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, � ��i�o�4�� B. Property Insurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a"master" or "blanket" policy insuring the Property which is satisfectory to Lender and which provides insurence 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 and floods, for which Lender requires insurance, then: (i) Lender waives the pravision in Section 3 for the Periodic Payment to Lender of the yearly premium installments for property insurance on the Property; and (ii) Barrower's obligetion under Section 5 ta maintain property insurance coverage on the Property is deemed satisfied to the extent that the required coverage is provided by the Owners Associatian policy. What Lender requires as a condition of this waiver can change during the term of the laan. Borrower shall give Lender prompt notice of any lapse in required praperty insurance coverage provided by the master ar blanket policy. In the event of a distribution of property insurance proceeds in lieu of restoration or repair followring a loss to the Property, ar to common areas and facilities of the PU�, any proceeds payable to Borrower are hereby assigned and shall be paid to Lender. Lender shall apply the proceects to the sums secured by the Sec�rity Instrument, whether or not then due, with the excess, it any, paid to Borrower. C. Pubiic l.w�bit"rty Insurance. Barrower shall take such actions as may be reasonable to insure that the Owners Associetion maintains a public liability insurance policy acceptable in form, amount, and extent of covsrage to Lender. D. Condemnation. The praceeds 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 or the common areas and facilities of the PUD, or far any conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds sha11 be applied by L�nder to the sums secured by the Security Instrument as provided in Section 11. E. Lender's Prior Consent. Borrower shall not, except after notice to l.ender and with Lend�r's prior written consent, either partition or subdivide the Property or consent to: (i) the abandonment or terminatian of the PUD, except for abandonment or termination required by law in the case of substantial destruction by fire or other casualty ar in the case ot a taking by condemnatian ar eminent domain; (ii) any amendment to any provision of the "Canstituent Documents" if the provision is for the express benefit 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 caverage maintained by the Owners Association unacceptable to Lender. F. Remedies. If Borrower does not pey 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 agree to ather 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. 10-000669 MULTIS"fATE PUb RIDER - Single Family - Fannie Mae/Freddie c FORM INSTRUMENT VMP�-7R (0811) Page 2 of 3 Initial,� .� ; � g Fprm 3150 7/0'I