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�oloo��7i B. Property Insurance. So lang as the Owners Assaciatian maintains, with a generally �cCepted insur�nce Carrier, a"m�ster" or "blanket" poliCy insuring the Property which is satisfactory ta I�ender and which provides insurance caverage in the amaunts (including d�ductible levels), far the periods, and against loss by fire, hazards included within the term "extended coverage," and any other hazards, including, but not limited t�, earthquakes and floods, for which Lender requires insurance, then: (i) Lender waives the provision in Section 3 far the Periodic I'ayment to Lender af the yearly premium installments for property insurance on the Praperty; and (ii) Barrpwer's abligation under Section 5 to maintain property insurance cpverage on the Property is deemed satisfied ta the extent that the required coverage is provided by the Owners Assaciatian policy. What Lender requires as a condition of this waiver can change during the term of the loan. Borrower shall give Lender prompt notice of any lapse in required property insurance caverage providad by the master or blanket policy. In the event af a distributian of property insurance praceeds in lieu of restoration or repair fallowing a Ipss ta the Prpperty, or to common areas and facilities of the PUD, any proceeds payable to Barrower are hereby assigned and shall t�e paid to Lender. Lender shall apply the proceeds to the sums secured t�y the Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. C. Public Liability Insurance. Borrower shall take such actions as may ba reasvnable to insure that the Owners Association maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to Lender. D. Condemnation. The 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 to Lender. Such proceeds shall be applied tay Lender to the sums secured by #he Security Instrument as provided in Sectipn 11. E. L.ender's Prior Consent. Borrower shall not, except after notice ta Lender and with Lender's prior written consent, either partition or subdivide the 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 af a taking by condemnation or eminent domain; (ii) any amendment to any provision of the "Canstituent Documents" if the provision is for the express benefit of Lender; liii) termination of professional management and assumption of self-management of the Owners Assaciation; ar (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by the Owners Association unacceptable to Lender. F. Remedies. If Borrower does not pay PUD dues and assessments when due, then Lender may pay them. Any amaunts disbursed by Lender under this paragraph F shall become additional debt of Borrower secured by the Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting payment. MULTISTATE PUD RIDER - Single Family - Fannie Mae/Freddie Mac NIF� M INSTRUMENT VMP�-7R (�81 1) Page 2 of 3 Initials: Form 3150 1101 �� r , � g � � � .r �.. � S �