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2� 1 ��8�72 8. Property �nsu�ance. So long as the �wners Ass�ciation mainta�ns, w�th a �enera��y accepted insu�ance carrier, a "master" �r "blanket" p�licy insurin� the Pro�erty which i� satisfact�ry to Lender and which pro�ides insuranc� co��rage in the amounts �includ�ng deductib�e �e�els}, fflr the peria�s, and aga�nst �ass by fir�, hazard� inGluded within th� term "extended co�e�age," and any �ther ha�ards, inc�udin�, but not fimited to, earthquak�s and flv�ds, for which L�nder requires insuranc�, then: �i} L�nder wa��es the p�v�is�on in S�ction 3 for the Periodic Payment ta L�nd�r vf th� year�y premium insta��ments f�r prvpe�ty insurance on th� Property; and �ii� Bar�ower's obligation under Sect�on 5 to maintain praperty insurance ca�e�age an the P�operty is de�med satisfi�d t� the extent that the �equir�d �o�erage �s pro�ided by the �wners Ass�ciatian policy. What Lender requires as a canditi�n of this wai�er can change during the term of the ioan. Borrower shall gi�e Lender prompt natice ❑f any lapse in required pr�perty insurance co�erage pro�ided !�y the maste�- or #�far�ket pvlicy. �n the e�ent ❑f a d�stribution of property insurance pr�ceeds in lieu of restoration ar repair fallvwing a Ivss ta the Pra�erty, or tfl cvmm�n areas and fa�ilities of the PIJD, any proceeds payable to B�r��wer are h�reby assi�ned and shall be paid to Lender. Lende�- shal� appiy the prviceeds t� the sums se�ured by the S�curity Instrument, whether or nat then due, w�th the excess, if any, pa�d ta Borrower. C. Public Lia�i�fty �nsuranc�. B��rower sha�l take sucn a�tiQns as may be reas�nab�e to insure that the �wners Ass�ciatiar� maintains a pub��c ��ability insurance p��icy acceptab�e �n fflrm, amaunt, and extent �f co�erage to Lender. D. �ondemnativn. Tne proc�eds of any award or cfaim fvr damages, direct �r consequentia�, payable tv Bflrrnwer �n cannectian w�th any cond�mnation or other tak�ng of alf o� any part vf the Pr-aperty ❑r the cvmmon areas and facilities of the PUD, or for any can�eyance in �ieu vf candemnation, are her�by assigned and shall be paid to Lender. Suc� proceeds shall be appli�d by Lender tv tne sums secured by the Security 1 nstrum�nt as prv�ided �n Sectian � �. E. Lender's Pr�vr Cvnsent. B�rrawe� shall nat, except after nvtice tv Lender and with Lender`s prior w�itten c�nsent, either pa�tition or su�adi�ide the Prvperty vr �onsent to: �i} the abandonment or te�mination of the PUD, except fvr a�andvnm�nt or termination required �ay iaw �n the case of su�stantial destruction by f��e ar other casualty or �n th� case af a taking �y condemnati�n o� eminent domain; tii} any amendment to any prv�ision of the "�onstituent Documents" if the pro��sion is for the express benefit �f Lender; 4iii� termination vf profess�anal management and assumpt�on of self-manag�ment of th� �wne�s Associat��n; or ti�} any actian wh�ch would ha�e the effect �f rend��ing the puh�ic �iabil�ty 'rnsurance co�erage maintained by the �wners Assac�ation unacceptab�� t� Lender. F. Remed�es. lf Borrower does nat pay PUD dues and assessments when due, then Lsnde� may �ay them, Any amounts dishursed by Lender under this paragraph F sha�� hecome add�tivna! debt of Bor�awe� secured by the S��urity I nstrument. Un�ess Borrower and Lende� ag�-ee tv vther terms �f payment, these amounts sha�l bear interest from the date �f disbursement at the Nate rate and shai� be payabi�, wit� inter�st, upon notic� from Lend�r to Borrower requesting payment. MULTiSTATE PUD R!�]ER - Single Family - �annie N1aelFreddie Ma� UNIF�RM INSTRLJMENT VMP��7R ��81 1} Page � of 3 �nitia�s: �� Farm 3�� l�'I