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�oiou�:�ss B. Property Insurance. So lang as the Owners Association maintains, with a generally accepted insuranca carrier, a"master" ar "blanket" policy insuring the Property which is satisfactory to Lender and which pravides insurance caverage in the amounts (including deductible levels), for the periods, and against loss by fire, hazards included within the term "extended ooverage," and any other hazards, including, but not limited to, earthquakes and floods, for which Lender requires insurance, then: (i) Lender waives the provision in Sectian 3 far 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 satisfied to the extent that the required coverage is provided by the Owners Association palicy. What Lender requires as a conditian of this 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 tha master or blenket palicy. In the event of a distribution of property insurance proceeds in lieu of restoration or repair following a loss to the Property, ar to common areas and facilities of the PUD, 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 Instrument, whether or not then due, with the excess, if any, paid to Borrower. C. Public l.iability Insuranae. Borrawer shall take such actions as may be reasonable to insure that the Owners Associatinn maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to Lender. D. Condemnation. 7he 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 and facilities of the PUD, or for any conveyance in lieu of condemnation, are hereby assigned and shall be paid ta Lender. Such prviceeds 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 f1dtIC8 t4 Lender and with Lender's prior written consent, either partition or subdivide tha 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 amendment to any provision of the "Constituent Documents" if the provisiqn is far the express benefit of Lender; (iii) termination of professional management and essumption of self-management of the Owners Association; or (iv) any action which would have the effect of rendering ihe public liahility insurance coverage maintained by the Owners Association unacc�ptable to Lender. F. Remedies. If Borrower does not pay PUD dues and assessments when due, then Lender may pay them. Any amounts disbursed by Lender undar this paragraph F shall become additional debt of Borrower secured by the Security Instrument. Unless Barrower and Lender agree to other terms of payment, these amounts shall bear interest fram the date af disbursement at the Note rate and shall be payable, with interest, upon notice fram Lender ta Borrower requesting payment. 1q-000497 MULTISTATE PUD RIDER - Single Family - Fannie Mae/Freddie Mac UNI�ORM INSTRUMEN7 VMP�-7R (0$11) Page 2 of 3 �Ini�i�ls; ��; . Form 3750 1/07 � �