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80-(15596 equipment to the full insurable replacement value thereof, and with a separate loss payable endorsement in favor of the Mort- gagee, Trustee or Beneficiary of each unit. Such policy or policies shall permit the waiver of subrogation and shall pro- vide that the insurance company or companies will not look to the board pf directors or other governing body of the asso- ciation 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' written 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 policies shall be deposited with the Lender and in the case of a Deed of Trust both the Trustee and Lender with evidence of the payment of premiums and with renewal policies to be depasited with the Lender and in the case of a Deed of Trust both the Trustee and Lender not later than ten {10) days prior to the expiration of existing policies. In the event that the policy or policies of insurance maintained by the board of directors or other governing body insures the Property only on a contingent or conditional basis which requires the individual unit owner to provide his own insurance on his unit, then the Borrower shall do so in the manner stated in paragraph 5 of the Mortgage or Deed of Trust. Anything hereinabove to the contrary notwithstanding, in the event the board of directors or other governing body or Borrower fails or refuses to provide the insurance coverage as above provided, the Lender, at its election, may provide fire insur- ance with extended coverage, vandal9.sm and malicious mischief endorsements covering the Property far its benefit as Beneficiary and may add the premium therefor to the unpa'.d balance of the indebtedness secured hereby. In the event that the board of directors or other governing body daes furnish insurance on the entire building and the Property as above provided and in the event of damage to or destruction of the building or any part thereof or of the Property, the Lender shall, if the pro- ceeds of insurance collectible by the board of directors or other governing body are sufficient to repair. or restore the building and such restoration or repair is economically feasible and the security of this Mortgage or Deed of Trust is not thereby impaired, permit the proceeds of such insurance affect- ing the Property to be disbursed by the board of directors or other governing body for the purpose of repairing and restoring the building. 5. The Borrower shall promptly pay, as the same become due and payable, all payments to the maintenance and reserve funds and all assessments as repaired by the Master Deed, Bylaws and the board of directors or other governing body and shall promptly upon demand exhibit to the Lender receipts for all such payments. In the 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.G0~ per annum; provided, however, that the failure