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2011Q04�4 4siozao93 documcnt which creates the Owners Association; and (iii) any by-laws or other rules c�r regulations of the Owners Association. Borrower shall promptly pay, when due, all dues and assessments itnposed pursuant to the Constituent Documents. B. Property 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 th� amounts (including deductible levels), for the periods, and against loss by tire, hazards included within the term "extended coverage," and any other hazards, including, but not limited lo, earthquakes and floods, for which Lender requires insurance, then: (i) Le�tdcr waive5 the provision in Section 3 for the Pcriodic Payment to Lender of the yearly pr�rnium installrnents for property insurance on the Property; and (ii) i3orrower's obligation ivader Section 5 to inaintain property insurance coverage on the Property is deemed satis�ed to the extent that thc required coverage is provided by the Uwners Association policy. Wl�at Lender requires as a condition of this waivur can change during the term of the loan. Borrower shall give Lender prornpt notice of any lapsc in requircd property insurance coverage provided by the master or blanket policy. Tn ehe event of a distribution of property insurance procecds in licu of restoration or repair following a loss to the Yroperty, or to common areas and facilities of the PUD, any proceeds payable to Borrower are hereby assigned and shall be paid to Lcndcr. Lender shall apply the proceeds to the sums secured by the Security Instrument, whether or not then duc, with the cxcess, if any, paid to Borrowcr. C. Public Liability Insurance. Borrower shall takc such actions as may be reasonable to ensure 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 condernnation or other taking o£ all ar 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 aa�d shall be paid to 1,ender. Such procceds shall be applied by I.,ender to the sums secured by th� Security Instrument as provided in Section 11. �:. Lender's Prior Consent. Borrow�r shall not except a#ter notice to Lender and with Lender's prior written consent, either partition or subdivide tt�c Property or consent to: (i) the abandonment ar tcnnination of' the PUD, except for abandonmcnt or termination required by law in the case of substantial destruction by �re or other casualty or in the case of a taking by condemnation or eminent domain; (ii) any amendrnent to any provision of the "Constituent Documents" if the provision is for the express bene�t of Lender; (iii) tern�ination of professional managcment and assumption of self-management of the Owners Association; or (iv) any action wl�ich would have the effect of rendering the public liability Mi]I.TiS7"ATE PUD RIDER- Single Family -Tannie Mae/Freddie Mac 1JNiFORM INSTRC7M�;N1' � 34.7 Fnrm 3150 I/Ol (pnge 2 of' 4 pagea) ! � � /� �.1�