HomeMy WebLinkAbout0665 CONDOMINIUM RIDER
THI3 CONDOMINIUM RID~K is made tAis 23fY3 day ot NAY ,19 7$ aad is inwrpo~rated into
aad sf~aU be deemed W ameAd a4d suppiemeat a Mottgsge, peed ot Trust or Deed to Serure Debt Iherein "securi~y instrumcnt")
_/IilCd' (1~ lYQp ~i~! ~I~1'lMiLli. givea by the uadersigoed !l~erein "Borrower") to aecure Horrower s Note to FIRST I~'EDBRAL.
SAYli~GS AND I.OAN ASS ere~n
instrumeat and located st. 10~110 I11A~ ~1108 .
JFJ~lSEN ~NCM~ FlOR10J1.
TAe Pwpe~ty cotnprisea s unit in. tog~ether witb aa undivided iaterest in the common elements of. a condominium project known as
FU~111 NSON 1 SLM~ CUJB QOPOOt~~f 1 N 1 u+1 ~ f herein "Condomiaium Project"1.
CONDOMINlUb! CUVENANTS. In addition to the cavenants and agceements made in the securily instrument, iiorrower
and l.rnder turther rnvenant and agree as totlows:
A. Assessmeats. Borwwer shall promptly pay, when due, all assessmenls imposed by lhe Owners Association or other
goveroing body of the Condominium Project (herein "Owners Association") pursuant to the pmvisions o( the declaration, by-laws.
code ot regulations or other rnnslituent docume~l of the Condomiaium Project~ ~
~ B. Harird Insar~sce. So long as the Owners Association maintains a"master" or "blankeC policy on the Condo~ninium
!'rojeet which provides ins~~rance rnverage agaiast fire, hatards included with+n the teren "extended coverage." and such other
haxards as Lender may require, and in such amounts and tor such periods as Lender may require, then:
~il . i.ender waires the provisioa in Uniform Covenant 2 tor tAe monthly payment tu Lender oi one-twel(th ot_the
premium installment+ for hazard insurance on the Property: -
Iii) E3arrower's obligatioa under Unitorm Covenant 5 to maintain hazard insurance coverage on thc I'roperty is deemed
satisiied: an~ -
• liiil the provisions in Uniform Covenant 5 regarding applicalion o[ hacard insurance proceeds shall be suprrsedcd b}~ any
p~o~ isions ot the dcclaralion, bylaws, code of re~lations or other constituent document o( the Condominium Project.or of applic-
able law to the extent necessary to avoid a rnnflict between such provisions and the provisions of Lniform Cuvenant 5. For any
period of time during which such hazard insnrartee coverage is not maiptained. lhe immediately preceding sentence shaU be
deemed to have no form or effeci. I3vrrower shall give l.ender prompt notice at any Iapse in such hazard insurance coverage. ~
In thP event of a distribution oi hazard insurance proceeds in lieu of restoration or repair toUowing a loss f.o the Property. ~
N•hether to the unit or to common elements, any such proceeds payable to'Borrower are bereby assigned'~d shall be paid to ~
~
[.ender for application to thr sums secured by the securit~ instrument, w~ith the excess, it any, paid to Borrower. ~ ?
C. Lrnder's Prior Conaent. f~rrower shall not, except atter notice lo Lender and wilh I.endcr's prior written ronsent.
partition or subdi~•ide the Property or consent to:
i.i) the abandonment or termination of the Condominium Project, except for abandunment or termination providcd by
law in the ca.se uf substantial destruction by Cre or oiher casualty or in Lbe case of a taking by condemnatiun or eminent domain:
+iil any material amendment to the d[~claratiun, 6ylaws or code of regulations uf the Owners Association, or eyuivatrnt
cunsiituent document of the Condominium Yroject, including, but not limited to, aay amendment which woutd change ihe per
centage interests oi the unit owners in the Cundominium Project; or ' ~
1 iiii, the ettectuation ot any decision by the Owners Association to terminate pro[essionat management and assume self-
management of the Condominium Project_ ~ -
U. Remedies. Ii Eorrower breul~ea Borruwrer's covenants aud ~greemeats 6ereunder. indudina t6e covenant to pay w6ea
due condominium assessments, tbea Lender may involce any remedies provided under tbe becurity instrumeat. including. but not
limited to. t6ore provided under Unitorm Covenant
IN Vti'ITNES~ WHEREOF, Borrowe~ has executed-this Condominium Rider.
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CMARl.ES S• MCIMT1rR~~ I I -Borrovver
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- Borrower
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CONDOM[NIUM Ii1DER-1 to 4 fiamily-6/TS--FNMA/FHLMC UNIFORM INSTRUMENT lRev 1R6)
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