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2� 1 ��7751 <br /> B. Property �nsuran�e, �o �ong as the �wners Associati�n maintains, w�th a general�y <br /> accept�d insuranc� carrier, a "master" or "blanket" pa�icy insu�ing the Prvperty which is <br /> satisfact�ry to Lender- and wh�ch pr��ides �nsurance co�erag� in the amounts ��ncluding <br /> deductib�e �e�e�s}, for the periads, and against lass by fire, hazards inc�uded within the term <br /> "extended c��erage," and any other hazards, inciuding, but not �imited ta, earthquakes and <br /> f�oads, for which Lender requires insu�ance, then: �i} Lender wai�es th� pra�ision in Section 3 <br /> for the Periodic Payment to Lender af the yearly premium insta��m�nts far pr�p�rty insurance <br /> an th� Property; and �ii} Borrower's obligation under Sect�on 5 t� maintain prap�rty insurance <br /> co��rage an th� Praperty is deemsd satisf�ed ta the extent that the requ�red c��erage is <br /> pr��ided by the �wners Association po�icy. <br /> 1111hat Lender requires as a condition of this wai�er can change du��ng th� term af the <br /> [oan. <br /> Borrower sha�� gi�e Lender prompt nvtic� of any �apse �n required �roperty insurance <br /> co�erage pra�ided by the master ar blanket p�licy. <br /> ln the ��ent vf a distribution �f prope�ty insurance proceeds in [�eu of �estoration a� <br /> repa�r fo�lowing a Ioss ta the Prop�rty, or to common areaS and faci�ities of th� PUD, any <br /> pr�ceeds payable to Bvrr�wer are hereby assigned and shall be paid to Lender. Lender shalf <br /> app�y the proceeds t� the sums secured by the Security Inst�ument, whether or not tnen due, <br /> with th� excess, if any, paid t� B�rrvwer. <br /> C. Public Liability fnsurance. Bvrrvwer sha�l take such actiflns as may be reasonab�e tn <br /> insur� that the �wners Ass�ciation maintains a public liability �nsuranc� po�icy acceptahle in <br /> fo�m, amvunt, and extent of co���age tv Len�er. <br /> D. Candemnation. The pr�ceeds vf any award ar claim for damages, direct ar <br /> cansequent�al, payab�e to Bar�awer �n cvnneGtion with any condemnat�on or ather taking �f a�i <br /> or any part vf the Property or the comman areas and fac�lities of the PU D, o� fo� any <br /> con�eyance in ��eu vf condemnation, ar� h��eby assigned and shall be paid ta Lender. Such <br /> pr��eeds snal� b� applied by Lend�r to tne sums secured by the Secu�ity Instrument as <br /> pro��ded �n Se�t�on 1 1. <br /> E. Lender's Priar Cvnsent. Borrower shall not, exc�pt after notice t❑ Lender and with <br /> Len�ier's pr�o� wr�tten cvnsent, either partition or subdi�ide the Praperty ar cansent ta: ti} the <br /> a�andonment flr termination �f the PUD, ex�ept far abandonment or terminatian �equired by <br /> law in the case of substantiaf d�struct�vn by fire ar ather casualty or in the case af a tak�ng <br /> by cvndemnatian ar eminent domain; �ii� any amendment ta any �ra�isian af the "�anstituent <br /> Documents" if the pro��si�n �s far the express benefit of Lender; �iEi} te�mination of <br /> prc�fessional management and assumption of se�f--managem�nt of the Dwners Ass�ciati�n; or <br /> �i�� any act�an whi�h wvuld ha�e the effect of rendering the public �iability insurance c�We�age <br /> maintained by th� Dwners Associatian unacceptable to Lender. <br /> F. Remed�es. If Bvrr�wer dves nat pay PUD dues and ass�ssments when due, then <br /> Lender may pay them. Any am�unts dis�aursed by Lender under this paragraph F s�all become <br /> additic�nal debt of Borrvwe�r secur�d by the Security Instrument. Unless Ba�rower and Lender <br /> agree tv otner terms of payment, these amnunts shall bear inte�-est fram the date of <br /> disk�ursement at th� N�te �ate and shal[ �e payable, with interest, upan notice from Lender to <br /> Bo�rower request�n� payment. <br /> NIULTISTATE PUD RIDER w Single Fami�y - Fann�e N1aelFreddie iVlac U�VI��RIUI INSTRUME�VT <br /> VM P�-7R ��8� '�} Page � of 3 I nitials: Form 3�5a 110'I <br /> . �A.,� <br /> �� <br /> �� <br />