201505630 - Laserfiche WebLink

Browse

��1 5�5�3� B. Praperty �nsurance. Sa long as the �7wners Assvciatian mainta�ns, with a general�y ac�epted insurance ca�rier, a "mast�r" or "��anket" p��icy insuring the Property which is sa�tisfact�ry to Lender and which pr��ides insurance co�erage in the arnounts 4�ncluding deduct�ble �e��ls�, for the periads, and against �oss by fire, hazards included within the term "extended co�erage," and any �ther hazards, including, but not limited ta, earthquakes and flaads, f�r which Lsnder requir�s insurance, then. {i} L�nde� wai�es the pro�isian in �ection 3 fflr the Period�c Payment t� Lender of the yearly premiurn installments for prope�ty insuranc� an the Praperty; and 4ii� Borrower's o�a[igation under Sectivn 5 ta maintain prvp�rty in�uran�e co�erage on th� Property is d�emed satis�fi�d to the extent that the r�quired �a�erage is prov�ded by the 4wners Assaciation p�licy. Vllhat Lender requi�es as a candition of this wa��er can change dur�ng the t�rrn �f the �oan, B�rrowe�- sha[l gi�� L.end�� prompt nat�ce of any �apse in required property insurance ca�erag� prQ�ided by th� r�naster vr b�anket pQl�cy. In the ��ent ofi a dis��bution af pr�perty insurance pr�ceeds in iieu of restarat�on o�- ��pai� fa�[�wing a Ioss ta th� Pr�perty, or to common areas and faciliti�s of the PUD, any prace�ds payab�e to Borrovver are hereby assigned and sha�� be p�id to Lender. Lender shal� apply �th� praceeds �a �he sums secured by th� Security lnstrument, whethe� ar- nat then due, with ths �xcess, �f any, paid to Borrower, �. Publi� Liabi�ity �nsuran�e. Bor�aw�r shall tak� suc� actions as may be reasona�le tv insure that �he �wners Association maintains a pu�alic liability insurance policV acceptab[e in f�rm, amount, and extent o� ca�erage ta Lender. D. Candemnatian. The praceeds of any award or �laim �ar damages, dir��t ❑r consequential, payab�e ta Borr�wer in connectian wi�h any cvndemnation or other taking of all or any part af the Property vr the cammc�n are�s and fa��ties af the PUD, ar far any can�eyan�e �n lieu of condemna��on, are hereby assigned an� sha�� be paid to Lend�r. Such p�oc�eds sha�� be appfied by Lender t� the sums secured by the Secur��y Instrument as pro�ided �n S�ction ��. E. L.ender'S Prior Consent. B�rrvwer shal� not, except after n�ti�e t� Lender and wi�th Lender's prior w�-�tten consent, either partition ❑� subd��ide the Prc�perty �r c�nsent to: ��} tn� abandvnment �r tsrminativn of the PUO, except for abandonment �r �ermination requ�red �ay law in the case of substantia[ destru�tion by fire or ��her casua�ty �r in the case ❑f a taking by condemnation or ern�nent domain; �ii} any amendrnent ta any p�a��sion �f the "Constituent Docum�n�s" if the pro��sion �� for the expr�ss b�nefit a� Lender� 4iii� t�rminatiQn of professiona� management and assumptian af s�lf-management �� the �wners Assc�ciation; ❑r �i�} any acti�n which Would ha�e th� ��fect of rend�r�ng the pub�iG liability insuran�e co�erage ma�ntain�d by the �wners Assvciation unacceptab�e tt� Lender. F. Remedies. �� Barrawer doe� nat �a� PU❑ dues and assessm�nts wh�n due, then Lender may pay thern, Any amounts disbu�s�d by Lender under th�s paragraph F shall become additianal debt of Barrawer s�cured by the Security Instrum�nt. Un�ess Barrower and Lender agree ta �ther terms of payment, these amounts sha�l bear �nterest from th� date of disburs�m�nt at th� Nat� �ate and shall be payable, with interest, upon not�ce from Lender �o B�rrower requesting payment. 1VIULTISTATE PUD RIDER - Sing�e Family -- Fannie MaelFr�ddie M � R �NSTRU�Il�E�VT VMP�-7R tD8��} Page � �� 3 Initials: vrm 3'15� '1I0�