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2� 1 �� 1715 B. Prop�rty �n�urance. Sa long as the �wners Associati�n maintains, with a generally accepted insu�ance carr�er, a "master" or "bfanketrr po�icy insuring the Pr�perty which is satisfactory to L�nder and which pr��d�s insurance cv�e�age �n the amounts �inc�uding deductibfe (e�els}, for the periods, and against ioss hy fi�e, hazards included within the te�m "extended co��rage," and any other hazards, including, but not �imited t�, earthquakes and f�oods, f�r wh�ch Len�ler requires �nsurance, then, �i} Lender wa��es the prv��sian in Se�tion 3 for the Periodic Payment ta Lender �f the year�y pr�mium insta��ments fo� prope�ty insurance on the Property; and ti�� Barrawer`s ob�igativn under Section 5 t❑ maintain praperty insu�-ance co�erage on the Praperty is deemed satisfie� to the extent that the required ca�erage is pra�ided by the �wne�-s Associatian �olicy. What Lende�r requires as a cvndit'r�n af this wai�er can change during the term of the laan, Borrower shall giWe Lend�r prompt notice of any �aps� �n required pr�perty insurance co�e�age p�a�ided by the master or b�anket policy. In the event �f a distributivn of property insurance prac�eds in ��u vf resto�atior� or repair follow�ng a ��ss to the Pr�p�rty, �r tv cammon areas and faci�ities �f the PU D, any prac�er�s payab�� to B��-rower are hereby assigned and shafl b� paid to Lender. Lender sha�� apply the pr�c�eds to the sums secur�d by the Security lnstrument, whether or nat then due, with the excess, if any, paid tv Borrvwer. C. Put��ic Liability �nsuran�e. Borrvwer shall take such activns as may be r�asonable to insure that the �wners As��ciati�n maintains a public ��ab��ity insurance pv��cy acce�ta�ale in form, amvunt, and extent af cv�e�age to Lender. D. �ondemnatit�n. The prviceeds �f any award or c�a�m ft�r damages, direct �r c�nsequent�al, payab�e to Barrower �n connection with any cond�mnatian vr vther taking of all vr any part af the P��perty ar the commvn areas and facilities �f the PUD, vr fflr any can�eyanc� in li�u af condemnati�n, are hereby ass'rgned and sha�i be paid ta Lender. Such pr�ceeds shal� be applied by Lender to the sums secured by the Security Instrument as �ro��ded i n Ssction 71. E. Lender"s Pr�ar Consent. Bo�rowe� shal[ n�t, except after natice ta Lende� and Wft�l Lender's priar written cansent, either partitivn or subdi�ide the Prvpe�ty or consent to: �i} the abandonment or terminativn of the PUD, except far abandonment vr term�nation required by law in the case of substantiaf destruct�on by fire �r other �asua�ty ❑r in th� case of a taking by �andemnativn or eminent d�main; �ii} any amendment tv any pro�isian ❑f the "Constituent Documents" �f the pra��sion is for the ex�ress b�nefit vf Lender, �iii} terminat�vn flf prafessional �nanagement an� assu�ption of self�management of th� �wners Association; ar �i�} any activn which wvuld ha�e the effect �f rendering the pub��c liabi��ty insurance coverage maintained by the Dwners Association unacceptabfe to Lender. F. R�med�es, �f Bo�rower d�es not pay PUD dues and assessments when due, then Lender may pay them, Any amvunts d�sbursed by Lender under this pa�agraph F shall become additiona[ debt of Bvrrowe� s�cu�ed by the Security �nstrument. Unless Borrower and Lender agree t� vther terms of payment, these amc�unts shall bear intere�t frnm the date af disbu�sement at the Not� rate and shall be paya#��, with interest, upvn notice from Lende� t❑ Bvrrower requesting paym�nt, MULTISTATE PUD R�DER - S�ng[e �amily � Fannie MaelFreddie N'lac �N�F�RN� INSTRUMENT VMP��7R �4811} Page � vf 3 �nitiafs: � Fvrm 3�5D 11��