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$~s t5C13484 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 of directors or other gcvernirg body of the asso- ciation or any unit owner for thz recovery of any loss tinder said policy or policies, Such policy or policies shall not be cancelable except after ten (i0) 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 Truster and Lender with evidence of the payment of premiums and with renewal policies to be deposited 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 herein above to the contrary notwithstanding, in the event the board of directors or other yovernirg body or Borrower fails or rzfuses to provide the insurarce coverage as above provided, the Lender, at its elzcticr., may provide fire insur- ance with extended coverage, vandalism and mali.c:ious mischief endorsements covering the Property for its benefit as Beneficiary and may add the premium therefor to the unpaid balance of the indebtedness secured heresay. In the event that the eaoard cf directors or other yoverr.inq body does furnish insurance on the entire buildiny 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 buildiny. 5. The Borrower sha1:L promptly pay, as the same become due and payable, all payments to ttte maintenance and reserve funds and all assess^rents as required 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 evert that the Borrower fails to make such payments as the same become due and payable, the Lender - 1 --,-,,. ..-_..,.. ~.. .. r,..- ~. ,.. ,. ..., opt,...,,, uu~ wa. tiro iit ari}` V`uiiyatGii so tq 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 1I.00rE per anrum; provided, however, That the failure.