HomeMy WebLinkAbout0175 ` CONDOMINIUM RIDER ~ - f"
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THt$ CONDOMINIUM RIDER Is madC thts.~ . ~f~ ...............day of
19 8U . and is into rated into and shall be deemed to amend and su lemcnt a Mortgage, Dced of Trusted
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to Secure Debt (herein "security instrument") dated of even date herewith, given by the undersigned (herein
"Borrower") to secure BorrOWCCS Note to..EIRST..EEA.ERAL .SAVINGS..ANII .LD.AN..ASS.OC7.ATI.OD1.
4~? .I.AK~. ~I4~.~H . (herein "Lender') and covering the Property described in the security instrument and
located at ..7440. . ~ .1~ 823, . JE'll~ . F~P~'~~?_ 334 ~7 .
(Property Address)
The Property comprises a unit in, toggether with an undivided interest in the common elements of, a condominium
project known as... SAID, DOIJ~R VILLAS OONDCMINIU~I A . . . . . . . .
(Name of Condominium Project)
(herein "Condominium Project").
CONDOMINIUM CovENANTS. In addition to lhC Covenants and agreements made In the Security instrument,
Borrower and Lender further covenant and agree as follows:
A. Assessments. Borrower shall promptly pay, when due, all assessments imposed by the Owner$ Association
or other governing body of the Condominium Project (herein "Owners Association") pursuant to the provisions of the
declaration, by-laws, code of regulations or other constituent document of the Condominium Project.
B. Hazard Insurance. So long as the Owners Association maintains a "master" or "blanket" policy on the
• Condominium Project which provides insurance coverage against fire, hazards included within the term "extended
rnverage," and such other hazards as Lender may require, and in such amounts and for such periods as Lender may
require, then:
(i) Lender waives the provision in Uniform Covenant 2 for the monthly payment to Lender of one-twelfth
of the premium installments for hazard insurance on the Property;
(ii) Borrowers obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the
Property is deemed satisfied; and
(iii) the provisions in Uniform Covenant S regarding application of hazard insurance proceeds shall be
superseded by any provisions of the declaration, by-laws, code of regulations or other constituent document of the
Condominium Project or of applicable law to the extent necessary to avoid a conflict between such provisions and
the provisions of Uniform Covenant 5. For any period of time during which such hazard insurance coverage is not
.maintained, the immediately preceding sentence shall be deemed to have no force or effect. Borrower shalt give
Lender prompt notice of any lapse in such hazard insurance coverage.
In the event of a distribution of hazard insurance .proceeds in lieu of restoration or repair following a loss to
the Property, whether to the unit or to common ~Iements, any such proceeds payable to Borrower are hereby assigned
and shall be paid to Lender for application to the sums secured b}• the security instrument, with the excess, if any,
-paid to Borrower.
C. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior written
consent, partition or subdivide the Property or consent to:
~ (i) the abandonment or termination of the Condominium Project, except for abandonment or termination
provided by taw in the :.ase of sabstantial dcst: u~tian by fire or other cssualt, er in the case of a taking by condemnation
or eminent domain;
(ii) any material amendment to the declaration, by-laws or code of regulations of the Owners Association,
g or equivalent constituent document of the Candominiwn Project, including, but not limited to, any amendment which
would change the percentage interests of the unit owners in the Condominiwn Project; or
(iii) the effectuation of any decision by the Owners Association to terminate professional management and
assume self-management of the Condom~ntum Project.
D. Remedies. If Borrower breaches Borrower's covenants and agreements hereunder, including the covenant
to pay when due condominium assessments, then Lender may invoke any remedies provided under the security
instrument, including, but n~ limited to, those provided under Uniform Covenant 7. •
IN WITNESS WHEREOF, Borrower has executed this C`ondomimum Rider.
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Ernst L. Hunter -BO'rON'er
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J e P . Ht]riter -so`r°~"~.
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4'7E~316
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CONDOMINIUM RIDER-[ to 4family-6115-FNMA/FNLMC UNIfl1NM INSTRUMENT 8~~
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