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~~..._ 001677 equipment to the full insurable replacement value thereof, and with a separate>. loss payable endorsement in favor of the N]<ist- l;~ree, Trustee c>r Beneficiary of each unit. Such policy or policies shalt permit the waiver of subrogation and- shall pro- vide that the insurance company or companies will not look to the board of :li.rectors or other governing body of the also- ciation or any ux:it owner for the recovery of any loss under said pol.icv or policies. Such policy or palic.ies shall not !e cancelable except after ten (i07 days' written notice to; the Lender and in the case of a Deed of Trust both tp the irustre and the Lender a_nd a copy of a duplicate of such ptolaey ,~r rclicies shall be deposited with the Lender and in 'the Casa c: a Geed of Trust both the Trustee and Lende=. wi+;; esvidcnc~ ~Yf the ~~ay€:xent »f premiums and with renew8k ;.policies ce a~L ,.et}osa.ted with the Lender and in the case- of a C?ced ,~f Trust hoax the drustee and Lender not later than tc:rl i1J} days c~rzor to the Axpiration of existing policies. Zn the ~~~ent that th~+ policy cr policies of insurance ~iair,tainec? ;'. the beard of directors or other governing hody incur=us the roperty Manly on a contingent c;r conditional taasis whit::. rcaz;uare~s the individual unit owner a:o provide his own :n;:urvi:c~_ >>n ...~~ snit, the;: t',e Bo=-ro~a~r ahall~ cto so in the :nr~nner st.~te;l ;:s para~rapt ~~ of the Mortgage or Deed of Trust. uaythi:~>a herex.:~ove to the contrary notwrths±anding,xn the. evert tE~r bc.~rd of ciirectorw or other governing body or 13orrcr~~r f3riS or re`_'uses to provide tl'w2 insurance Coverage as abo~te?: provided, the Fender, at it> election, maw prcva„de fire irrsur- arce wittz extasrded coversee, vandalism and caalicious maehief ~;ndorsexr~nts :°~svF.ra.ncr the Fr<;F~erty far its benefit as Henefa.~ciary a.id ma add ~.e ,~re2~ziu~z it~;:-E*for to the unpaid b,:lanee of the iFtcl~:}~tedness :secured hereby. In the event that the kaoard cif directors ~~r. ottxer gciverni^+~ body does furnish insurance on the ertrre i~uxld;ag ~~nd the ?roperty as above provided axrti in tf:e event of .:~aazage to or destruction of the building or any part tl,~*rersf y>r of t.tte e reperty, the Lender shall , if tYie pro- ceeds c;f insurance ealleetible by the Yaoard of directors or other: ;overnir.c~ bodk= era sufficient to repair or restore the bui?dir2cl and such restoration or repair is econrimie~slly Eeasale and the ,,ecurity of this Mortgage or Reed of Trust is not r2;~:rek~}. impaired, permit the proceeds of such inrsurance affect- iazg the propea°ty to be disbursed by the board of directors or .ether go~rerning =.',y for the purpcise of repairing and restoring the buildiracl. .. 'Yhe u~3rrower shall promptly pay, as the same become cue and payaFrle , all payments to the maintenance and reserve iacntFt~ and all a~~esvmertts as required by the Master Deed, ;laws and `r:~~ tx3ard ut directors or other governing body ,,=,-mod sF~r12 prop-try upon dnd exhibit to the Lender recei,t.rts .r all s~rch - ;-:;iseerts. Ir. t42e evea~t t}zat tre .Borrower fails to :~ . .- _. ~ - ,a= a as tYce same beeo due and payable, the Lender r< ,. ~;. ~r- tiz at its option Yrut without any obliclation 4 ~ ~ _ art notice to car demand upon the Borrower, . s: , ... a.~id the saw ®Fiall tre acYded t~ the debt xrrtuu+a.! i~ax~~~n v.~, ,;Q~ .1~a1.1 b+~a.r interest uzatil red=aid at the r:.°;.u uy ll.r~~~ ;mA.r annum; ;;are~videc3, t:omrever, td~~st tn~>_ failure