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2� 1 ��7432 <br /> B, Prop�rty Insurance. S� ��ng as the �wners Assaciati�n maintains, with a genera�fy <br /> acc�pted insuran�� carr��r, a "master" ar "�alank�t" pvlicy insuring the Prvperty which is <br /> satisfact�ry t❑ L�nder and which p�-o�ides insurance cv��rage in ths amounts �inc�uding <br /> deductib�e le�efs}, for th� perinds, and against 1�ss by fire, hazards inciud�d within the term <br /> "extended coverage," a�td any �th�r hazards, including, but n�t limited to, earthc�uakes and <br /> f�o�ds, fa� wh�ch Lender r�quir�s insuranc�, th�n: �i� L�nder wai�es the pro�isian in Section 3 <br /> f�r the Periodic Payment to Lend�r of the yearly premium installments far property insurance <br /> on the Property; and �ii} Borrower's ab�igatinn under Section 5 t� maintain pr�perty insuranGe <br /> co�erage on the Property is de�med satisf�ed t� the extent that the requi�ed ca�erage is <br /> pro�ided by the �wners Association pal�cy. <br /> Vllhat Lender requir�s as a condit�on vf this wai�er can change during tne term of the <br /> �oan. <br /> Bvrrawer shall gi�e Lender prampt natice af any lapse in requi�ed property �nsuranc� <br /> c���rag� pr��ided �y the master or blanket po�icy. <br /> fn the ��ent of a distrihutivn af p�operty insurance p�oceeds in i�eu �f restoratian �r <br /> �repair fo�lowing a lass to the Property, or to comm�n areas and faciiities ❑f the PLJD, any <br /> proceeds payahle to Borrower are her�by a�si�ned an� sha�l be �aid to Lender. Lender sha�i <br /> app�y the proceeds ta the sums secured by the Security lnstrument, whether or not then due, <br /> with the excess, if any, paid to Borrnwer. <br /> C. Puh�iG Lial�ility lnsurance. Borr�wer sha�� take such actians as may be reasonabie to <br /> insure that the �3wners Associatio� mainta��s a pub�ic iiability insurance pa��cy acceptab�� in <br /> form, amount, and extent �f co�era�e to Lender. <br /> D. Candemnation. The pr�ceeds of any award �r claim far damages, d��ect or <br /> �onsequ�ntial, �ayable to Barrvwer in cvnnection with any condemnation �r �ther taking vf all <br /> or any part �f th� Pr�perty o� the c�mmon areas and facilities �f the PUa, ar far any <br /> con�eyance in fieu of �ond�mnati�n, are her�by ass�gned and shall be paid tv Lender. Such <br /> proceeds shall �e applied by Lender ta the sums s�cured by the Secur�ty lnst�ument as <br /> pra�ided in Section � 1. <br /> E. Lender's Prior Cnnsent. Barr�wer sha�� not, except after natice to Lender and with <br /> Lend�r's prio�- written consent, �ither pa�tit�an o�- su�di�ide the P�ope�ty or consent to; �i} the <br /> abandanment or te�mination of the PIJD, except for aband�nment or terminativn required by <br /> iaw in the case af su�stant�a� dest�uction by fire or other casualty or �n the �ase af a taking <br /> by c��demnati�n vr eminent domain; ���� any a�nendment tv any prv�is�on �f the "Constitu�nt <br /> D�cuments" if the pro�is�on is for the ex�ress benef�t of Lender; �iii� te�mination of <br /> prafessianal management and assumption of self�management of the �wners Associatian; or <br /> ti�� any a�tian which would ha�e the effect of rendering the pu�lic liability 'rnsurance ca�e�age <br /> maintained by th� �wners Ass�ciatinn unacce�tab�e to Lender. <br /> F. Remed�es. If 6arrower does n�t pay PUD dues and assessm�nts when due, then <br /> Lender may pay them. Any amounts disbursed by Lender under this paragraph F shalf became <br /> additional debt of Bor�awer secu�ed by the �ecurity �nstrument. Unless Bo��owe� and Lender <br /> ag�-ee to other t�rms vf payment, these amaunts shaff k�ear int�rest frvm the date of <br /> disbursement at the Note rate and sha�� be payable, with interest, upvn nvtice from Lend�r to <br /> B��-�ower requesting payment. <br /> MULTISTATE PUD RIDER - �ing�� Family - Fannie MaelFreddie Mac UN�F�RM �NSTRUMENT <br /> VMP�-7R ��8��} Pag� � of 3 I nitia�s: ��. �., Form 3�5� 'I l�� <br /> � � <br /> � <br /> � <br />