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200902363 0180654212 B. Property Insurance. So long as the (hvners 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 amounts (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 to, earthquakes and floods, for which Lender required insurance, then: (i) Lender waives the provision in Section 3 for the Periodic Payment to Lender of the yearly premium installments for property insurance on the Property; and (ii) Borrower's obligation under Section 5 to maintain property insurance coverage on the Property is deemed satistied to the extent that the required coverage is provided by the Owners Association policy. What Lender requires as a condition of tllis waiver can change during the 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 PlIO, any proceeds payable to Borrower are hereby assigned and shall be paid to Lender. Lender shall apply the proceeds to the sums secured by the Security Instrmnent, whether or not then due, with the excess, if any, paid to Borrower. C. Public Uability 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 al'ld facilities of the PUD, or for any ConveYal'lce in lieu of condemnation, arc hereby assibrned al'ld shall be paid to Lender. Sueh proceeds shall be applied by Lender to the sums secured by the Security Instrument 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, eithcr 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; (ii) any anlendment to any provision of the "Constituent Documents" if the provision is for the express benefit of Lender; (iii) termination of professional management al'ld assumption of self-management of the Owners Association; or (iv) any action which would have the dreet of rendering the public liability insurance coverage maintained by the Owners Association unacceptable to Lender. MULTISTATE PUD RIDER Single Family - FNMA/FHLMC Uniform Instrument './ . _ fI~ For 31501/01 (Page 2 of 3) fM' uP EC025L Rev. 11/13/00