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2� 1 ��5249 <br /> B. Property Insuranc�. Sa fong as the Dwn�rs Ass�ciation maintains, w�th a gen��-a�ly <br /> accepted �nsurance carr�er, a "master" a�- "��anket" policy insu�ing the Pr�perty which is <br /> �atisfa�t�ry ta Lender an� which p���ides 'rnsurance co�erage in the amounts �inc�udin� <br /> deductib�e le�els�, for th� perivds, and against �oss by f�re, ha�ards �ncfuded with�r� the tsrm <br /> "extended cv�erage,'i and any vther hazards, inc[uding, but not limited tv, �arth�uak�s and <br /> fl�vds, fnr which Lender r�quir�s 'rnsurance, then: �i} Lender wai�es the provisi�n tn Se�t�on 3 <br /> far the Perivdic Payment to Lende� �f the y�a�ly p�emium installments for property insuranc� <br /> �n the Pr�perty; and t�i� Borrower's ablig��ion under Secti�n 5 to maintain pr�perty insurance <br /> c�verage on th� Property is deemed sat�sfied t� the extent that the required co�erage is <br /> ��ovided by the �wners Associati�n policy. <br /> V1lnat Lender r�quires as a condition of t��s wai�er can change dur�ng the term af the <br /> laan. <br /> Bvr�flwer sha�! g��e Lende� p�ampt natice of any laps� in required property insurance <br /> cv�e�age pro�ided by the master or blank�t palicy. <br /> in the e�ent of a distrihutivn of praperty insurance proceeds in lieu of reStaration ar <br /> repa�r fvl��win� a �nss to the Pr�perty, �r to cammon areas and fac�lities of the PUD, ar�y <br /> pr�ceeds payable to Barr�w�r a�e hereby assigned and snall be paid t� Lende�, Lender sha�l <br /> app[y the pr�ceed� ta the sums secured by the Security Inst�ument, whethe� vr n�t th�n due, <br /> with th� excess, if any, paid ta Bar��wer. <br /> �. PubliG Liabi��ty �nsurance. Borraw�r shall take such actions as may be r�asona�le ta <br /> insure t�at the �3wners Assoc�ativn maintains a pub�ic iiabi�ity insurance p�iicy accepta��e in <br /> form, am�unt, and extent of c��erage t� Lender. <br /> D. Con�emnation. The pr�ceeds of any award ar cla�m fv� damages, direct v� <br /> c�nsequential, payable t� Bvrrower in connection with any cvndemnatian o� �ther taking vf a!I <br /> v� any part v� the Pr��erty or th� cvmman a�eas and fac��it�es vf the PU D, ar far a�y <br /> cvn�eyance in lieu nf condemnativn, ar� hereby assigned and sha�� be paid ta Lender. Such <br /> pr�ceeds shall be app�ied by Lende� to the sums secured by the Security I nstrurnent as <br /> pr���ded in Section � �, <br /> E. Lender's Pr�or ��nsent. Borrow�� shall n�t, except after notice to �ender and w�th <br /> L�nder`s pr�or written consent, e�ther partiti�n or subdi�ide the Property or cansent to; �i} the <br /> abar�donment or terminat�on af the PUD, except for aband�nm�nt ar terminati�n required by <br /> faw in the case of Substantial destruct�on by fire vr ath�r casua[ty or in the case of a taking <br /> by condemnation or eminent damain; 4ii} any amendment t� any prv�ision of the "Constituent <br /> Documents" if the p����sivn is for t�e express ben�fit of Lender; �iii} termination af <br /> professi�na� managem�nt and assumptivn of self-management af th� �wners Asso��ation; or <br /> �i�} any acti�n which wau�d ha�e the effe�t of rendering the pub��c liabi��ty insurance �a�erag� <br /> maintained �y the �wne�s Assaciatian unacceptable to Lend�r. <br /> F. Remed�es. �f Barrower does nvt pay PUD dues and assessments when due, th�n <br /> Lend�r may pay them. Any am�unts disbursed by Lend�r under this paragraph F shall became <br /> a�ditivnal debt of Barrawer secured by the Security Inst�ument. Unlsss Bo�r�wer and Lender <br /> agree t❑ vther terms of payment, these ar�ounts shall bear interest f�vm the date af <br /> disbursement at the N�te �ate and shall be paya��e, with interest, upon natice f��m Lender to <br /> Borrawer requestfng payment. <br /> MULT�STATE PUD R�DER � �ingle Family W Fannie �!l�aelFreddie M F(]�M �NSTRUNiENT <br /> VMP�w7R ��8� 1} Page 2 vf 3 Initials:" � Form 315� 11Q� <br /> � <br />