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! � 201107315 I'�TY) COVEl'�AN'i'S. Tn addition to the covenarats and a�reemeats made in the Security Ins�rument, Bonrower and Lender ftuther r,ovenant and a�ree as follows: A- FIfJ� f�i�ti,;ations- Bazrowe7' shatl perform a11 of Borrower°s obli�atioas under tiie FUD's Coz�tituent Docuu2ents. '�ze °'Canstitueat Docuinen.ts" �.re the: (i) De�larXtion; (ii) articies o� incorgoration, tnast in�vme� o� am� equivalem doccu�ent which cr�aFx� the Ovvners Associa�ion; and (iii) a�y by-laws or at�r.er ruY� or z�e�u�ations of t.�.e Owners AssQCZation. Borrower shalt promA�Y PaY� when due, aTl dues and assessmen,ts imposed piusua�t to the Constituent Documeats. �. Pro�ea�y Insr�rance. So long as the (}vvners Assoczatzvn maintains, with a generaiIy acc�pted insurance oatrier, a"t�aas�Eer" or "bianket" policy insurzrt� t}ie Properiy which is sazisfiaCtary to Lender and whicla grovic3es iz�sur�ce cove�age in tt�e amounts (im�luding deductzbte tevels), for the periods, and �gaiz�st ios� by fise, ka�rds included witi�in th.e term. "extendsd coverage," and any other har.ards, includin�, but not Iimited ta, ea�iquakes amd #ioods, for whzch Lercdez re.quires insc��an.ce, then: (i} Lender vva�ves the prnvisian in Sectzon 3 for the Periodi� Paymerrt to Lender of the yearly premiurr� ins~tallme�za'�s faz prope�t.y insu�ce on the Property; and (ii) Borrower's obli undar S�tion 5 to n �n pro�ert� ias�ce, covera�e on the Propert�+ zs deemed s�tisfie:d to the extent tbat the require.d cflv�Qe is provad� by tkze f3v+rraers Association poiicy. What Lender r�uires a� a eondition of this waiver c� change during the term of the io2n. Sorrower shatl �ive L�n.der prompt not�ee of any I�pse in required groperty insurance covera�e provid�d I�y t�Ze master or blanlcet policy. In the ev�x of a dis�rz'bution of properiy insurance pzoc�cds ixz Iieu of restox�:tion or repair �ollowin� a loss to th� Pro�erty, or tc3 ca�an areas and faciirties of th� PUD, a�a� prooeeds payable to Barrower aze hereby assi�ned �zd s�a3:1 be gaid to Lender. Leneler shall a�ply the proceeds to The suzns se�ured by the Secu,t�ity T�tnz€n�n�, wh�er or not th�n dus, vvit�h the e�ccess, if a�ry', Paid to Barrower. C. lPasi��ic L'xab�ty Insuraaace: Borrowez shall take such act'r.ans as may be reasonable to insure that the C7vvz�sers Associ�#ian maint�ins a public Iiability insurance policy accsptable in form, amount, and exte�st of covsra;e to Lender. YD. �ottc�ernacativ�. 'The proceeds of any award or claim for dazaages, direCt or c4nsequential, payable to Bozrowez in coauet�irna with any condemnaiivn or other taking of a11 or any part of the Property or the catnmc�a areas aud �acilities of the PUI3, �r foz any cc�nveyance in lieu of candemnation, are hereby assi�ued amd sha1l bs paid to lLeader. Sucla proceeds shati Ese applied by Lender to the sums secur�i by t�Ze Security Inst�zment $s provided in Sectian 1 i. ` E. Lerader's P'riox Co�a�. Bmrawer shall no� excc�ipt after notice to Lender and wi�tii Lender's psior written ca�ssn.�, either pa�titzon or suhdivide the Property or cflnsent to: (i) the abar►dorunent or tezminati:on of the Pi3�, e�ccept for ab�donmezct or tercnina�ion require�i by law in the case of subsraatial destsu�tion by fire or o#�er casualty or zn the case of a tatcin; by condemnation or eminent domazn; (ii) any amenc�meztt to an� provision of the "Constit�ent Docume�ts" if the provision is for the ex�ar�s benefit of Lender; (iii) tezmina�i.on of prof�sional maaa;ement and assumgtion of self-m��m�xtt of the Ownars A.ssocia�ian; or (iv) any action vvhich would have the effect of randering the public liabiliry insuraace cov�e maint�.ined by the Owz�ers Association unaccegtable to Lerzder. JF. Remet�ies. If Borrower does r�ot pay PUD dues and ass�ssments when due, tteen Lender maY Pa}' them. Airy amc�Unts disb�rsed by Lender �mder this para�aph F shail ber.ome additional dabt of Bonrawer seczired by the Secrasity In�trumeirt. Unless Bozrower and Lender a�ree to ath�r terms of paymen� thes� amaunts sha�l bear urterest frozn the daxe of disbursen��nt at the Note rttte and shall be payab�e, with izrtere�, upon natic� from L�nder to Borrower requestzng paymeat. MlJL�'[STATE PUD i�II�R- Sittgle Fam�y -�annieMae/Frerld4e N3ao Lt1+I1�ORNJ lNSTRUM�' Foesn 31501f01 taser Forrrs� tnc. (sD0) a4G 3556 u��vnn��so �mh Page 2 of 3 tni�ats: