HomeMy WebLinkAbout0835 ...L CONDOMINIUM RIDER
is CONDOMINIUM RIDER is made this..........~.~.........day of... . ~
19. and is incorporated into and shall be deemed to amend and :uppkment a Mortgage, of Trust or Deed
to Secure Debt (herein "security instrument") dated of even date hercwith,ven~~b~yy~ ~the undersigned (herein.
„Borrower") to secure Borrawer': Note to..S~~CA~'i>3.~6DRRN, .&AY~NGS. .~•Vilt~. A~$QG~~9K .
, . (herein "Lender") and covering the Property dacdbed in the security instrument and
located at...... z!!RQ .$4U~'H RG~4N. PI•.~A..#T5~3... ~:QOT. t'~1~R4'~..~~AIRA .33!+59
tw~eo.~er aee~st
The Property comprises a unit in, together with ae undivided interest in the common elements of, a condominium
project known as..... C11?AMARAN II !
tNanN of Ca+OonMnlws hoj~cq
(herein "Condominium Project").
CONDOMINIUM COVENANTS. In addition to the covenants and agreement: made in the security instrument,
Borrower and Lender further covenant and agree as tollows: -
A. Assessmeab. 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. Hazard Insurance. So-long as the Owners Association maintains a "master" or "blanket" policy on the
Condominium Projcet 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) Borrowers obligation under Uniform Covenant S to maintain hazard insurarxx coverage on the
Property is deemed satisfied; and
(iii) the provisions in UnNorm 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superseded by any provisions of the declaration, by-laws, code of regulations or other constituent document of the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 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 fora 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 ratoration or repair following a loss to
the Property, whether to the unit or to rnmmon elements. any such prooceds 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 Corsseat. 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 Ere or other casualty or in the case of a taking by condemnation
j or eminent domain;
(ii) any material amendment to the declaration, by-laws or code of regulations of the Owners Association,
ar equivalent cc~nstitucnt 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 Bomowe~a coveaaats sad asreeat~eafs fiereaader, iacladia` the covenant :
to pay when due cosdomisiaa sssessareats, then Leader may iaroke arty provides reader the seenrity -
isstrnmeat, indudisg, brat sot limited to, t>rose prodded Bader Usiforas Co~ewaN 7. - -
y
.IN WITNESS WHEREOF. Borrower has executed this Condominium Rider.
ROBERT EAR, AND -Borrower - -8Olf°"'"
s
€ _
JEANINE SPEAR HIS iIIFE -Borrower -BOfO1A1f
i '
I
-Borrower -Borrower
~ X04233
l9~A Oct 22 ~ ~ Sn
CONDOMINIUM RIDER-t to s Fsmiy-Ens-ftttlAlfNtUC YNIfOtM ItaTRYSENf fKEC RAC ff Ctrt!ik tt
ST.tUCtf CQi!!tTY.ftA -
FIl)Gt:R POITRt.S
CLERK CIIiCGIi CGt1R :
:Graf rra~r';
B00 ~ P1GE ~,J
_