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2� 1 ��5215 B. Prop�rty Insuranc�. So long as the Uwners Associativn mainta�ns, with a genera�ly accepted insu�ance carr�er, a "mast�r" or "b�anket" policy �nsuring the Pr�perty wh�ch is satisfactory to Lende� and which pra�id�s �nsurance co�erage in the amounts tincluding deductible le�els}, for th� periods, and against iass by fir�, hazards �ncluded within th� term "extended co�erage,"� and any other ha�ards, inc�uding, but n�t limit�d to, earthquakes and f�oods, for which Lender requires insurance, then: t�� L�nder wai�es the pro�isi�n in Section 3 far the Periodic Payment tv Lender of the yearly premium insta��ments f�� prop�rty insu�anc� �n the Pr�perty; and 4�i� Borrflw�r's �bligation under Sectian 5 to maintain property �nsuranc� c�Werage vn the Praperty �s deemed sat�sfied to the extent that the r�quired c��erage is . pro�ided by the Dwners Associat�an po��cy. What Ler�der requi�es aS a cvnditian vf this wa��er can change during tne t�rm af the �van. Borrawer shall gi�� Lender p�ompt not�ce of any lapse in required prvperty insurance ca�erage pro�id�d by the mast�r �r b�ank�t palicy. In the e�ent of a distribut�on of prvp��ty insu�ance p�ac�eds �n lieu of �estoration or repair following a loss to the Praperty, or ta comm�n �r�as and faci��t�es of the PUD, any proceeds payab�e ta Bor�awer a�e hereby assigned and s�all be paid ta ��nder. Lend�r shall app�y the proceeds t� the sums secur�ed by the S�curity �nstrum�nt, whether a� not th�n due, with the excess, if any, paid ta Bor�-ower. C. Pub��c L�ah��ity Insu�ance. Borrowe� shall take such actions as may b� reasonable t� insure that the �wners Asso�iat�on ma�ntains a pub�ic liabi��ty insurance p�licy a�c�ptab�e in form, amount, and extent of co��rage to Lender, D. Cvndemnation. The proceeds of any award �r c(aim for damages, direct or consequential, payab�e t� Borrower in connecti�n with any condemnation or other taking af ail or any pa�t �f the Property or th� common areas and facilities of the PUD, o� for any con��yance in lieu ❑f cand�mnation, are herehy assign�d and sha�! be paid to Lender. Such proc�eds shaii be appli�d by Lend�r t� the sums secur�d �ay the �ecurity �nstrument as pro�ided �n Sectian `1 �. E. Lender's P��or ��ns�nt. Ba�r�w�r shall not, �xcept afte� not�ce t� Lender and with Lender's prior wr�tten c�nsent, either partit�on ar subdi�ide the Pr�perty a� cvnsent t�: 4i� th� abandonment or te�mination of the PUD, except for abandanm�nt a� terminatic�n required by �aw �n the case of substant�al destructian by fi�e ar ather casua�ty or in the case �f a taking �y condemnation or eminent domain; �ii3 any amendment to any prv�isian �f the "�onstitu�nt Do�uments" if the pra�isi�n is for the express b�nefit of Lender; ��3 term�natian of pro�essiona� management and assumpti�n of self-management of the �wn�rs Associat�on; or ti�� any actian which would ha�e the effect af rende��ng the pub�ic �ia�ility insurance co�erage maintained by th� �wners Associati�n unaccepta��e to Lender. F. Remedies. �f Bor�ow�r d�es nat pay PUD dues and assessrnents when due, then L�n��r �� y th�mz �n� �mQ�n�� s��.�� y ��r�� n��r t�i� ;��,r��r�� additianal d�bt of Borrow�r secur�d k�y the Security �nstrum�nt. Un�ess E3arrower and Lender agree ta other terms �f payment, th�ss amounts shall bea� interest f��m the date �f disbursement at the Note �ate and shall be payab�e, with inter�st, up�n n�t�G� from Lender ta Borrower requesting payment, MULTISTATE PUD RiDER - ��n�ie Family W Fannie MaelFreddie Mac U��F�]R1Vi �NSTFiUMENT VMPo-7R �D8��} Page � of 3 I nitials: ' �.�Form 3'i 5D �!0'1 � � �