201608071 - Laserfiche WebLink

Browse

2� 1 ��8�71 B. Rrvperty �nsurance, So l�ng as the flwners Association mainta�ns, with a gene�aily accept�d insurance carrier, a "maste�" or "blanket" p�licy �nsurir�g the Praperty which is satisfactary tv Lender and which �aro��des insurance co�erage in th� am�unts 4including deductib�e i�ve�s�, for the periads, and agains� �oss by fire, hazards included within the term "ext�nded ��e�age," and a�y other ha�ar-ds, incluc�ing, but not ��mited to, �arthquakes and ffvads, fnr which Lend�r requires �nsuran�e, then: ��} Lender wai�es the pro�ision in Section 3 fnr the Pe�ivdic Payment tv Lender af the yearly premium insta[�m�nts fo� property insurance art the P�nperty; and {�i} B�rr�wer's o�aligation under Section 5 to maintain property insu�-ance cove�-age on the Praperty is deemed satisfied to the extent t�at the required co�erage �s pro��#ed by the �wne�s Ass��iation p�licy. V1lhat Lender requir�s as a c�nditi�n of this wa��er can change du�ing the term of the �oan. Barrvwer shail gi�e Lender �rampt n�ti�e vf any fapse in �-equired �raperty insurance co�e�age proWia�ed by the maste�- o� blanket po��cy. In the e�ent of a distribut�on of praperty insurance pr�ceeds in li�u of restaration or repair fvlfowing a �oss to th� Pr�perty, ar ta cammon areas and faGilities af the PLJD, any �arviceeds payable ta Barrow�r are her�by assigned and shall be paid ta Lender. Lender shall app�y th� prviceeds to the sums secured by the Security Instrument, whether or not then due, Wftn tn� �x��s, if any, paid to Borrawer. C. Public Liabil�ty �nsurance. Borrower sha�� take such act�ons as may be reas�nabie t� insure that the �wners Assnci�tion mai�tains a �u�lic li��i��ty ir�sur�nce policy acc�p�able in form, am�unt, and �xtent �f �v�er�ge ta Lend�r. � D. Gvndemnatian. Th� pr�ce��s af any award vr claim far damages, dire�t or consequentia�, paya��e to Barr�wer in connection w�th any candemnation or �ther taki�� of alI or any part of the Prape�ty ar th� comman areas and facilities flf t�e PUC3, ar far any con�eyance �n lieu of condemnation, are hereby assigned and shalf be paid to Lender. Such prflceeds sha�l be applied �ay Lender to the sums secured by the Secu�ity I nstrument as pro�ided in Sectian � �. E. Len�er'� Privr �ons�nt. Svrrawer shall not, �xcept after notice to Lender and with Lender's privr written cvnsent, either partiti�n or subdiWide the Property o� consent to: {i} the abandonment ar termination of the PUD, except for abandonment or te�minat�on required by law in the case vf substantia� destruction �y fire vr other casua�ty o� in the �ase of a taking by candemnation or eminent domain; tii} any amendment ta any pro�isian of the "'Const�tuent Documents" �f the pr��is�an is fvr the express benefit of Lende�, ti�� termination of professional management and assum�ation �f s�lf�management c�f the �wners Associati�n; vr �i�� any action which would ha�e the effect vf render�ng the pub��c liabil�ty insurance co�erage maintained by the �wners Associat�on unacce�atah�e ta Lender. F. �emedies. If Bor�ower daes nat pay PUD dues and assessments when due, then Lend�r may pay them. Any amaunts disbursed by Lender under this paragraph F shalF become add�tiona# debt af Borrower secur�d by the Security �nstrument. Uniess Bnrrower and Lender agree to other terms af payment, these amounts shall bear �nterest f�nm the date of disbursement at the Nate rate and sha�! be �ayab�e, with interest, upon nvtice fram Lende� to Borrower re�uesting payment. MULTISTATE PUD R�DER -- Single Family - Fann�e MaelFreddie lVlac �FC�RM INSTRUIIlIENT V[V�P�-7R �fl��} Page � �f 3 �nitia�s: Fvrm ��5� �141 ��