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201�0303� ��iiosso45 (i) Declaration; (ii) artncles of incorporation, trust ins�ent or any equivalent docwnent which creates the Owners Association; and (iii) any by-laws or other rules or re�ulations of the t?wners Association. Bonower shall promptly pay, when due, all dues and assessments imposed pursuant to the Canstituent Documents. B. Property Tnsuramce. So long as tb.e Owners Association maintains, with a generally accepted insurance carriez, a"master" or "blanket" policy insraring the Property which is satisfactory to Lender and which provides insurance � covexage 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 whiah Lender requires insurance, then: (i) Lender waives the provisian in Section 3 for the Periodic JPayment to Lender of the yearly premium installments for property insurance on the Property; and (ii) Bonower's obligation under Section 5 to maintain properly insurance coverage on the Property is deemed satisfied to the extent that the required coverage is provided by the Owners Association policy. @Vhat Lender requires as a condition of this waiver cau change dwring 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 of restoration or repair following a loss to the Property, or to common areas and facilities of the PUD, any proceeds payable to Borrowez aze hereby assigned and shall be gaid fio Lender. Lender shall apply the proceeds to the sums secured by the Security Instrument, whethez or not then due, with the excess, if any, paid to Borrower. C. Public Liability Tnsnrance. Borrower shall take such achons as may be reasonable to ensure that the Owners Association maintains a public liability insurance policy accepta.ble in form, amount, and extent of coverage to Lender. D. Candemnation. The proceeds of any award or claim for damages, direct oz consequential, payable to Borrowez in connection with any condemnation or other taking of all or any part of the Properiy or the comnnon areas and facilities of the PUD, or for any canveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender. to the sums secured by the Security In.strument 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, eithez partihon or subdivide the Properly or consent to: (i) the abandonment or tezmination of the PUD, except for abandonment ar 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 domaan; (ii) any amendment to any provision of the "Constituent Documents" if the provision is for the express benefit of Lender; (iii) termination af professional management and assumption of self-management of the Owners Association; or NdUT.TISTATE PUD RIDER- Single Family -Fannie Mae/F'reddie Mac iJNIFORM INSTRiJMENT °�° 34.7 ' Form 31501/Ol (page 2 of 3 pages)