201009085 - Laserfiche WebLink

Browse

201QQ908S B. Properly In$urance. Sa long as the Owners Association matntains, with a generally accepted insurance carrier, a"master" or "blanket" policy insuring the Property which is satisfectory ta I.snder and which provides insurance coverage in #ha amounts (including deductible levels), for the periods, and against lass by fire, hazards included within the term "extended coverage," and sny pther 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 Periadic Payment to Lender of the yearly premium installments fnr property insurance on the Property; and (ii) Borrower's obligation under Sectian 5 to maintain property insurance coverage on the Property is deemed satisfied to the extent that the required coverage is provided hy the Owners Association policy. What Lender requires a� a condition of this waiver can change during the term of the laan. Borrower shall give Lender prompt notice of any lapse in �equired property insurance coverage provided by the master or blanket palicy. In the event of a distributi�n of praperty insurance proceeds in lieu of restoration or repair following a lass to the Property, 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 procasds to the sums secured by the Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. C. Public Liability Insurance. Borrawer shall take such actions as may be reasonable to insure that the Owners Associ�tion maintains a public (iability insurance pvticy acceptehle in form, amount, and extent of coverage to Lender. D. Condemnation. The proceeds af any award or claim for damages, direct or consequential, p�yable ta Borrower in connection with any oondemnation �r other taking of all or �ny part �f the Property ar the common areas and facilities af 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 Security Instrument as provided in Section 11. E. Lend�'s pripr Consent. Borrower shall not, except after natice ta Lender and with Lender's prior written consant, either partition or subdivide the Praperty or consent to; (i) the abandanment or termination of the PUD, except for abandonment or terminatian required by law in the case of supstantial destruction by fire or other casualty or in the case �f a taking by condemnation or eminent domain; (ii) any amendment to any provision of the "Canstituent Documents" if the provision is for the express benefit of Lender; (iii) termina#ian of professional m�nagement �nd assumption of self-management of the Owners Association; or (iv) any action which would have the eff�ct of rendering the public tiability insurancs coverage main#ained by the Owners Association unacceptable to Lender. F. Remedies. If Bo�rower does not pay PUD duea end assessments when due, then Lender may pay them. Any amounts disbursed by Lender under #his paragraph F shall become additional debt of Barrawer secured by the Security Instrument. Unless Borrower and Lender agree #o other term� 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. ' MUL�ISTATE PUD RIDER - Single Family - Fannie Mae/Freddie Ma FORM INSTRUMENT VMP -7R (0811) Page 2 of 3 Initials: �, Form 3160 7/01 � �: , . ,.,, .