HomeMy WebLinkAbout0746_.1_ CONDOMINIUM RIDER
~i1eCONDOMINIUM RIDER IS 1118cJC tFlls ~ . . . .~~~,~/~,. . . . . . . . .~ay p(. . . ~Q.~ . . . . . . . . . . . . . ..
l9. .. Qind is incorporated into and shall bc dccmed to amcnd and supplemcnt a Mortgagc. Dced of Trust o~ Dced
to Secure Debt (herrin "security instrumcnt") dated of even date herewith, given by the undersigned (hercin
•.Borrowcr") to sccurc Borrowcr's Nate ta. .~~S~AYH~ .~~D~~ .&~Y~N~~. ANR.~4~N. ~s.~QGi~P~~oI~ . . . . . .
. . . . . . . . . . . . . . . . . . . . . . (herein "Lcnder') and covcring the Prupcrty describcd in the seeurity instrument and
located at. . . . . .?f{Q0. S,. !Z~.f;A~; . DP?'1~,. .~Z3?~?.,. R~!:..PFFFr~:, .EL~JRInA .~34~D . . . . . . . . . . . . . . . . . . . ..
(Property Addr~ss) ,
77~e Pmperty rnmprises a unit in, t~~gether with an undivided intrrest in thc ce-mmon elements o(, a condominium
pmjcct kn~~wn as. . .. . ~A'^A'.tARP.K T_I C~!•1tXl'?T!;I;1" .. . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . •
(Name N ConAOmimurn Pro~ect-
. . . . . . . . . . . . . . . . (brrein "Condominium Projcct").
CONtx)\i1NiUN CovEN~NTS. ln additian t~~ the covrnants and agrecments madc in the security instrument,
Borrowcr and Lendcr turthcr covcnant and agrcc as follows: ,
A. Acccs.sments. Borrowcr shall promptly pay, when due, all assessments imposcd by the OwncrS Association
or othcr go~~erning hcxly of thc Condominium Project lhcreirt "Owoers Assc~ciation") pursuant to the provisions of the
dectaration, by-laws, cixle of regul~tic~ns or ather constituen! dc~cument of the Condominium Project.
B. Nazard Insurance. Si~ long as thc Owncrs Association maintains a"mastcr" or "blankct" policy on thc
Condominium Prc~jcct which prc~vidcs insurancc covcragc against firc, hazards includcd within thc tcrm "cxtendcd
covcragc; ' and such othcr hazards as Lcndcr may rcquirc, and in such amounts and for such pcriocls as Lcnder ma~~
rcquirr, thcn:
(i) Lcndcr waives thc provision in Uniform Coven:~nt 2 for thc monthly payment to Lender of one-twclfth
i-f thc prcmium installmcnts for hazard insurancc on thc Propcrty;
(ii) Bi~rrow~cr's obii~ation undrr Unif~rm Cc~vcnant 5 tc~ maintain hazard insurance covcraRc on thc
Prapcrty i, dccmcd satisficd; and
/iiil the proti~isions in Uniform Ccn•enant S regarJin¢ application of ha~ard insurance proceeds shall hc
~uperuded bi am- pt~-~~isi~~m af the declaratic~n, b~~-luws, c~xle of regulations or othcr constituent document of thc
Condominiun~ Prujrct ~v uf applicahlc law to thc cxtcnt ncccssar~ to avoid a conflict bctwecn such provisions anci
thc pmvi~ions c-f Uniform Covcnant 5. For any ~xricxl of timc during v-~hich such hazard insurance covcragc is not
maintained, thc immediately preceding sentence shatl be decmed to have no force or efiect. Borrower shall gi~•e
Lcndcr pr~~mpt noticc of any laps~: in such ha-rard insurancc covcragr.
In ~hc c~~cnt i~f a distrihution c~( h:izard insurancc prc-cceJs in licu of rcctoration c>r rcpair following a loss ti~
thc Propcrty, w hcthcr to thc unit or to c~-mmon elcmcnts, an~• such procccds pa~~abtc to Borrow~cr arc hcrcby assigncd
and sh~ll t-c paid~ta Lcndcr for applicat;un t~~ thc sums scrurcd by thc sccurity instrumcnt, with thc cxccss, if an~.
paid Ur F3orrow~cr.
C. l.endcr's Prior ConseM. Bormw~cr ~h~ll not, cxccpt ~(tcr noticc t~~ Lendcr and with Lcnder's prior w~rittcn
conscnt, partiti~-n or sutxiivi~c thc Propei t~- or cunscnt t~:
(i) ~hc abandunmcnt or tcrminatian of thc Condominium Project, cxccpt tor abandonmcnt or tcrmination
prrn•ided by law~ in thc ca~c of wb~tantial dcstrocti~,n b~~ firc ~r ~ithrr caw~lt~~ c-r in thc casc of a taking by condcmnation
~~r cmincnt Jumain:
(ii) an~~ mate~iai amcnc!ment ro thc drelarati~n. by-law~s or ce~e ~~f regulations of the Owners Association,
~x cyui~~alcnt c~~nstitucnt doc~mrnt of thc C'und~~minium Projcct, including, hut n~-t limitcd tc~, any amcndmcnt which
wi~uld changc thc pcrccntagc intcre~ts of thr unit owncrs in thc Cc-nduminium Projcct; or
(iii) the eliectuation ~~f any deci~i~m b~ the Owners Assuciaticm tn terminate professional management and
:~ssumc sclf-managcmcnt ~~f thc ('~-nd~~minium Projrct.
D. Reme~lies. If Borrower breaches Borrower's covenants and af;reemenls hereunder, includiag the coveqanl
to pay Nhen due condominium assessments. Ihen [.ender may invoke am remedies provided under the securit~
in~trument. inclndinR. bul nol limitcd to. lhose provided under tJniform Covenant 7.
Iy WITNf Sti Wi{F:RF.OF. Bt~~f(~wrr ha~ rx~~rutcd this Con~lominium Ridcr.
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