201109094 - Laserfiche WebLink

Browse

201109094 �. Properfiy Insurance. So long as fihe Owners Association maintains, with a generally accepted insurance carrier, a "master° or "blanket" policy insuring the Property which is satisfactory to Lender and which provides insurance coverage 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 which Lender rec�uires insurance, then: (i) Lender waives the provision in Section � for the Periodic Payment to Lender of the yearly premium installments for property insurance on the Property; and (ii) Borrower's obligation under Secfiion 5 to maintain property insurance cover�ge on the Property is deemed satisfied 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 term of fihe loan. Borr�wer 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 Borrower are hereby assigned and shall be paid to Lender. Lender shall apply fihe proceeds to the sums secured by the Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. C. Public Liability Insurance. Borrower shall take such actions as may be reasonable to insure thafi the Owners Association maintains a public liability insurance policy acc�ptable 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 Borrower in connectiion with any condemnation or other taking of all or any p�rt of the Property or the common areas and facilities of the PUD, or for any conveyance 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 Prior Consent. Borrower shall not, except afiter 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 abandonment or termin�tion 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 fihe "Constituent Documents"' if the provision is for the express benefit of Lend�r; (iii) termination of professional management and �ssumption of self-management of the Owners Associafiion; or (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by fhe 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 F shall become addifiional debt of Borrower secured by the Security Instrument. Unless Borrower and Lender �gree to other t�rms of payment, these amounts shall bear interest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting payment. 1i-Zi-000005 MULTI�TATE PUD RIDEF�- Single Family - Fannie Mae/Freddie Mac�1L�Vl ORM INSTRUMENT VMP�-7R (0811) Page 2 of 3 Initials: �� Form 3150 1101 W