HomeMy WebLinkAbout1575 L'
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CONDOMINIUM RIDER
TtuS CONDOMINIUM 1tLDER is made this.. .........day of.. ~ .4.
19 BA .,and is incorporated into and shall be deemed to amend and supplement a ~ ga ~ ~ of True or Deed
to Secure Debt (herein "security instrument") dated of even date herewith, v by the urt~raigned (herein
"Borrower") to secure Borrower's Note to..FIItST..>?BABBAL . SAVx1dGS.. NJI .L4AN..ASS~OCI.ATIA>!1.
4~' .LAK$. K4R~$.....(berein "Lender") and covering the Property descn'bed in the security instrument and
located at...7.4~4.50>ik~ .Sint@. 3~A$ J!~$@~.9~~MR .~loriS7Dl
tProp«tr Adders)
The Property comprises a unit in, together with an undivided interest in the common elements of, a condominium
project known as . . ......~4. l~~lR . Y~~S 4'G~44l~N~M .4 .
. , . (herein "Condominium Project"), tNe~enr erf Cradoeegniuen ~roi+es~ .
CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the security inatttm4ertt,
Borrower and Lender further covenant and agrce as follows:
A. Assasrkata. 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. Hasard Iasaraace. So long as the Owners Association maintains -a "master" or "blanket" policy on the
Condominium Project which provides ;nsurance coverage against fin, hazards included within the term "extended
coverage," 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 Leader of one-twelfth
of the premium installments for hazard insurance on the Property;
(ii) Borrower's obligation under Uniform Covenant 5 to maintain hazard insurance coverage oa the
Property is deemed satisfied; and
(iii) the provisions in Un~orm Covenant S regardingapplication" of hazard insurance procxeds 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superseded by any provisions of the declaration, by-laws, code of regulations or other constituent document of the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 S. For any period of time during .which such hazard insurance coverage -ice not
maintained, the immediately preceding sentence shall be deemed to have no force or effect. Borrower shall give
Lender prompt notice of any lapse in such hazard insurance rnverage.
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 elements, any such proceeds. payable to Borrower are hereby assigned
and shall be paid to Lender for application to the sums secured by the security instrument, with the excess, if any,
paid to Borrower.
C. iLender'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 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 material amendment to the declaration, by-laws or code of regulations of the Owners Association,
or egaivalent constituent document of the Condominium Project, including, but not limited to, any amendment which
would change the percentage interests of the unit owners in the Condominium Project; or
(iii) the effectuation of any decision by the Owners Association to terminate professional management and
assume self-management of the Condominium Project.
D. Remedies. TE Borrower bresclks Borrower's covenants sad sgree®eats itereaader, iac~diss tiie oorgsnt
to pay w6ea doe casdoroiaima adacsa~Deets, tbea Leader stay haroke asy raasedies provided coder tLe secarity
iastroAeat, iadadisg, bat eot limited to, !lase provided order Uniform Covtant 7.
- IN WIT.~ESS WHEREOF, 1'sorruwcl has cxec~teu this (;~nduminit,m l2idCr.
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1980 .lUl. 25 I<M ~ 55 s e E. La~.a --ems..
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CLEAIt C11bCIJt1 t ~ f- ' 'f
Eleanor h. ia®;a --aonaw.
RECARO YERPiEQ MM.
4g4VVV L #186682
CONDOMINIUM RIO -t to ~ F>~~ -6~7S-stout itttllC utttFOw tttstt B~Kc7J5 PIt0E1~ .
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