200210235 - Laserfiche WebLink

Browse

200210235 B. Property Insurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket' policy insuring the Property which is satisfactory to Lender and which provides insurance coverage in the anhounts (including deductible levels), for the periods, and against loss by fire, hazards included within the term "extended coverage," and any other hazards, including, but not limited lo, earthquakes and floods, for which Lender requires insurance, then: (i) Under waives the provision in Section 3 for the Periodic Payment to Lender of the yearly premium installments for property insurance on the Property ; and (it) Borrower's obligation under Section 5 to maintain property insurance coverage on the Property is deemed satisfied to the extent that the required coverage is provided by the Owners Association policy. What Lender requires as a condition of this waiver can change during die term of the loan. Borrower shall give Lender prompt notice of any lapse in required property insurance coverage provided by the master or blanket policy. In the event of a distribution of property insurance proceeds in lieu of restoration or repair following a loss to the Property, or to common areas and facilities of the PUB, any proceeds payable to Borrower are hereby assigned and shall be paid to Lender. Lender shall apply die proceeds to the sums secured by the Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. C. Public Liability Insurance. Borrower shall take such actions as may be reasonable to insure that the Owners Association maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to Lender. D. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to Borrower in connection with any condemnation or other taking of all or any part of the Property or the common areas and facilities of the PUD, or for any conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to the sums secured by the Security hhstrunhent as provided in Section 11. E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior written consent, either partition or subdivide the Property or consent to; (i) the abandonment or termination of the PUD, except for abandonment or termination required by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or eminent domain; (it) any amendment to any provision of the "Constiment Documents" if the provision is for the express benefit of Lender; (iii) termination of professional management and assumption of self management of the Owners Association; or (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by the Owners Association unacceptable to Lender. F. Remedies. If Borrower dues not pay PUD dues and assessments when due, then Lender may pay them. Any amounts disbursed by Lander under this paragraph F shall become additional debt of Borrower secured by the Security Instrument. UNess Borrower and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the Now rate and shall be payable, with interest, upon notice from Lender in Borrower requesting payment. ED maa s: -7fl (OODB) __ Page 2of3 Form 5750 1/01