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f►�1� [III�:��►.L! B. Property Insuranca. So lang 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 amaunts (including deductible levels), for the periads, and again�t loss by fire, hazards included within the term "extended coverage," and any vther hazards, including, but not limited to, earthquakes and floods, for which Lender requires insur�nce, then: (i) Lender waives the pravision in Section 3 for the Periodic P�yment to Lender of the yearly premium installments for property insurance on the Property; end �ii) Borrower's oblig�tion under Section 5 to maintain property insuranae coverege 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 condition of this waiver can change during the term of the loan. Borrawer shall give Lender prompt notice of sny lapse in required property insurance cavsrage provided by the master or blanket policy. In the event of a distribution of property insurance pr�ceeds in lieu of restoratlon or repair fallowing a loss to the Property, or tn common areas and facilities of the PUD, any praceads payable to Borrower are hereby assigned and shall he peid #o Lender. Lender shall apply the proceeds to the sums secured by the 5ecurity Instrument, whether or nat then due, with the excess, if any, paid to Borrower. C. Publtc Liabili#y Insurance. Borrower shall take such actions as may be reasonable to insure that the �wners Association meintains a public liability insurance policy acceptable in form, amount, and extent of coverage to I.ender. D. Condamnatian. The proceeds of any award or claim for dameges, direct or consequential, payable to Borrower in connection with any condemnation or other taking nf all or any part of the Property or the common �rees and facilities of the PUD, or for any conveyance in lieu of condemna#ion, are hereby essigned and shall be pald to Lender. Such proceeds shall be applied by Lender ta the sums secured by the Security Instrument as provided in Section 11. E. I.ender's Pri�r Consent. Borrower shall not, except sfter natice ta l,.ender and with Lender's prior written consent, either partition or subdivide the Property or cansent to: (i) the sbandonmant or terminatian of the PUD, except for abandonment or termination required by law in the case of substantiel destruction by fire or ather 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 pravision is for the express benafit of L.ender; (iii) terminatinn of professional management and assump#ian of self-management ofi the Owners Association, ar (iv) any action which would have the effect of rendering the public liability insurance caverags maintsined by the Owners Associ�tion unacceptable to Lender. F. Remedias. If Borrower does not pay PUD dues and assessment� when due, then Lender may pay them. Any amounts disbursed by Lender under this paragreph F shall become additional debt of Borrower secured by the Security Instrument. Unless Borrower and Lender agree ta ather terms of payment, these �mounts shall bear intsrest from the date of dist�ursemsnt at the Note rate and shall be payable, with interest, upan notice from Lender to Borrawer requesting payment. MUL;ISTATE PUD RIDEH - Single Family - Fannie Mea/�reddie Mac UNIFORM INSTRUMENT VMP -7R (Q811) Page 2 of 3 Initials: Form 3150 1/01