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2oiooso49 <br />B. Prop�rty Insurance. So long as the Owners Assaciatian maintains, with a generally <br />accepted insurance carrier, a"master" or "blanket" policy insuring the Property which is <br />satisfactory ta Lender and which provides insurance caverage in the amounts (including <br />deductible levels), far the periods, and against loss by fire, hazards included within the term <br />"extended coverage," and any other hazards, including, but nat limited to, earthquakes and <br />floods, for which Lender requires insurance, then: (i) Lender waives the provision in Section 3 <br />for the Periodic payment to Lender of the yearly premium installments for property insurance <br />on the Property; and (ii) Borrower's obligation under Section 5 to maintain property insurance <br />coverage on the Property is deemed satisfied to the ext�nt that the required coverage is <br />provided by the Owners Association palicy. <br />What Lender requires as a condition of this waiver can change during the term of the <br />loan. <br />Borrower shall give Lender prompt notice of any lapse in required property insurance <br />coverage provided by the master ar blanket policy. <br />In the event of a distribution af praperty insurance praceeds in lieu of restoration or <br />repair following a loss to the praperty, ar to common areas and facilities of the PUD, any <br />proceeds payable to Borrower are hereby assigned and shall be paid to Lender. Lender shall <br />apply the proceeds to the sums secured by the Security Instrument, whether or not then due, <br />with the excess, if any, paid to Borrower. <br />C. PublicLiabilitylnsurance.Borrower shall take such actions as may be reasonable to <br />insure that the Owners Association maintains a public liability insurance policy acceptable in <br />form, amount, and extent of coverage to Lender. <br />D. Condemnation. The proceeds of any award or claim for damages, direct or <br />consequential, payable to Borrow�r in connection with any condemnatian or other taking of all <br />or any part of the Property or the common areas and facilities of the PUD, or for any <br />conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such <br />proceeds shall be applied by Lender to the sums secured by the 5ecurity Instrument as <br />provided in Section 11. <br />E. L�nder's Prior Consent. Borrower shall not, except after notice to Lender and with <br />Lender's prior written consent, either partition or subdivide the Property or consent to: (i) the <br />abandonment ar terminatian of the PUD, except for abandonment or termination required by <br />law in the case of substantial destruction by fire or other casualty or in the case of a taking <br />by condemnation �r eminent domain; (ii) any amendment to any provision of the "Constituent <br />Documents" if the provision is for the express benefit of Lender; (iii) terminatian of <br />professional management and assumption of self-management of the Own�rs Association; or <br />(iv) any action which would have the effect af rendering th� public liability insurance coverage <br />maintained by the Owners Assnciation unacceptable ta L�nder. <br />F. Remedies. If Borrower daes nat pay PUD dues and assessments when due, then <br />Lender may pay them. Any amounts disbursed by Lender under this paragraph F shall becQme <br />additional debt of Borrower secured by the Security Instrument. Unless Borrower and Lender <br />agree to other terms of payrnent, these amounts shall bear interest from the date af <br />disbursement at the Nate rate and shall be payable, with interest, upon notice from Lender to <br />Barrower requesting payment. <br />MULTISTATE PUD RIDER- 5ingle Family - FannieMae/FreddieMa IFORM INSTRUMENT <br />VMP�-7R (Q811) Page 2 of 3 Initials: Farm 3150 1/01 <br />