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2oiooss5� B. Proper#y Insurance. So lang as the Owners Association maintains, with a generally accepted insurance carrier, a"master" or "blanket" policy insuring the Property which is satisfactory ta Lender and which pravides insurance coverage in the amounts (including deductibfe levels), for the periods, and against loss by fire, hazards included within the term "extended caverage," and any other hazards, including, but not 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 cnverage an 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. Borrower shall give Lender prompt notice af any lapse in required property insurance coverage pravided by the master ar blanket policy. In the event af a distributian of praperty insurance proceeds in lieu of restoration or repair following a loss to the Property, or ta common areas and facilities of the PUD, any proceeds payable to Barrower are hereby assigned end 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 ta Borrower. C. Public l.iability Insurance. Barrower shall take such actions as may be reasonable to insure that the �wners 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 far damages, direct or consequential, payable to Borrawer in connection with any condemnation or other taking of all or any part af the Property �r the common areas and facilities of the PUD, or for any conveyance in lieu af candemnatian, 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 S�ction 11. E. Lender'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 a6andonment or termination of the PUb, except for abandonment or termination required by law in the case of substantial destructian by fire or other casualty or in the case of a taking by condemnation or eminent damain; (ii) any amendment to any provisian of the "Constituent Documents" if the provision is for the express benefit af Lender, (iii) termination of professional management and assumption af self-management af the Owners Association; or (iv) any action which would have the effect of rendering the public lia6ility insurance coverage maintained by the Owners Association unacceptable ta Lender. F. Remedies. If Borrower does not pay PUD dues and assessments when due, then Lender may pay them. Any amounts disbursed by Lend�r 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 Barrower requesting payment. 10•000607 MULTISTATE PUD RIDER - Single Family -�annie Mae/Freddie M NIFORM INSTRUMENT VMP�-7R (0811) Page 2 of 3 Initials: Form 3150 7/01 ;�:� � 'y'�..r'�''�,i