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CONDOMINIUM RIDER
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THIS CONDOB[tNIUM RIDER IS madC this.........0?.~ w•-.......day Of . , .
198A .,and is ittcorporated into and shall be deemed to amend and supplement a Mortgage, of Trust or Decd
to Secure Debt (herein "security instrument") dated of even date herewith, given by the undersigned (herein
"Borrower") to secure Borrower's Note to..FIRST..F8A8RAL . SAVIIdGS..ANJI .LAAN..ASS~OCI.ATI.O>!i.
4~ ,~AK$. W4R~$.....(herein "Lender') and covering the Property described in the security. instrument and 's
located at..74QQ .South. A7lAa .~,3~7.-~~ .~g~~frll 89gGh.. i'lo~G~~a.3~457
tProp~rfy w,taassl
The Property rnmprises a unit in, together with an undivided interest in the common elements of, a• condominium
project known az ................~lNQ. i~k~R .YI~AS CONQQ~IiNIt)t¢ !
(Name of Condon+inium Proj~Cq l
(herein "condominium Project"). i
Cotvnoirltirlut?t COVENANTS. In addition to the covenants and agreements made in the security instrument,
Borrower and Lender further covenant and agree as follows:
A. Assessatests. Borrower shall promptly pay, when due, all assessments imposed by the Owners 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.
& Hazard insurance. So long az the Owners Association maintains a "master" or "blanket" policy on the s
Condominium Project which provides insurance rnverage against fire, hazards included within the term "extended
coverage," and such other hazards az 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) Borrower's obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the `
Property is deemed satisfied; and ~
(iii) the provisions in UntTorm Covenant S regarding application of hazard insurance ptooeeds shall be ~
superseded by any ptvisions of the declaration, by-laws, code of regulations or other constituent document of the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 is 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 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 elements, any such prceeeds payable to Borrower are hereby assigned
and shall be paid to Lender for application to the sums secun-d by the security instrument, with the excess, if any,
paid to Borrower. '
C. Leader's Prior Coaseat. Borrower shall not, except after notice to Lender and with Lender
s prior written
consent, partition or subdivide the Property or consent ta:
(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 equivalent 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. if Borrower breaches Borrower's rnveaants and agr+eeauats )rereonder, itaclodies the covenant
to pay wbeo doe rnadomiainm assessments, then Leader may invoke nay remedies provided under the security
iastrameot, including, hot not limited to, those provided ender UaHoro Co~eaaat
IN WITNESS WHEREOF, Borrower haz executed this Con o in' Ri r.
Jo Penne ,
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