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2� 1 �� 1542 B. Pr�pe�ty lnsurance. S� long as the �wners A55��l�tlt?1l maintains, with a g�nera�ly accepted insurance carrier, a "master" �r "b�anket" pv�icy insu��n� tne Pr�perty whi�h �s sat�sfact�ry ta Lender and which pro�ides insurance �o�erage in the amounts �including dedu�tible le�els�, far the peri�ds, and against loss by fire, ha�ards �ncluded within the term "extended c��rag�," and any �ther hazards, includ�ng, but nat I�mited ta, earthquak�s and fl�ods, for which Lender �equires insurance, then: 4i} Lender wai�es the �ra�isivn 'rn Section 3 fvr the Perindic Payment to Lender �f the yearly premium insta�lments fo� property insurance �n the Property; and ��i} Ba�rower's o1a��gation under Sect�on 5 t� maintain pr�perty insurance �o�erage an the Praperty is deemed satisfied ta the extent that the �equi�ed co�erage is pra�ided by the �wners Association p�licy. What Lender requires as a condition of this wai�er can chang� dur�ng the term �f the faan. �orr�wer shall g��e L�nder prompt natice of any �apse in requ�r�d property insurance cQ�erage p�v�ided by the master ar blank�t p�licy. !n tne e�ent of a distrii�uti�n of p��p�rty insurance �rviceeds in ��eu of restorati�n or repair followfng a Ioss tfl th� Praperty, or tfl common areas and facilities af the PUD, any proceeds payable tc� Bvrrower ar� hereby assigned and sha�i be pai� to Lender. L�nder sha1� apply the praceeds tv the sums secur�� by the Se�urity fnstrum�nt, whether or nvt then du�, with the excess, if any, paid to 8orrower. C, Pul��c Liability lnsurance. 8orrow�� shal� take such act'rons as may b� reasvnab�e to insure that the CJwners Association ma�ntains a pubfic liabi�ity ir�surance pvlicy acceptab�e in farm, amaunt, and extent af co�erage to L�nd��. D. C�nd�mnat�on. The p�aceeds of any award ar claim for damages, di�ect or �onsequ�ntial, payab�e to Borrvwer in c�nnection with any c�ndemnatian o�- othe� tak�ng af all vr any part vf the Praperty ar the common a�eas and facilities of the �'UD, or for any c�n�eyanc� �n �i�u of �ondemnation, a�e hereby assigned and shall be paid to Lender. 5uch proc�eds shall be applied by Lender to the sums secu�ed by the Secur�ty lnstrument as pra�id�:d in Sect�on 1 1. E. Lender's P�ior ��nsent. Barrower shall not, except aft�r notice t� Lender and with Lend�r's pr�vr written cvnsent, either partition or subdi�ide the Property ar consent to: �i� the a�andonment vr terminatian af the PUD, except far abandanment or terminat�on re�uir�d by �aw in the �ase of substant�a� destructi�n �y fire or ot�er casua�ty �� n the case �f a taking by condemnati�n or em�nent d�main; �ii} any amendment t� any pro�ision of the "�onstituent Dvcuments" if the pro�ision is f�r the express ��n�fit of Lender; �iii� termination af professional management and assumptivn vf se�f-m�nagement af the �wners Association; o�- �i�3 any action which wvufd ha�e the effect vf render'rng ths pu�alic liability insurance co��ra�e maintained by the �wners Associativn unaccepta�afe to L�nder. F. Remedies. If Borrower d��s nat pay PUD dues and assessments when due, then L�nder may pay them. Any amounts d�sburs�d by Lender under this pa�agraph F shal� become addit�ana� debt af Bor�ower secured by the 5��u�-ity �nstrum�nt. Unless Bvrrower and Lender agree tv ather terms af payment, these amvunts shall bear interest from the date ❑f disbursement at the Note rate and shall be payabie, w�th interest, upan natice from Lender to Bvrrawe� req uesti ng payment. MULTISTATE PUD R�DER - Sing�e Fami�y - Fannie MaelFreddie � l��,VNFDRNI INSTRU�ENT VMP�-7R ��8�1} Page 2 of 3 Init�a[s: k Farm 3�5D 11D�