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��15�5574 B. Proper�y �nsurance. So �ong as the �wners Association ma�ntains, w�th a generally a�cepted �nsurance carri�r, a "m�ster" or "blanket" po�icy insuring th� Property which is sat�sfacta�y to Lender and wh�ch pro��des insurance co�erage in the amounts �inc�uding deductib[e le�efs�, fQr the periads, and against �oss by fire, ha�ards inc[uded wi�h�n the term "extended co�erage," and any othe�- hazards, includ�ng, but not limited to, earth�uakes and f[avds, far which Lender requires insurance, then: 4i3 Lender wai�es the pra�is�on 'rn Sectian 3 for the Per�odic Payment ta Len�ier ❑f �h� yearly premium �nstallments for property insurance �n the Prflperty; and �ii} Bvrrower's o��i�atian under 5ection 5 ta maintain prap�rty insurance ca�erage on tf�e Praperty �s deerned satisfied to the �xtent that the re�ui�ed co�erage is pra�id�d by the �wners Association palicy. Wnat Lender requires as a condition of this wai�er can chang� during the terrn of the I�an. Bflrrower sha�1 ��e Lender prompt noti�e vf any Iapse in r�quired prop�rty insurance ca�erage pr��ided by the master ar hlanket palicy. In the eWent vf a distributian v� property insuran�e proceeds in lieu of restvrativn or �epair fallow�ng a �055 ta th� Property, or to �amrr�an areas and fa�ilities �f the PUD, any proc�eds payabl� to Borrower are h�reby assigned and shaf� �ae paid ta Lender. Lender shall apply the praceeds to fihe surns secured by the Security !nstrument, whether �r not �h�n due, with the excess, if any, paid tQ Barrower. C, Public Liability Insurance. B�r�ow�r shall tak� such actians as may b� reasanab�e ta insur� that the �wners Assa��ati�n mainta"rns a publi� I�ability insurance palicy acc�ptable in form� arnount, and �xtent �f co�erage to Lend�r. D. Condemnativn. The prviceeds of any award or claim �or damages, dir�ct or cortsequential, payab�e to Borrower �n connecti�n with any c�ndemnation a�- other taking af all or any part of the Property or the common ar�as and facilities of the PUD, or far any c�n��yance �n lieu �f candemnati�n, are hereby assigned �nd shal! be paid to L�nder. Such proceeds sha�� be applied by Lender t� the surns secu�ed by the Security �nstrument as �r��ided in Sectian 1 1. E, Lender's Prior �vnsent. Borrow�r sha�� not, except after natice tfl Lender and with Lend��'s pri�r written Gonsent, eith�r partiti�n ❑r su�di�ide the Pr�perty ❑r consent ta: �i} the abandanm�nt a� terminat�an af the PUD, �xc�pt for abandonment o� termination required by �aw in th� cas� of substantial destruction by fir� or vther casual�y �r in the case af a takin� by conde�nation fl� eminent doma�n; 4ii} any amendm�nt ta any pro�is��n of the "Constituent ❑vcum�nts" �f the pra�isivn is fa� th� �xpress ��nefit af L�nd�r, ��ii} termination �f professional manag�rnent an� assumpti�n af self-manag�m�nt of th� �wners Assaciati�n; or ��} any actian which would ha�� the effect af r�ndering the pub[ic �ia�ility insurance co�erag� mainta�ned by the �wners I�ssociati�n unacceptable tfl Lender. F. Rernedies. lf BQr�ower daes nat pay �'tJD dues and assessments when due, then Lender may pay them. Any am�unt� disbursed by Lend�r u��r this paragraph F shall b�come additiona� debt of Borrvwer secured by the �ecurity Instrum�nt. Unless Bvrrnwer and Lender agree tv vthe� te�rn�s v�F payment, these amounts sha�� bea� inter�sfi from the date of disbu�s�ment at the Nate �ate and shall be payable� wi�th interest, upon notice frorn �ender to Borrowe� request�ng payment. MULTISTATE PUD RIDER - S�ngle Fami�y -- Fanni� �aelFreddie IV�ac U �F RM INSTRUMENT VMP�-7R t�81 13 Page � of 3 In�tials: � Form �15� �!�1