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201107425
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Last modified
10/9/2011 10:53:18 PM
Creation date
10/5/2011 2:27:06 PM
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DEEDS
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201107425
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w <br />. <br />�o�.�0�4�5 <br />PUD COVENANTS. In addition to the covenants and agreements made in the Security Instrument, <br />Boncower and Lender further covenant and agree as follows: <br />A. PUD Obligations. Borrower shall. perform all of Borrower's obligaxions under the PUD's <br />Constituent Documents. The "Constituent Documents" are the: (i) Declaration; (ii) articles of <br />incorpora#ioa, trust instrument or any equivalent document which creates the Owners Association; and <br />(iii) any by-laws or other rules or regulations bf the Owners Association. Borrower shall promptly pay, <br />when due, a11 dues and assessments imposed pursuant to the Constituent Documents. <br />B. Property Iasnrance. So long as the Owners Association maintains, with a generally accepted <br />insurance carrier, a"master" or "bla.nket" policy insuring the Property which is satisfactory to Lender <br />and which provides insurance coverage in the amounts (including deductible levels), for the periods, and <br />against loss by fire, hazazds included within the term "extended coverage," and any other hazards, <br />including, but not li�nited to, earthquakes and floods, for which Lender requires insurance, then: (i) <br />Lender waives the provision in Section 3 for the Periodic Payment to Lender of the yearly premium <br />installments for property insurance on the Property; and (ii) Borrower's obligation under Section 5 to <br />maintain praperty insuzance coverage on the Properiy is deemed satisfied to the extent that the required <br />coverage is provided by the Owners Association policy. <br />Wttat Lettder requires as a condition of this waiver can change during the tezm of the loan. <br />Borrower sltall give Lender grompt notice of any lapse in required property insurance coverage <br />provided by the master or blanket policy. <br />In the event of a distribution of property insurance proceeds in lieu of restoration or repair following <br />a loss to the Property, or ta cominon areas and facilities of the PUD, any proceeds payable to Borrower <br />are hereby assigned and shall he paid to Lender. Lender sha11 apply the proceeds to the sums secured by <br />the Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. <br />C. Public Liability Insnrance. Borrower sha11 take such a.ctions as may be reasonable to insure that <br />the Owners Association maintains a public liability insurance policy acceptable in form, amount, and <br />extent of coverage to Lender. <br />D. Condemnatian. The proceeds of any award or claim for damages, direct or consequential, <br />payable to Borrower in connectian with any condemnation or other taking of all or any part of the <br />Properiy or the comrnon azeas and facilities of the PUD, or for any e�onveyance in lieu of condemnation, <br />are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to the sums <br />secured by the Security Instrument as provided in Section 11. � <br />E. Lender's Prior Coasent Borrower shall not, except after notice to Lender and with Lender's <br />prior written consent, either partition or subdivide the Property or consent to: (i) the abandonment or <br />termination of the PUD, except for abandonment or termination required by law in the case of <br />substantial destruction by fire or other casualty or in the case of a taking by condemnation or eminent <br />domain; (ii) any amendment to any provision o£ the "Constituent Documents" if the provision is for the <br />express benefit of Lender; (iii) termination of professional management and assumption of <br />self-management of the Owners Association; or (iv) any action which would have the efFect of rendering <br />the public liability insurance coverage maintained lry the Owners Association unacceptable to Lender. <br />F. Remedies. If Borrower does not pay PUD dues and assessments when due, then Lender may pay <br />them. Any amounts disbursed by Lender under this paragraph F shall become additional debt of <br />Borrower secured by the Security Insttvment. Unless Bonower and Lender agree to other terms of <br />payment, these amounts shall bear interest from the date of disbursennent at the Note rate and shall be <br />payable, with interest, upon norice frvm Lender to Borrower requesting payment. <br />MULTISTATE PUD RIDER- Single Famiy - FannieMae/FreddieMac Uni#orm s ent <br />Form 31501/01 � <br />I.aser Fortns Inc. (800) 44fr3555 <br />�r�Nnnas�so �ro� Page 2 of 3 Irtitiais: <br />
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