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2o�i�o�i3 B. Pr�perty Insurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a"master" or "blanket" policy insuring the Property which is satisfactory to Lender and which provides insurance coverage in the amounts (including deductible lavels), for the periads, 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 an the Praperty; and (ii) Borrower's obligation under Section 5 to maintain property insurance coverage on the Property is deemed satisfied ta 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 of �ny lapse in required property insurance coverage provided by the master or blanket policy. In the event of a distribution of property insurance proceeds in lieu of restoration or repair following a loss to the Property, or to common areas and fiacilities af the PUD, any proceeds payable to Borrower are hereby assigned and 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 to Bnrrower. C. Public Liability Insuranca. Barrower shall teke such actions as may be reasonable to insure that the Owners 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 for damages, direct or consequential, payable to Borrower in connection with any candemnation or other taking of all or any part of the Property or the common areas and facilities of the PUD, or for any conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such praceeds shall be applied by Lender to the sums secured by the Security Instrument as provided in Section 91. E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior written consent, either partition or sut�divide the Property or consent to: (i) the abandonment or termination of the PUD, except for abandonment or termination required by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or eminent domain; (ii) any amendment to any provision of the "Constituent bocuments" 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 insurence coverage maintained by the Owners Association unecceptable 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 become additional debt of Borrower secured by the Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amaunts shall bear interest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice frpm Lender to Borrower requesting payment. MULTISTATE PUD RIDER - Singls Family - Fannie Mae/Freddie Mac UNIFO M INS7RUMEN7 VMP�-7R (�811) Page 2 of 3 Initials: For�r� 3150 1/09