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CONDOMINIUM RIDER
THIS CONDOMINIUM RIDER IS made this. ~ ..................day G(~!
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..F><RST..FBD.BRAL . S.l~YI1ZGS..ANA .LQAN..ASSOCIATI.O)!1.
0~' .i~AK~. ~TO~T$.....(herein "Lender') and rnvering the Property described in the security instrument and
lacaced at...5~4~.:Sta~9 . ~Q~a. A~! ~ . ~p~t. R~9~~g.. ~:~.ax~~a
tP?ovtr Address)
The Property comprises a unit in, together with an undivided interest in the common elements of, a condominium
project known as ...............OCEAN HARBOUR CONDQM~NIZR( ,7), .
(NsnN w CondaninilNn Project)
(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. Ass~ssraeats. 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.
8. Hat~rd I~Iraaez. So long as the Owners Association maintains a "master" Or _"blankci" policy on ihC
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 an the Property;
(ii) .Borrower's obligation under Uniform Covenant S to maintain hazard insurance coverage on the
Property is deemed satisfied; and
(iii) the provisions in Uniform Covenant 5 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superseded by any provisions of the declaration.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 no!
maintained, the immediately~pn:ceding sentence shall be deemed to have no force or effect. Borrower shall give g
Leader 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 proceeds payable to Borrower are hereby assigned
I 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. Leader's Frior Consent. Borrower shaii not, except after notice to Lender and whit Lender
s prior wriiien
consent, partition or subdivide the Property or consent to:
(i) the abandonment or termination of the Condominium Project, except for abandonment or termination r
j 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,
ore uivalent constituent document of the Condominium Pro ect, includin ,but not limited to, an amendment which i
q l 8 Y
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 Protect. f
D. Remedies. If Borrower breaches Borrower's rnverwats and agr+aateats bertraader, iacladiag the core0aat ;
to pay when due coadolni0ium auessmeats, then Lender may iaroke a0y remedies prodded oader the aecarity ~
~ iastrwaeat, iacladiag, but not limited to, those provided under Uniform CoreOaat 7.
a
¢ IN WITNESS WHEREOF, Borrower has executed this Condominium Rider.
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S ~ ~ r - t ~S ~ Norman
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Pelletier -eorroMe. ~
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Theresa M. Pelletier ~
505682
L (1198272
CONDOMItiIUM RIDER-t tot faaiy-6175-FNMA/FNtMG UNIFOfitl INSTRUMENt P'~F ~2