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~1°f}(j3~46 equipment to the gu21 insurable replacement-value thereof. and with a separate loss payable endorsement in favor of the Mort- gagee, Trustee ar 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 governing body of the asso- ciation or any unit owner for the re.:overy of any loss under said policy or policies. Such policy ar 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 bath the Trustee 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 Geed of Trust both the Trustee and ;.,ender 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 hezeinabove to the contrary notwithstanding, in the event the based of directors oz other governing Mdy or Borrower fails ar refuses to provide the insurance coverage as above provided, the Lender. at its election. may provide fire insur- anee with extended coverage, vandalism and malicious mischief endorsements covering the Property for its bonefit as Beneficiary and may add the premium therefor to the unpaid balance of the indebtedness secured hereby. In the event that the board of directors ar other governing body does furnish insurance on the entire building and the Property as above provided and in the event o€ damage to or destruction of the building or any past thereof ar of the Property, the Lender shall, if the gro- ceeds of insurance collectfble by the board of directars or other governing body are sufficient to repair or restore the bnilding and such restoration ar repair is economically feasible axe the security of this Mortgage oz Deed of Trust is not thereby impaired, permit the proceeds of such insurance affect- ing the Property to be disbursed by the board of directars or other governing body far the purpose of repairing and restoring the building. 5. The Borrower snail promptly pay, as the same become due and payable, all payments to the maintenance and reserve Rands axed ail assessments as required by the Master Deed, Hylaws and the-board of directors or other governing body anti shall promptly upon demand exhibit to the Lender receipts for all such paymer~?s. 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 each pay~tnts, and the same shall be added to the debt seaEd hereby, and shall bear interest until repaid at the rata of 11.OOt per annumr provided. tzowever, that the failure