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2oiooso49 B. Prop�rty Insurance. So long as the Owners Assaciatian maintains, with a generally accepted insurance carrier, a"master" or "blanket" policy insuring the Property which is satisfactory ta Lender and which provides insurance caverage in the amounts (including deductible levels), far the periods, and against loss by fire, hazards included within the term "extended coverage," and any other hazards, including, but nat limited to, earthquakes and floods, for which Lender requires insurance, then: (i) Lender waives the provision in Section 3 for 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 ext�nt that the required coverage is provided by the Owners Association palicy. 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 coverage provided by the master ar blanket policy. In the event of a distribution af praperty insurance praceeds in lieu of restoration or repair following a loss to the praperty, 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. PublicLiabilitylnsurance.Borrower shall take such actions as may be reasonable 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 Borrow�r in connection with any condemnatian 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 by Lender to the sums secured by the 5ecurity Instrument as provided in Section 11. E. L�nder's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior written consent, either partition or subdivide the Property or consent to: (i) the abandonment ar terminatian 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 �r eminent domain; (ii) any amendment to any provision of the "Constituent Documents" if the provision is for the express benefit of Lender; (iii) terminatian of professional management and assumption of self-management of the Own�rs Association; or (iv) any action which would have the effect af rendering th� public liability insurance coverage maintained by the Owners Assnciation unacceptable ta L�nder. F. Remedies. If Borrower daes nat pay PUD dues and assessments when due, then Lender may pay them. Any amounts disbursed by Lender under this paragraph F shall becQme additional debt of Borrower secured by the Security Instrument. Unless Borrower and Lender agree to other terms of payrnent, these amounts shall bear interest from the date af disbursement at the Nate rate and shall be payable, with interest, upon notice from Lender to Barrower requesting payment. MULTISTATE PUD RIDER- 5ingle Family - FannieMae/FreddieMa IFORM INSTRUMENT VMP�-7R (Q811) Page 2 of 3 Initials: Farm 3150 1/01