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�� . ��.��07�2� PUD CUVENAI�1�'S. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. PUl) Obligations. Borrower shall, perform all of Borrower's obligations under the PUD's Constituent Documents. The "Constituent Documents" are the: (i) Declaration; (ii) azticles of incorporation, trust instrument or any equivalent document which creates the Owners Association; and (iii) any by-laws or other rules or regulations of the Owners Association. Bonower shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Documents. B. Propecty Insnrance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a"master" or "blanket" policy insuring the Property vaY�ich is satisfactory to Lender and which provides insurance covera:ge in the amounts (including deductible levels), for the periods, and against los's by fire, hazards included within the term "extended coverage," and any other hazards, including, but not limited to, earthquakes and floods, for which Lender requires insurance, then: (i) Lender waives the provision in Section 3 for the Periodic Payment to Lender of the yeazly premium instaliments for properiy insurance on the Property; and (ii) Borrower's obligation under Section 5 to maintain property insurance coverage on the Property is deemed satisfied to the extent that the required coverage is provided by the Owners Association policy. What L,ender requires as a condition of this waiver can change during the term of the loan. $orrower 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 properiy insurance proceeds in lieu of restoration or repair following a loss to the Property, or to common azeas and facilities of the PUD, any proceeds payable to Borrower are hereby assigned and shall be paid to Lender. Lender shall apply the proceeds to the sums secured by the Security Instrument, whether or not then due, with the excess, if any, paid to Bonower. C. Public Liabil'aty Insurance. Borrower shall take such actions as may be reasonable to insure that the Owners Association maintains a public liability insurance poiicy acceptable in form, amount, and extent of coverage to Lender. D. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to Bonower in conneetion with any condemnation or other taking of all or any part of the Property or the common azeas and facilities of the PUD, or for any eonveyance 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 Instrument as provided in Section 11. � E. Lender's Pr'ror Consen� Borrower shall not, except after notice to Lender and with Lender's prior written consent, either partition or subdivide the Property or consent to: (i) the abandonment or termination of the PUD, except for abandanment or 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 domain; (ii) 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 would have the effect of rendering the public liability insurance coverage maintained by the Owners Association unacceptable to Lender. F. Remedies. If Borrower does not pay PUD dues and assessments when due, then Lender may pay them. Any amounts disbursed by Lender under this paragraph � shall 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 from the date of disbursement at the Note rate and sha11 be payable, with interest, upon notice from Lender to Borrower requesting payment. MULTISTATE PUD RIDER- Sing�e Family - FannieMae/FreddieMac UNIFORM INSTRUMEN� Form 31501 /01 Laser Forms Inc. {800) 446-3555 ,a 9 n � �i#FNn��so �ro� Page 2 of 3 A` �� 1 II� V Initials• viw