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r 83~ 005453 equipment to the full insurable replacement value with a separate loss payable endorsement in favor gagee, Trustee or Beneficiary of each unit. Such policy or policies shall permit the \o[aiver of subrogation and shall pro,- vide that the insurance company or companies will not look to t~e board of directors or other governing body of the asso,- eiation or any unit owner for the recovery of any loss under said policy or policies. Such policy or policies shall not be cancelable except after ten (10) days' \o[ritten notice to the Lender and in the case of a Deed of Trust both to the Trustee and the Lender and a copy of a duplicate of such policy or pollcies shall be deposited with the Lender and in the case of a Deed of Trust both the Trustee and Lender with ovidence of the payment of premiums and with renewal polic:,es to be deposited with the Lender and in the case of a Deed of Trust buth the Trustee and LeHder not later than ten (10) dars prior to the expiration of existing policies. In the everlt that the policy or policies of insurance maintained ~)y the board of directors or other governing body insures the Property only on a contingent or conditional basis which r-equlr(~S the lndivldual unit uwner to provide his own insul:"ance on :11.5 UnlI:, then the Borr()\.;er shall do so in the manner .:;tated .l.n paragraph S of Lhe Mort,:;agt: or Deed of 'rrust. Anythlng here~;ldbove to the ~ontrary notwithstanding, in the event the board 0f directors {)r Deller 00vcrnlng body or Borrower f ai Is vI' re fu~~(.'s t.O t}.rov ide t :H: i nsurancc (:OVt~rage as above prov1ded, the ~ender, at lts ~lectlOn, ~ay provide fire insur- ance \.;it~1 extended ,~:ov{;:rJ;j~, "/J.ndall~,;n :uld malicious mischief endarsement~ coverin\.J the Prot.,el:"ty for lts lJe-nefit as Benefic.iary and may :itld thE: prerru_um therefor t.o the unpaid balance of the indebtedness :;ccured ~lL~reby ~ In the '_:vent that the board of directors or ottler governing body does furnish insurance on the -cnt.lre buildinq and t..::1e Property d.S above provided and in the event or damage tQ ,:;::" .1est:ruct.ion of the building or any part. thereof {)r of the il r':~'ipert.y t the L~nder $h(1111 if the pro- ceeds of insurance callectlbl~ b~' t~le board of d1rectors or c#~!'ler governl,ng body are surfic1.cnt. tv repair or restore the building dnd such restordt~on (lr nepa~r <Ii economically feasible and the security of this :>lortqage or Deed of Trust is not thereby :tmpaired, permit the proce.::ds of such insurance affect- ing the Property to be d:t:>buJ:"sed by the boal.-d of directors or other 90verning body for the purpose of repa:tr1ng and restoring the building. 5. The Borrower shall ;.>romptly I-'ay, as t.he same become due and payablef all payments to the maintenance and reserve funds and all assessments as requl.red by the Master Deed, Bylaws and the board of directors vI' other governing body and shall promptly upon demand exhibit to the Lender receipts for all such payments. In t.he event that the Borrower fails to make such payments as the same become due and payable, the Lender may from time to time, at its option but without any Obligation so to do, and without notice to or demand upon the Borrower, make such payments, and the same shall be added to the debt secured hereby, and shall bear interest until repaid at the rate of 11.00\ por annum; provided, how(~ver, that the fililun~