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�oiioo4�4 B. Property Insurance. So lang 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 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 provision in Section 3 for the Periodic Payment to Lender of the yearly premium installments for property insurance on the Property; and (ii) Borrower's obligatian 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 tha term of the loan. Borrower shall give Lender prompt notice of eny lapse in required property insurance coverage provided by the master or blanket policy. In the event of a distribution of property insurance praceeds in lieu of restoration pr repair following a loss to the Property, or to common areas and facilities of the PUC7, 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 Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. C. Public Liability Insurance. Borrower shall take such actipns as may be reasonable to insure that the Owners Association maintains a public liability insurance policy acceptable in form, amount, and extent of cover�ge to Lender. D. Condemnation. 7he proceeds of any award or claim for damages, direct or cansequential, payable to Borrower in connection with any condemnation or ather 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 proceeds shall be applied by Lender to the sums secured by the Security Instrument as provided in Section 11. E. Lender's Prior Consent. Barrower shall not, except after notice to 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 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 pravisian 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 Associatipn; pr (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 amaunts 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 amounts shall bear interest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrpwer requesting payment. MULTISTATE PUD RIDER - Single Family - Fannie Mae/Freddie Mac UNIFORM INS7RUMENT VMP�-7R (0811) Page 2 of 3 Initials: �� orm 3150 9/09 1