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2� 1 ��8� 17 <br /> B. Property �nsuranc�. So long as the �wners Ass�ciati�n maintains, with a ger��ral�y <br /> accepted ir�surance carrier, a "master" or "b�anket" policy insuring the Pr�p�rty wh�ch is <br /> satisfact�ry to Lender and which pra�ides insurance cv�erage in the amounts �includ�n� <br /> deductib�e le�efs3, for the pe�-ivds, and aga'rnst loss by fire, hazards inc�uded wEthin the term <br /> "extended co�erage," and any other ha�ards, includin�, but nnt iimit�d to, earthquakes and <br /> fl�ods, fo� wh�ch Lender requ�res insurance, then: 4i� Lender wai�es the pro�ision in Sect�on 3 <br /> for the Perifldic Payment t� Lender of the year�y premium insta�lments fo� property insurance <br /> on the Property; and ti�} B�rr�wer's ola�igati�n under Sect'ran 5 t� maintain pr�perty insurance <br /> co�erage on the P�aperty is deem�d satisfied to the extent that the requ�red ca�e�-age i� <br /> pra�ided by the Owners Ass�ciatian policy. <br /> What Lender �equ�res as a c�nditivn of th�s wai�er can change during the term af the <br /> Ioan. <br /> Borrowe�- shali g��e Lender prompt nvtic� �f any la�se in �equi�-ed praperty insurance <br /> �Q�erage prv�ided �ay the master a� �alanket p��icy. <br /> �n the e��nt of a d�str�but�an of pro�erty insurance proceeds in �ieu �f restarat�an or <br /> repa��r fallowEng a �oss ta the Property, or to c�mmon ar�as and faci��ties of the PU C], any <br /> proceeds payable t� Borrower are hereby assigned and sha�� be paid to Lender. Lender shall <br /> apply the p�-oceeds to the sums secured by the Secu�-ity �nstrument, whether or not then due, <br /> w�th the excess, �f any, �a�d to Borr�wer, <br /> C. Public L�ah���ty �nsurance. Bvrrower sha�� take such actions as may be reasonable t� <br /> i�sure that the �w�ers Ass�ciatio� mai�tain� a pu�li� liab�lit� in�urance pa��cy ac�eptab�e ir� <br /> fnrm, amvunt, and extent of co�erage t� Lender. <br /> D. Condemnat�on. The proceeds of any awa�d ar cla�m for damages, d�re�t or <br /> consequential, payable t� Barrowe� in connectian with any c�nd�mnativn o� ❑ther taking nf afl <br /> or any pa�t nf the Praperty or the comm�� ar�as and facilit�es of th� PUD, or far any <br /> con�eyance in ��eu vf c�ndemnat��n, are hereby assigned and shal� be paid to Lender. Such <br /> proce�ds shalr be applied by Lender t❑ the sums secur�d by the Secu�ity �nstrument as <br /> prv�i�ed in Section ��. <br /> E. Lender's Priar Cansent. Borrvwer shall not, except after not�ce ta Lender and with <br /> Len�ler's priar written consent, eith�r partiti�n vr subdi�ide the Prvperty or c�nsent ta: �i} the <br /> a�aandonment or terminat�on of the PUD, exc�pt for abandonment vr terminatian required by <br /> law in tne case of substantial destruction by f��e flr oth�r �asualty �r in tn� case af a tak�ng <br /> by condemnation or eminent d�main; ���} any amendment t❑ any pro�isivn of th� "Canst�tuent <br /> D�cuments" if the pro�ision is for the express ben�fit �f Lender; 4��i� t��minatian �f <br /> prafessianaf management and assumption of self-management af the C3wn�rs Assaciatfan; or <br /> �i�} any acti�n which wauld haWe the effect of rend�ring the public ��ability insurance co�erage <br /> mainta�ned by the �wners Assaciation unacceptab�e to Lend�r. <br /> F. Remed�es. !f Bvrrower does nat pay PUD dues and assessmsnts when due, then <br /> L�nder may pay them. Any amounts disbursed by Lender under this paragraph F shaif became <br /> add�ti�na� debt af Borrower- secured �y the Secu�ity 1 nstrument. Unless B��r�wer and Lender <br /> agree ta othe�- terms vf payment, these amounts shal� bear �nterest fram the date flf <br /> d�sbursem�nt at the Note rate and shall �e paya�le, witn interest, up�n n�tice from Lender to <br /> Borrower requesting payment. <br /> MULTiSTATE PUD R�DER - Sing�e Fami�y - Fann�e MaelF�eddie M IF�RM INST�UMENT <br /> VMP�-7R ��8� 1� Page 2 of 3 Initials: � �p � Fvrm 3'I 5� 'f ID1 <br />