201100489 - Laserfiche WebLink

Browse

2U1iQ04E9 B. Property Insurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a"master" pr "blanket" policy insuring the Praperty which is satisfactory to Lender and which provides insurance coverage in the amounts lincluding 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 pr�mium installments for property insurance on the Property; 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 caverage 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 any lapse in required property insurance coverage provided by the master or blanket policy. In the event af a distribution of property insurance proceeds in lieu of restoration or repair following a loss to the Property, or to common areas and facilities of the PUD, any proceeds payable to Borrawer 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 actions as may be reasonable to insure that the Owners Assaciation 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 condemnation or other taking of all or any part of the Property or the comman areas and facilities of the PUb, 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. �. Lender's Priar Consent. Borrower 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 terminatipn 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 of a 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 end assumption of self-management of the Owners Association; ar (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 dpes not pay PUD dues and assessments when due, then Lender may pay them. Any amounts disbursed by Lender under this paregraph 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 Barrawer requesting payment. MULTISTATE PUD RIDER - Single Family - Fannie Mae/Freddie Mac ��INSTRUMENT VMP�-7R (0811) Page 2 of 3 Initials: orm 3160 9/�7