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2� 17��8�4 B. Property �nsuran�e. So long as the awners Assfl�iatian maintains, with a general[y accepted insu�anc� �ar�ier, a "master" or "b�anket" pa�i�y insuring the P�operty which is satisfactory tv L�nder and which pra�ides insurance co�e�age in the amounts 4including deductible I��el�}, for the per��ds, and against �oss hy f�re, ha�ards inc�uded w�thin the te�m "extend�d ca�e�age," and any other ha�ards, includ�ng, but not limited tv, earthquakes and flvods, for which Lender requires insu�ance, then: �t} Lenc�er wai�es the prv��sion in Sect�an 3 for the Per�odic Payment ta Lender �f the year�y premium insta��ments far p�operty �nsurance �n the Property; and 4ii� Bo��-ower's vb�igation under Section 5 t� mainta�n p�ope�ty �nsu�ance cv�e�age on the Property is deemed satisfi�d to the extent that the required co�erage is pro�ided by the �wners Assa�iatian pv�icy, WIlhat L�nd�r �equires as a cvnditiQn of this wai�er can change during tne term of the �oan. Bar�ow�r shall gi�e L�nde� prompt n�t�ce of any fapse in required prvp�rty insuran�e ca��ra�e pro�ided by th� master or b�anket policy. In the e�ent of a distributivn of property insurance prviceeds in �ieu of restvratian or repair following a loss to the Property, �r to comm�n areas and fa�i�ities af th� PUD, ar�y proceeds payable to Bor�ower are hereby assigned and sha�l be paid to Lende�, Lender shall apply the proce�ds to the sums secured by the Security Inst�um�nt, whether or nat then due, with the excess, if any, paid to Borrvwe�. C. Pu��ic Li��ility Insura�ce. Bo��awer shal� take such actions as may be reasona��e tv insure that the �wners Ass�ciat�on maintains a public ��ab��ity insurance policy accepta�ale in farm, amount, and extent of ca��rage ta Lender. D. Can��mnatinn. The proceeds af any awa�d ar ��aim for damage�, di�ect ar cansequ�nt�al, payable to Borrowe� in connection with any cvndemnation ar othe� taking of all ar any part of the Praperty ar the com��n a�eas and facilities af th� PI�C�, or for any con�eyance in lieu �f candemnatian, are her��y assigned and sha�� b� paid to L�nder. �uch pr�ceeds shai� be app��ed by Lende� ta the sums secured �y the Security Instrum�nt as pro�ided in Sectivn � �, E. Lender'S Prior C�n�ent. B�rrower shall nat, except after notice to Lender and w�th Lende�'s p��or w�itten c�nsent, e�ther part�tian or subd��ide the Pr�perty ar consent to: �i� the aband�nm�nt ar termination vf the PUD, �xcept far abandanment or term�nat�an required by law �n th� case �f substantia� d�struction by fire or othe� casualty or in the �ase of a takin� �y condemnati�n or �minent damain; �ii} any amendment ta any pra��s�on vf the "�nnstituent Documents" if the pro�is�on �s for the express ��nefit of Ler�der; ��ii} te�mination of professional management and assumptian of se�f�management of th� �wn�rs Assac�at�on; or �i�� any acti�n which would ha�e the effect vf rendering the pub�� liab��ity insurance co�erage ma�ntained by the C)wners Associatian unac��ptabl� t� Lender. F. Remedies. If Borrower do�s nvt pay PU D dues and assessments when due, then L�nder may pay them. Any am�unts d�sbursed by Lender under th�s paragraph F shall become adt�it�onal d�bt of Sarrawer secured by the Security �nstrument. Un�ess Borr�w�r and Lender ag��e tv ather terms of payment, these amounts shai[ bear interest from the dat� vf disbursem�nt at the Nate rate and shall be payab�e, witn interest, upan nvtice frvm Lende� to Bflrrvwer requesting payment. MtJLT�STATE PUD F�IDER � ��ngle Family - Fannie N�aelFreddie Mac UNfF�]RN� INSTRUMENT VNiP�-7Fi �� Page 2 �f � �nitials• F�rm 3�54 �lQ� ; S \ �