums secured by the Security lnstrurnent, whether ar nvt thsn due, with th� excess, if any, pa�d ta Barr�wer. C. P�bi�c Liabili�y �nsurance. Bo�rovver sha[1 take such actions as may be rea�onable t� insur� that the �wn�rs Assvciation mainta�ns a pub�ic I�abi�ity insurance pQlic� a�ce�tab�e in forrn, amaunt, and extent �f �v�erage to Lend�r. D. ��ndemnativn. Th� proceeds of any award ar claim far darnages, direct ❑r Gansequentia�, payable to Borrawer in cannection with any �ondemnati�n ar other tak�ng t�f all or any part of the Property ar the cammon areas and fac�lities af the PU a, vr far any c�n�eyance in lieu of condemnatian, a�e hereby assigned and shall be paid to Lender. Such pro�eeds sha[l be applied by Lender to the sums secured by the Security Instrument as pr��ided �n Se�tion 1 �. �. L�nderTs Prior Consent. Barrvwer sha�� not, except afrter not�ce to Lende� and with Lend�r's priar writt�n cansent, either partition or su�di��de the Prap�rty v� consent tv: ti� the ab�ndonment ar termination a� the PUD, except �for abandonment or termination required by law in the case vf substantial destruction by fire ar vther casua�ty o� �n �E�e case of a taking by c�ndemnation ar em�nent d�rna�n; �ii} any amendment to any pro�ision of the "Constituent Docurnents" if the pro�ision is far the express benefit af Lender, tii�� terminativn vf prof�ss�anal management and assumption of se�f--rnanag�ment c�f th� Uwners Association; vr �i�} any action which would �a�e the effect af rende�ing the pub��c liab��ity insurance co�erag� ma�ntain�d hy th� �wner� Ass�ciatian unacceptable to Lender. F, Remedies. �f Bor�ower does not pay PUD dues and assessments wh�n �ue, then Lender may pay them. Any amounts dis�ursed by Lender under this paragraph F shal[ became add�tianal de�t of Barrow�� se�ured �y the Security Instrument. Unl�ss Borr�wer and Lend�r agree to ath�r terms of payment, th�se amQunts shall bea� interest fr�m the dat� vf disburs�m�nt at the Note rate and shall be payable, with interest, upan notice frvm Lend�r to g�rrawer �equesting payment. MULTI�TATE PUD R�DER - 5ingle Fam��y -- Fann�e MaelFreddie Nla. �V.IF RN[ I�VSTRUMENT VMPo-7R ��8� '1� Page � of 3 Init'rafs: Farm 315� '�1�� � �