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<br />08/21/2005 04:44
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<br />6192933420
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<br />HLCMV
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<br />PAGE 10/31
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<br />200701807
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<br />Association"); (ii) any by-laws or other rules or regulations ofthc Community Association; and (ill) other equivalent
<br />documents. Borrower shall promptly pay, whe;t), d\1.e, a11 Community Association Dues, Fees, and AII9Cl6111nents.
<br />B. Property. For units in a Condominium Project, the Property includes the unit in, together with an
<br />undivided interest in the common elements of, the Condominium Projectl and Borrower's interest in the COtnm\1.IDty
<br />As.socilltion and the uses, proceeds and benefits of Borrower's interest. For PUDs, the Property includes, but is not
<br />lintited to, a parcel of land improved with a dwelling, together with other such parcels and certain COJJllWl"- lU'eas and
<br />facilities, as described in the Constituent Documents, and Borrower's interest in the Community Association and the
<br />uses, benefits and proceeds 'of Borrower's intt:t:est.
<br />C. Property Inswance. So long as the Community Association maintains, with a generally accepted
<br />insurance carrier, a "master" or "blanket" policy insuring the Property which is satisfactory to Lend.er and whieh
<br />provides insurance coverage in the amounts (including deductible levels), for the periods, and against loss by fire,
<br />b~ included within the term "extended cove{llgl;\," and any other hazards, including, but not limi,ted to,
<br />eanhqllakes and floods, for which Lender requires insurance, then Borrower's obligation under Section 4 to
<br />maintain property insU11lD.Ce coverage on the: Property is deemed l.lati6fied to the extent that the required covemge is
<br />provided by the Community Asoociation policy. BOT(Qwer shall give Lender prompt notice of any lapse in required
<br />property insurance COVl':(ilge provided by the master or blanket policy. In the event of a distxibution of property
<br />insurance proceeds in lieu of restoration Or repair following a loss to the Property, whether to the unit or to common
<br />elements of the Condominium l'roject or to common axeas and facilitict:s of the PUD, any proceeds payable to
<br />Borrower are hereby assjgned and shall be paid to Lender for application to the awns secured by this Security
<br />Instrument, whether or not then due, witb the excess, if any. paid to Borrower, subject to the rights of any lienholder
<br />with rights to insurance proc:eed5 that are superior to Lender's tights.
<br />D. PubHc Liability Insurance. Borrower shall take euch llotiOns as may be reasonable to insure that the
<br />Community Association maintains a public liability insurance policy acceptable in fonn, amount, and extent of
<br />coverage to Lender.
<br />E. Conde:amation. The proceeds of any award. or claim for damages, direct or consequentia~ payable to
<br />Borrower in cotlDcction with /lny condemnation or other biking of all Ql:' ;my part of the Property, whether of the unit
<br />or of the common I::lements of the Condominium Project or the common areas and facilities of the PUD, or for any
<br />conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender, subject to the rights of any
<br />lienholder with rights to such proceeds that are superior to Lend.er's rights. Such proceeds shall be applied by
<br />Lender to the sums secured by the Security Instrument as provided ~ Section 9.
<br />F. Lender's Prior CODBeDt. BotrOwer shall not, except ather notice to Lender and with Lender's prior
<br />written consent, either partition Qr subdivide the Property or consent to: (i) the abandomnent or tennination of the
<br />Condominium Project or POO, except for abandODment or tennination reqttired by law in the case of substantial
<br />destruction by flIe or other casualty or in the ellSe of a t:akin.g by condemnation QI eminent domaiIlj (ii) any
<br />amendment to any provision of the Constituent Documents if the provision is for the express benefit of Lender;
<br />(iti) tennination of professional management and assumption of self-management of the Communtty Association; Ot
<br />(iv) any action whicl1 would have the effect of rendering the public liability insurance coverage maintained by the
<br />Community AOllociation unaceeptable to Lender.
<br />G. Remedieg. If Borrower does not pay Community Association Dues. Fees, and Assessments when due,
<br />then lender may pay them. Any amounts disbursed by Lender under this paragraph G shall become additional debt
<br />of Borrower secured by thi.s Security Instrument. Unless Borrower and Lender agree to other ttmls of payment,
<br />these amounts shall bear interest at the rate applicable to the Debt Instrument from time to time, from the date of
<br />disbursement and shall be payable, with ~uch interest, upop notjce from Lender to BOttower requesting payment.
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<br />NON-UNIFORM COVENANTS. Borrower and Lender fi.uther covenant and agree as follows:
<br />21. Acceleration; Remedies. Borrower wID JJe in default if (1) any paymeDt required b)' the Debt
<br />Instrument or this SecUrity In.trument is not made when it is due; (2) l.ender discovert that Borrower or any
<br />eo-applieant has committed fraud or made a material misrepresentation in connection with tbe LoaD; (3)
<br />Borrower tlkkell llQY 3.(:Uon or tails to take any aeUon that adversely arreets Lender's rights under this
<br />SecurIty Instrument~ any DC Lender's other ljII!Cudty lor the Debt Instrument~ or any right Lender hu 'n the
<br />Property; or (4) BQrrower Is an exetutive officer of Lender and federalla__ perm.illJ or reqUires immediate
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<br />liililiiiilliliillli (Sf4/06)
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<br />(pap 1001 J3 PIJP~)
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<br />Documents pf()Cessed 02~2-2007, IS:H,i:21
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