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20i0U"7~.31 <br />yearly premium installments for hazard insurance on the Property, and (ii) <br />Borrower's obligation under Paragraph 4 of this Security Instrument to maintain <br />hazard insurance coverage an the Property is deemed satisfied to the extent <br />that the required coverage is provided by the Owners Association policy. <br />Borrower shall give Lender prompt notice of any lapse in required hazard <br />insurance coverage and of any loss occurring from a hazard. In the event of a <br />distribution of hazard insurance praceeds in lieu of restoration or repair <br />fallowing a loss to the Property or to common areas and facilities of the PUD, <br />any proceeds payable to Borrower are hereby assigned and shall be paid to <br />Lender for application to the sums secured by this Security Instrument, with <br />any excess paid to the entity legally entitled thereto. <br />B. Borrower promises to pay all dues and assessments imposed pursuant to the <br />legal instruments creating and governing the PUD. <br />C. If Borrower does not pay PUD dues and assessments when due, then Lender <br />may pay them. Any amounts disbursed by Lender under this paragraph C shall <br />become additional debt of Borrower secured by the Security Instrument. Unless <br />Borrower and Lender agree to other terms of payment, these amounts shall bear <br />interest from the date of disbursement at the Note rate and shall be payable, <br />with interest, upon notice from Lender to Borrower requesting payment. <br />FHA PUD Rider VMP589U (0806) <br />VMP° Pag yof 3 <br />Wolters Kluwer Financial Services © 2008 Initials: <br /> <br />