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<br />200707826
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<br />Borrower warrants that no default exists under the Leilses or any applicable landlorditenant law. Borrower
<br />agrees to maintain and require any tenant to comply with the terms of the Leases and applicable law.
<br />20. Condominiums; Planned Unit Devdopmients. If the Property is a unit in a condominium
<br />project ("Condominium Project") or is part of a planned unit development ("PUD"), Borrower agrees to the
<br />following:
<br />A. Obligations. Borrower shall perforrn all of BOlTow~,r's obligations under the Constituent Documents.
<br />The "Constituent DocuUlent3" iire the: (i) Declaration or any other document which creates the Condominium
<br />Project or PUD and any condominium association, homeowners association or equivalent entity ("Community
<br />Association"); (ii) any by-laws or otber rules or regulations ohhe Community Association: and (Iii) other equivalent
<br />documents. BOlTower shall promptly pay, when due, all Community Association Dues, Fees, and Assessments.
<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 ot~ the Condominium Project, and Borrower's interest in the Community
<br />Association and the uses, proceeds and benefits of Borrower's interest. For PUDs, the Pwperty includes, but is not
<br />limited to, a parcel of land improved with a dwelling, together with other such parcels and certain common areas and
<br />facilities, as described in the Consti(uem DocuElCnts, and BOl1"Ower's interest in the Community Association and the
<br />uses, benefits and proceeds of BOlT ower's interest.
<br />C. Property Insurance. 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 Lender and which
<br />provides insurance coverage in the nlTIounts (including deductible levels), for the periods, and against loss by fire,
<br />hazards included within the krrn "extended coverage," and any other hazards, including, but not limited to,
<br />earthquakes and floods, for which Lender requires insurance, then Borrower's obligation under Section 4 to
<br />maintain property insurance coverag'~ on the Property is deeml~c1 satisfied to the extent that the required coverage is
<br />provided by the Community Association policy. Borrower 8ba1l give Lender prompt notice of any lapse in required
<br />property insurance coverage provided by dle master or blanket policy. In the event of a distribution of property
<br />insurance proceeds in lieu of restoration or repair following a loss to the Property, wheth(;:f to the unit or to common
<br />elements of the Condominium Project or to common areas and facilities of the PUD, any proceeds payable to
<br />Borrower are hereby assign\~d and shall be paid to L(~nder for application to the surm, secured by this Security
<br />Instrument, whether or not then due, with the excess, if any, paid to Borrower, subject to the rights of any lienholder
<br />with rights to insurance proceeds that are superior to Lender's rights.
<br />D. Public Liability InslJfance. Borrower shall take such actions as may be reasonable to insure that the
<br />Community Association maintains a public liability insurance policy acceptable in form, amount, and extent of
<br />coverage to Lender.
<br />E. Condemnation. The proceeds of any award or 0laim fi)f damages, direct or consequential, payable to
<br />Borrower in connection with any condemnation or other taking of all or any pmt of (he Property, whetller of the unit
<br />or of the common elements of die Condominium Project or tho" commOll areas and facilities of the PUD, or for any
<br />conveyance in lieu of condemnatioll, are hereby assigned and shall be paid to Lender, subjcet to the rights of any
<br />lienholder with rights to such proceed:; that are superior to Lender's rights. Sueh proceeds shall be applied by
<br />Lender to the sums secured by the Security Instrument as provided in Section 9.
<br />F. Lender's Prior Consent. Borrower shall not, eXl:cpt after notice to Lender and with Lender's prior
<br />written consent, either partition or subdivide the Property or consent to: (i) the abandonment or termination of the
<br />Condominium Project or PUD, except for abandonment or termination required by law in the case of substantial
<br />destruction by fire or other c<lsualty or in the case of a taking by condemnation or eminent domain; (ii) any
<br />amendment to any provision of the Constituent Documents if the provision is for the express benefit of Lender;
<br />(iii) termination of professional management and assumption of self-management of the Community Association; or
<br />(iv) any action which would have the effect of rendering the public liability insurance coverage maintained by the
<br />Community Association unacceptable to Lender.
<br />G. Remedies. 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 thiH Security Instrument. Unless Borrower and Lender agree to other terms of payment,
<br />these amounts shall bear interest al the rate applicable 10 the Debt Instrument from time to time, from the date of
<br />disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment.
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<br />NON-UNIFORM COVENANTS. BOlTower and Lender further covenant and agree as follows:
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<br />iii.li-iillimiBwilllulili'II~lim (5/4/06)
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<br />Documcnts Pmcessed 08-17-2007, 08:27:34
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