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2�1U095�i B. Property Insurance. So long as the Owners Association maintains, with a generally accepted insurance cerrier, a"master" or "blanket" policy insuring the Praperty which is sa#isfactary 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 other hazards, including, but not limited to, earthquakes and floods, for which Lender requires insurance, then: (i) Lender waives the provisian in Section 3 for the Periodic Payment to Lender of the yearly premium installments for property insurance on the Praperty; and (ii) Borrower's obligation under Section 5 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 condition of this waiver can change during the term of the loan. Borrower shatl give Lender prompt notice af any lapse in required property insurance cpverage pravided by the master or blanket policy. In the event af a distribution of property insurance proc�:eds in lieu af restoration or repair following a loss t� the Praperty, or to common areas and facilities af the PUD, any praceeds payable to Borrawer are hereby assigned and shal) be paid ta Lender. Lender shall apply the praceeds ta the sums secured by the Security Instrument, whether or not then due, witi� the excess, if any, pa'►d to 6orrower. C. Publ�c tiability Insurar►c�. Borrower shall take such actions as may be reasonable ta insure that the Owners Association maintains a public liability insurance policy acceptable in farm, amaunt, and extent of coverage to Lender. D. Condemnation. The proceeds of any award ar claim for damages, direct or consequential, payable to Borrower in cannection with any condemnation or other taking vf all or �ny part of the Praperty ar the cammon areas and facilities of the PUD, or for any canveyance 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 5ecurity Instrument as provided in Sectian 11. E. Lender's Prior Consent. Borrower shall not, except after notice ta Lender and with Lender's prior written consent, either partition or subdivide the Property or consent to: (i) the abandonment or termination of the PUD, except for aband�nment or termination required by law in the case of substantial destruction by fire or other casualty or in the case of e taking by condemnation or eminent domain; (ii) any amendment to any provision of the "Constituent Documents" if the provision is for the express benefit of Lender; (iii) terminatian 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 became 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 af disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting payment. 10-000649 MULT15TA1"E PUD RIDER - Single Family - Fannie Mae/Freddie M RM IN57RUMENT VMP�-7R (0811) Page 2 of 3 Initials• ;�. y�F�o�r�t+�'15P 1/01