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201101395 Section 3 for the Periodic Payment to Lender of the yearly 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 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 of a distribution of property insurance proceeds in lieu ot restoration or repair following a loss to the Property, whether to the unit or to common elements, any proceeds payable to Borrower are hereby assigned and shalf be paid to Lender for application to the sums secured by the Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. C. Pubtic Liability Insurance. Borrower shall take such actions as may be reasonable to insure that the Owners Associatian maintains a public liability insurance policy acceptable in form, amount, ancf extent of coverage to Lender. D. Condemnation. The proceects af any award or claim for damages, direct or eansequential, payable to Borrawer in eonnection with any condemnation ar other taking of all or any part af the Property, vuhether of the unit or of the common elements, or for any conveyance in tfeu of condemnation, are hereby assigned and shall be pa+d to Lender. Such proceeds shall be applied by Lencler to the sums secured by the Security Instrument as provicted in Section 1 ? . E. Lender's Prior Consent. Barrower sF�all not, except after notice to Lender and with Lencter's prior written consent, either partition or subdivide the Property or consent to: (i) the abanctonment or termination of the Condominium Project, except for abandonment or termination requirec! by law in the case of substantial destruction by fire or other casualty or in the case af 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) 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 (iabitity insurance coverage maintained by the Owners Associatian unacceptable to Lender. F. Remedies. If Borrower does not pay condominium 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 amounts shall bear interest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting payment. 10-000687 MULTISTATE CONDOMINIUM RIDER - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT VMP �-8R (0810) Page 2 of 3 Initiafs: Form 3140 1/01 �i� j�y� ;;y� ,