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Home My WebLink About0948J r ~~-- - e • ~ -- = ~ .. - > - _ ~ " = . r .y __ ~ ~ . . CONDOMINIUM RI~E ._ - _. ~ _ _, ~ ~, ~. ~ --~ ~-= N :~ ~~ iNi M RIDER is made this ~ ~~ day ot . Januar 1981 THIS CONDIM U y. , and ~s incorpo~ated ~nto and shall be deemed to amend and supptement a Mortgage, Deed of Trusl or Deed to Secure Debt (herein "securiry instrumenY') dated ot even date herewith, given by the undersigned (here~n ~~Borrowe~') to secure Borrowers Note to First Federal Savingsand Los~ Association of Martln Countylhere~n ~~I.en~ie~'- and cover~ng the Property descnbed in ihe seCUnty instrument and located at . .::i 1 •1 . ~ ~i {~^ ir~"'v +~. . . ~' ~.+ .. . , tr1 i j•~~_- The Property comprises a unit in, logether with an undivided interest m the common elements of, a condommium pro~ect know as ~'~~ ~ T L:N Ti~f:~i~'~ t i~_?+'~.i~ f.~ .~;~ (herein ~'Condomin~um Pro~ect"~ CONDOMtNIUM COVENANTS. In addit~on to lhe covenants and agreements made in the secunty mstrument. Bor- rower and Lender further covenant and agree as follows: A Asssssments. Borrower shall promptly pay, when due, all assessments ~mposed by Ihe Owners Assoc~at~on or other governing body of the Condommium Pro~ect (herein "Owners Association") pursuant to the provisions ot the declara- t~on, by-laws, code ot regulations or other constituent documenl oi 1he Condom~nium Pro~ect . B. Hs:aM Insurine~. So long as the Owners Assoc~ation maintains a"master' or "blankeY' policy on the Condo- minium Projecl which provides insurance coverage against f~re, hazards mc~uded with~n the term"extended coverage;' an~ such other hazards as lender may require. and in such amounts and for such per~ods as lender may reqwre. then: (i) Lender waives the prov~sion ~n Uniform Covenant 2 tor the mo~thly payment to Lender of one-tweifth ot the premlum installments for hatard msurance on lhe Property, (~i) Borrowe~s obl~gation under Un~form Covenant 5 to ma~nta~~ hazard insurance coverage an the Propeny fs deemed sat~sfied; and jiif) the provis~ons in Un~form Covenant 5 regard~ng appficat~on of hazard msurance proceeds shall be super- seded by any prov~sions of the declarat~on, b~rlaws, code of regulat~ons or other constituent document of the Condomm~um Pro~ect or of applicabte law to the extent necessary to avo~d confl~ct between such provis~ons and the prov~sions of Un~form Covenant 5. Foe any period of timeduring which such hazard insurance coverage ~s not ma~ntained, the immediately prececf- ing sentence shalt be deemed to have no force or elfect Borrower shall g~ve Lender prompt notice of any lapse ~n such hazard ~nsurance,coverage. _ _ In the event of a distribut~on ot hazard ~nsurance proceeds ~n I~eu oi restorauon or repa~r tollow~ng a loss to the Proper- ty, whether to the unit or to common elements, any such proceeds payable to Borrower are hereby ass~gned and shall be pa~d to Lender for appl~cat~on to the sums secured by the sec~r~ty mstrument, w~th the excess. it any. paid to Borrower. C. Lendsrs Prior Conssnt. Borrower shal~ not. except after not~ce to Lender and w~th Lenders pr~or wr~tten con- sen~ pa*~!t~on or subd~v~de the Property or consent to: - (i) the abandonment o! term~nat~on ot the Condomm~um Pro~ect. except for abandonment or term~nat~on provided by law ~n the case of substant~al desirucl~on by I~re ar other casuaity or ~n the case ot tak~ng by condemnat~on or em~~ent doma~n: - (~~)' any matenat amendment to the declarat~on, by-laws o- code of regulat~ons of the Owners Assoc~at~on. or . eqwvalent constituent document ot the Condomin~um Pro~ect. mcludmg, but not I~m~ted to. any amendment which woutii change the percentage ~nterests of the urnt owners ~n the Condom~nium Pro~ect, or ~i~i) the eflectual~on ot any dec~s~on by the Owners Associat~on to termmate profess~or.al management and assume self-management of the Condomfnium Project. D. - Remsdlss. If Bonowe~ brsachss Borrowsrs covenants and agreements hereunder, including the covensntto pay when due condomtnlum assessments, thsn Lender msy Invoke, any remedies provldsd undsrthe sscu~ity Instrumsnt~ includln~. but not ttmfted to, thoss provlded unde~ Unlform Covenant 7. IN WITNESS WHEREOF. Borrowec has executed th~s Condom~n~um R~der. , ~ / ~ . i - ~ , ~'/~~~~`~~ ~ ~ l. ~ ~ ~-~BORROWER ~ ~~1~ ~~I~ ~S (,~f~~li 4 sr i.~cir cc~~K: GFi ~ rc;GErr PCi, Fr,s BORROWER LLE~:r. C~;~ti~T C "~JGT/~ ~ ,.... . ~'. ' •Y'•`' :t~f' -' ~ ~i.~%~.~-: . t}'y.:.~ , A~~ / ~ ~ / - J ~l ~~I vN~ ~___BORROWER 1981 !~:t~ -9 A~! :I~ ~9 ~ . _. t _ , _ ,„ - C..N,n 7 '- 1 ~- 51~934 BORROWER CONDOMINIUM RIDER- ~ to 4 Fam~iy - 6/75 - FNMA/FNIMC UNIFORM IN T nI~ A-302 6~79 g~~~ PdGE c7`~~