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El Property Insurance. So long as the Owners Association maintains, with e generally accepted insurance carrier, a "master" or "blanket" p0|)oy insuring the Property which is satisfactory to Lender and which provides insurance coverage in the amounts Unuding vv deductible iewe|a), for the pa,inds, and against loss by fina, hazards included within the term "extended coverage," and any other hazards, inc|uding, but not limited to, earthquakes and floods, for which Lender requires insurance, then: (0 Lender waives the provision in Section 3 for the Periodic Payment to Lender of the yearly premium installments for property insurance on the Property; and /i|\ Borrower's obligation under Section 5 to maintain property insurance coverage On the Property in deemed 8ef(Sf[ed 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 farm of the loan. Borrower shall give Lender prompt notice of any 7mpa* in required property insurance coverage provided by the master or blanket policy. In the event of o distribution of property insurance proceeds in lieu of restoration or repair following 3|oso to the Property, or to common areas and facilities of the PUD, any proceeds payable t0 Borrower are hereby assigned and Sh@U be paid t0 Lander. Lender shall apply the proceeds to the sUnla secured by the Security Instrument, vvhfgber or not then due, with the excess, if 8ny, paid to Borrower. C. Public Liability Insurance. Borrower shall take such actions as may be reasonable to insure that the Owners Association maintains a public liability insurance policy acceptable in f0rm, amount, and extent of coverage to Lender. D. Condemnation. The proceeds of any award or claim for damages, direct or uonooquentia|. payable to Borrower in connection vvith any condemnation nr other taking of all or any part of the Property or the common areas and facilities of the PUD, or for any conveyance in lieu of condemnation, are hereby assigned and aho|| be paid to Lender. Such proceeds shall be applied by Lander to the mums secured by the Security lOotrU0ont as provided inSection 11. E. Lender's Prior Consent. Borrower shall D0t. except after notice to Lender and with Lender's prior written oonmont, 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 taking by condemnation or eminent domain; (H) 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 vvou|d have the effect of rendering the public liability insurance coverage maintained by the Owners Association unacceptable to Lender, P. Renlodlom. If Borrower does not pay PUO dugs and aeeeae[nanto when due. then Lender may pay them. Any amounts disbursed by Lender under this paragraph FwhuO 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 fro|n the date of disbursement at the Not* rote and shall be payable, with intereot, upon notice from Lender to Borrower requesting payment. 231148 MULTISTATE PUD RIDER- Single Fan1i|y - Fannie 88ue/Fradd/e K8 ENT