201100950 - Laserfiche WebLink

Browse

201100950 B. Property Insurance. So iong 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 yeariy premium 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 coverage is provided by the Ow ners Association policy. What Lender requires as a condition of this waiver can change during the term of the loan. Borrower shal! give Lender prompt natice of any 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 facilities of the PUD, any proceeds payable to Borrower are hereby assigned and sha!! be paid to Lender. Lender shall appfy 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 fihe Ow ners Association maintains a pubiic liabifity insurance policy acceptabie in form, amount, and extent of coverage to Lender. D. Candemnation. The proceeds of any award or claim for damages, direct or consequential payabfe to Borrower in connection with any condemnation or other taking of all or any part of the Property or the common areas and facifities 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 Len�er to the sums secured by the Security Instrument as provided in Section 11. E. Lender's Prior 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 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 "Consfituent Documents" 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 pub{ic fiability 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 amounts disbursed by Lender under this paragraph F shall become additianal debt of Borrower secured by the Security (nstrument. 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 shal! be payable, with interest, upon notice from Lender to Borrower requesting payment. 11-01-000004 MULTISTATE PUD RIDER - Singie Family - Fannie Mae/Freddie Mac (F RM INSTRUMENT VMP�-7R (0811) Page 2 of 3 Initials: z.� Form 3150 1101