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FAICAOFIttvIFA
CONDOMINIUM RIDER
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THIS CONDOMINIUM RIDER IS madC this .day Of
19.80 and is incorporated into and shall be deemed to amend and supplement a Mortgage, Deed 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..LBD.$RAL .SAYINGS..ANII .LllAN:.ASROCLATLOi~I.
4~ .~AK$. ~i4~~$.....(herein "Lender") and covering the Property described in the security instrument and
located at...554~. Sta~~.gvaa ~~A. lt~~t..~~4~..~J~s~9~•..>~2..FQx~ pierce.. ~'~axida
tPropwty nda~s!
The Property comprises a unit in, together with an undivided interest in the common elements of, a condominium
project known as.......... ,...OCEAN HARBOUR CONDOMINIUM B „
(Nam! of CorWWOi~ium ProHeq
(herein "Condominium Project").
CONDOMINIUM COVENANTS. In addition to the 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 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.
B. Hasard Inwraisce. 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
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 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 rnverage on the ~ t
t
Property is deemed satisfied; and a
(iii) the provisions in Uniform Covenant 5 regarding application of hazard insurance procceds shall be
superseded by any provisions of the declaration, by-laws. code of regulations or other rnnstituent document of the i
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 shall give
Lender prompt notice of any lapse in such hazard insurance coverage.
I 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. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender s prior written 3
consent, partition or subdivide the Property or rnnsent 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 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•eflectuation of any decision by the Owners Association to terminate professional management and
assume self-management of the Condominium Project..
D. Remedies. IE Borrower breacbefi. Borrower's covenants and agreements iilereonder, including the coveoaN
to pay when doe coadominiuar assessments, theo Lender may invoice auy remedies provided nnder the security
iastromeot, incloding, hot not limited to, those provided nnder Undorm Covenant 7.
IN WITNESS WHEREOF, Borrower has executed this Condomi iu 'der. .
1
19°0 CCl 20 ",1? If~ 06 ~ ~
~ H old T. Kramer -8or°'""
~ ~it~ccnc =_ee~rtti?
S ROGEK
~DI1 RAS~•
CLERK CIRCUIT-CCI~R}T Q
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504008
L 1k198074 ~
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$341. 445
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