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2011�22� B. Property Insurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a"master" or "blanket" policy insurin� the Property which is satisfactQry to Lender and which pr�vides insura�ce coverage in the amounts (including deduetible Ievels), for th� periods, and against loss by fire, hazards included within ths term "�xt�nded covera�ge," and any other h��rds, includang, but not lirnited to, earthquakes �nd floods, for which L�nder ret�uir�s insuranae, then: (i� Lender waiv�s the provision in Section 3 f4r the Periodlc Payment to Lender of the yearly premium irastallrn�nts Pnr property insurance on tJlE YYO]�Cl'� and (ii) Borraw�r's obli�atian und�r ��etion 5 to maintain property insurance coverage on the Property i� dEemed satis�ied to the extent that th� r�quired eoverag� is pravided by the C?wncrs Association policy. What Lender requir�s as a candition of this waiver can chan�e during the terrn of the loan, Borrower shall give Lender prompt notice of any lapse in required property in�urance coverag� provided by the rnaster e�r blanket poli�y, In the event of a distributiQn of property insurance proceeds in lieu of restaration or repair following a loss to the Property, ar to aomme�n �reas and facilitios vf the PUD, any prc�eeeds payabie to Bo�rower are hereby assigned and shall be paid ta I,ender. Lend�r shall apply the proceeds to the suins secured by th� Security Instrurnent, 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 Own�rs Association maintains a public li�bility insuranee policy acceptable in form, amount, and �xtent of coverage to I,ender. D. Condemnation. Tl�e proceeds of any award ar clairn far damages, dircct ar consequential, payable t� B�rrower in connection with any condemnatio�n ar othcr t�lcing of all or any p�rt of th� Property or the common areas and facilities of the PUI), or far any conveyance in lieu o�condemnation, are hereby assigned and shall be paid to L�nder. Such proceeds shall be applied by Lender to the sums secured by the Security Tnstrurnent as provided in Section 11. E. Lender's Prior Cotasent. BorrQwer shall not, except �fter noticE to I.ender and with Lender's priar written cnns�nt, �lthc� p�rt�#ic�r� or subdivid� th� Property car eonsent tca: �i) th� ab�ndonment e�r termination of the PUD, except for �bandonm�nt or tenminatian requirad by law in th� ease Qf' substantial destruction by fire or other casu�lty or in the case of a takin$ bx cQndsm»�tior� or eminent dom�in; (ii) any amendment to any prcavision of ths "CQnstituent [�ocut�ents" if th� provision is fgr th� express ben�fit of Lender; (iii) termination of prafessional managerr►ent and assumption of self-management of ths Owners Assaciation; or (iv) any action which wou�d have the effect of rendering the publie liability insurance cov�rage maintain�d by the Owners Assaciatron unaeceptable to Lender. MUL.TISTATE PUD RIDER - Single Family — Fannfe Mae/Freddie Mac UNI�OFtM INSTRUM�NT For�n 3180 1/01 P�ge 2 of 3 (� "� � Initials i��