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2�110237� B. Property Insurance. So long as #fie Ow ners Association m intains, w ith a generally accepted insurance carrier, a"master° ar "blanket" policy insurin the Property which is satisfactory to l.ender and which provides insurance coverage in the amounts (including deduc#ible levelsj, for the periods, and against loss by fire, hazards included within the term "extended coverage," and any other hazards, including, but not !i ited to, earthquakes and ffoods, for which Lender requires insurance, #hen: (i) Lender waives he provision in Section 3 for the Periodic Payment to Lender of the yearly prQmium instalfine s for property insurance on the Property; and (ii) Borrower's obligation under Section 5 to m�intain property insurance coverage on the Property is deem� satisfied to the extent that �he required coverage is provided by the Ow ners Association policy. ` What Lender requires as a condition of this wa�ver can chang� during the #erm of the loan. Borrower sha!! give Ler�der prompt notice af any lapse in rec covera�qe provided by the master or bianket palicy. !n the event of a distributian of praperty insurance proceeds repair #ollowing a loss to the Propeny, or to common areas and f proceeds payable to Borrow er are hereby assigned and shall be pai apply the proceeds to the sums secured by the Security lnstrument, with the excess, if any, paid to Borrower. C. Public Liabilfty Insurance. Borrower shall take such actions insure #hat the Owners Association maintains a public liabili#y insur form, amaunt, and extent o# coverage to Lender. D. Condemnatlon. The proceeds of ar�y award o� claim consequential, payable to Sorrower in connection with any condemn� or any part of the Property or the common areas and facilities conveyance in lieu of condemnation, are hereby assigned and shall proceeds shali be applied by Lender to the sums secured by thE provided in Section 11. E Lender's Prior Consent. Borrower shall not, except after nc Lender's prior written consent, either partition or subdivide the Prop abandonment or terminativ.n of the PUD, except for abandonment :q law in the case of substan#ia1 destruction by fire or other casualty, c by condemnation or eminent domain; (ii) any amendment to any pr.or Documents" if the provision is for the sxpress benefit cf l_en professional management and assumption of self-ma��agement of th4 {iv) any action which would have the effect of rendering the public li� maintained by the Owners Association unacceptable to Lender. F. Remedies. If Borrower does not pay PUD dues and asses Lender may pay them. Any amounts disbursed by Lender under this � additionaE debt of Borrower secured by the Security Instrument. Unl� agree to other terms of payment, these amounts shall bear int disbursement at the Note rate and shall be payable, with in#erest, up Borrower requssting payment. MltL7iSTATE PUD RIDER - Single Family - Fannle Mae/Freddie M VMP�-7R (081 i) Page 2 of 3 Initials; property insurance in lieu af restoration or icilities of the PUD, any #o Lender. Lender shall v hether or not then due, may be reasonable to :e policy acceptable in �r damages, direct or ion or other taking of atl F the PUb, or for any �e paid to Lender. Such Security Instrument as ice to Lender and with �ty or consent to: ('t) the termination required by in the case of a taking sion af the ° Constituent er; (iii) termination of Owners Association; or �ili#y insurance coverage ments when due, then tragraph F shall became >s Borrow er and Lender rest from the date a# n notice from Lend� to 11-02-000060 INSTRUM ENT orm 3150 1/Oi «