HomeMy WebLinkAbout0852_.1_ . CONDOMINIUM RIDER
Ttiis CoNpot-~~N~uM R~~~R is madc this.~ . . . . . ~i.~~ ,day ot. . . . . . . .~1 ~.v
19 .~v and is incarporatcd into and shall bc decmed to amcnd and supplemcnt a Mortgage, Dced of Trust or Dced
to Sccure Dcbt (hcrcin "security instrument") datcd o[ cvcn datc herewith, givcn by thc undersigncd (hcrcin
••Borrowcr'• i to cccure Borrowcr's Note to. . $~,SCAYHF . ~FA~~I, .~AY~NGS. ~1ND . i•4~1. AS~QGI4~~~AN . . . . . .
• • • : • • • • • • • . . . . . . . . . . . (herein "Lrnder') and covering the Property described in the security instrument and
locatcd at. . . . . .?~lQO. ~... ~rre-1. ~AT~!~;~ ,~r~~.>>.,. !:':.. PIPR^.~, ~1.0A,[:Zp .~ ~~15(~ . . . . . . . . . . . . . . . . . . . ..
Iv.ove•ty nodress)
Thc Propcr~y rnmprius a unit in, ic~gcthcr witfi an undiviJcd intcrest in thr cc~mmon etcmcnts of, a condominium
pmjcct knc~wn as. . . . . .rA~~A~~APAti II ('7~;~0'",?'Jlti`.i . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. ~ (Name of Condom~nwm Project)
• . . . . . . . . . . . . . . . (hcrem "Condom~nium Projcct' ).
cowr~.,~Nwti, c~ti'ENANTS. IR addition ro thc covcnants and agrecmcnts madr in the sccurity instrument,
Borrowcr and Lendrr furthcr covcnant and agrcc as fallows:
~ A. Acsecsments. Borrower shal) pmmpUy pay, whcn duc, all assessments imposed by the Owners Association
or Mhrr gorcrning txx~y of thc Condominium Praject (hcrein "Owncr~ Assnciation") pursuant !o thc provisions of thc
declaraticm, b~~-laws, eexlc of regul~tiuns or other constituent dacument ~~f the Condominium Project.
B. llazard Insurance. Se- long as the Ow~ers Assc~ciation maintains a"master" ar "blanket" policy on the
Condominium Pruject which prc~vides insurance coverage against 6re, hat.ards included within the term "extended
coverage." and such other hazards as Lender may require, and in such amounts and for surh periocis as Lender may
rcquirc, then-
. (i) Lender waives the provision in Uniform Cavcnant 2 for the monthly payment to Lender of one-twel(th
c~f thc prcmium installmcnts for hazard insur:~ncc on thc Pmpcrt~~; ~
(ii) Bcxrov-•cr's obligatic~n undcr Uniform Covcnant S to maintain haz~rd insurancc coveragc an thc
Propcrty i~ dremcd satisficd; and
liiil thc provisicins in Unif~~rm ('ovcnant S rcg~rdine applicati~~n of hazard insurancc procccds shall bc
su~xrseded b~ am prc~visi~m ~if the dec(aration, b~~-le~•s, code ot regutatic-ns ar cfther consiituent doeument of thr
('ondominium Pn~jcct or of applicahtc law• to thc cxtcnt neccssarp to avoid a conflic! betwccn such provisions ancS
thc provisions c~f Uniform Covcnant 5. F~r any pcricxl of timr during which such hazard insurance covcragc is not
maintained, th~ immediatel~• preeeding sentencr shall be deemed tu ha~•e no force or efTect. Borrower shall gi~•e
Lrnder prompt noticc of any lapsc in such hazard insurancc co~~cragc.
In th~ cvcnt of a distribution of hazard insurancc procccds in licu of restoration c~r rcpair f~llowing a loss ro
thc Propcrh~, ahcthcr to thc unit or to c~+mmon clcmcnts, any such procccds payabtc to Borrow•cr arc hereby assigncd
and shall bc paid t~~ Lendrr for applica~iun to the tiums secured b~• the securit} instrument, with the excess, if an}~.
paid t~- Bormwcr.
C. Lendcr c Prior Consent. B~-rm~cr shalt nat, rxccpt ~Rrr nc~ticc to Lcndrr and with Lender's prior writtcn
conscnt, rartiti~-n or subdividc thc ProExrty or conscnt to:
(i) thc abandonmcnt or tcrminati~n c~f thc Ccmduminium Projcct, cxccpt for abandonmcnt c~r tcrminatian
provided by lau~ in the ca~e of sub~tantial J~~tr~cti~n b~~ fire or other casualh• ~r in the case of a taking b~• cnndemnati~n
~~r cmincnt d~~main:
(ii) am~ matcrial amrncimcnt a~ thc dccl~ration. by-law~s or ccxlc of rcgulati~ns c~f t6c Owncrs Association.
i~r ryui~•alcnt r~~nstiwrnt d~icumcnt c~f thc C~mduminium Projcct, including, but not limitcd tci, an}' amcnJmcnt w~hich
w•uuld changc thc perccnt:~gc intrrestti of thr unit uw~nrrs in thc ConJominium Projcct; or
(iii) the eficctuatiun ~~f rn}~ drrisiun b~ the Ow•ners Association to terminate professional management and
a~sumc sctf-managcmcnt ~~f thc C`cmdominium Prujcct.
D. Reme~lies. lf Borrow~er breachec Borrower s covenants and agreements 6ereunder. ineluding the covenanl
to pa~~ when due condominium asse~.cments~ Ihen I.ender ma~ im~oke an~ rcmedies provided under Ihe securit~~
in+trument. inclndinR, but not limited lo, thoce provided under UniEorm Covenant 7.
I~s V~'iT~s~ WNEq(FOt, Bc~rr~w~~r ha~ cxrcutc~i this C~ndc-minium Ridcr.
! r~ ~ :r if ~
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r ~ _ _ " _' "__ _ _" " _ ' ___'_..~_ .
'?TA"~~"!~ PI'-,'^ ~ p.~.'-; -Borrower
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rr~' °,T; R'k G , :"~; ','IF.~ -Borrower
- -Borrower
CONDOMINIUM RIDER-i to~ c~„~ir-~~~s--FN~u/FNII~ UNIfONM INSTRUMENT
uUJl1V~V (~uC ~~j
a~~~~UV
-801:01Mtf
-Bo.rower
-Borrower
198i JAN -9 AK 3~ 54
FIL:O ANI F~C{;r.Df~:1
St.~uciE ccuN~ Y F~a.
RCGER POItRAS
C:ER{ CiR:'vi~ :CJRT/7
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