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�o�i0003� A. PUD Obligations. BoXZOwer shall perforni all of Sorrower's obli�ations under the PUD's Constituent Documents. The "Constituent DocumenCS" are the (i) Declaration; (ii) articles of incorporatian, trust instrument or any equivalent document which creates the Owners Association; and (iii) any by-laws or other rules or regulations of the Owners Association. Borrower shall proznptly pay, when due, all dues and assessments irnposed pursuant to the Constituent Documents. B. Property Tnsurance. So long as the Owners Association maintains, with a generally accepted in�surance cazxier, a"master" or "blankeY' policy insurin�; the Property w�aich is satisfactory to Lender and which provides insuraz�ce coverage in the an�ounts (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 liznited to, earthquakes and £loods, for which Lender requires insurance, then: (i) Lender waives the provision in Section 3 for the Pexiodic Payrnent to Lender of ttae yeaxly premium installments for property insurance on tlxe Property; and (ii) Bo:txower's obligation under Sectioa 5 to maintain property insurance coverage on the Property is deamed satis�ad to the extent that the required coverage is provided by the Owners Associativn policy. What Lender requires as a condition of this waiver can change during the term of the loan. Borrower shall give Lender prompt notice of any lapse in requiz'ed property insurance covez'a�;e provided by the rnaster or blanket policy. In the event of a distributivn of property insurance proceeds in lieu of restoration or repaiz following a loss to the Propexty, or to common areas and facilities af the PUD, any proceeds payable ta Borrower are hereby assigned and shall be paid to Lender. Lender shall apply the proceeds to the sums secured by the Secunity Tnstrument, whether or not then due, witk� the excess, if any, paid to Borrower. ' C. Public Liability Insurance. Borrawer shall take such actions as may be zeasonable to insure that the Owners Association maintains a public liability insurance policy acceptable in form, anaount, and extent of covera�e to Lender. D. Condemnation. 'I'hie proceeds of any award az claun for damages, dizect or consequential, payable to Bon'owe:r in connection with any condemnation or other taking of all or any part of the Property or the common areas and facilities of lhe PUD, or for any conveyance in lieu of eondemnation, axe hereby assign�d ancl shall be paid to I,e�xder. Such proceeds shall be applied by Lender to the su�as secured by the Security Instxument as pxovided in Section 11. E. Lender's Pr"ror Consent. Borrower shall not, except after notice to Lendex and with Lender's prior written consent, either pa;rtition ar subdivide the Properiy or consent to: (i) the abandonment or temiinatiozx of the PUD, except for abandonment or termination required by law in the case of substanrial flestruction by fire or other casualty or in the case of a taking by condezxa�nation or eminent domain; (ii) any amendment to any provision of the "Constituent Documents" if the provision is for the express beuefit of T,ender; (iii) termination of professional management and assumption of self zxaanagemeztt of the Owners Associatzon; or (iv) any action which would have the effect of renderin,g the public liability insurance coverage maintained by the Ownezs Associatioan unacceptable to Lender. F. Remedies. IFBorrower does not pay PUD dues and assessrnents when. due, then Lender may pay the�zi. Any amounts disbursed by Lender wader this paragraph F sl�all become additional debt of Borrower secured by the Security Insirumer►t. IJnless Borrower and Lander agree to vther terms of payment, these azz�ounts shall bear interest from tlie date of disbursement at the Note xate and shall be payable, with interest, upon notice from Lender to Borrowex requesring payment_ MTJLTT5TATE P[7b TtIDER--Single Family--Fawnie MaelFredd.ic Mac iJNIFORM INS'I'IiC�MF'N7' Form 3150 1/Ol (puge 2 of 3 pages) GV3285.HP