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2oiooso5s PUD COVENANTS. ln addition to the covenants and agreements made in the Security Instrument, Borrower and Lender furthec covenant and agree as follows: A. PUD Obligations. Borrower shall perform all of Borrower's obligations under the PUD's Constituent Documents. The "Constituent Documents" are the: (i) Declaration; (ii) articles of incorporation, trust instrument or any equivalent document which creates the Owners Association; and (iii) any by-laws or other rules or regulations of the Owners Association. Borrower shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Documents. S. Property Insurance. So Iong as the Owners Association maintains, with a generally accepted insurance carrier, a"master" or "blanket" policy insuring the Property which is satisfactory to Lender and which provides insurance coverage in the amounts (including deductible levels), for the periods, and against loss by fire, hazards included within the term "extended coverage," and any ather hazards, including, but not limited to, earthquakes 3rid fl00(15 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 properiy insurance on the Property; and (ii) Borrowar's obligation under Section S to maintain property insurance coverage on the Property is deemed satisfied to the extent that the required coverage is provided by the Owners Association policy. What Lender requires as a conditioa of this waiver can change during the term of the loan. Borrower shall give Lender prompt notice of any lapse in required property insurance coveraga provided by the master or bianket policy. In the event af a distribution of property insurance proceeds in lieu of restoration or repair following a loss to the Property, or to cammon areas artd 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 Secwrity Instrument, whether or not then due, with the exoess, if any, paid to Barrnwer. C. Public Liability Insurance. Borrawer shall take such actions as may be reasonable to insure that the Owners Associatian 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 ar the common areas and facilities of the PUD, ar for any conveyance in lieu of candernnation, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to the sums secured by the Security Instrument as provided in Section 1 1. E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with �,ender's prior written consent, either partition or subdivide the Properiy ar 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 amendcnent to any provision of the "Constituent Documents" if the provision is for the express bene�t of Lender; (iii) termination of professional management and assumption of self-management of the Owners Association; or (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 amounts disbursed by Lender under this paragraph F shall become additional debt oF Borrower secured by the Security Instrument. Unless Borrower and Lender agr�e 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- 5ingle Family - FannieMae/FreddieMac UNIFORM INSTRUMENT Porm 3150 1/01 Laser Forms Inc. (800) 446-3555 LFI #FNMA3150 1/07 Page 2 of 3 II11t181S: