HomeMy WebLinkAbout1482~... CONDOMINIUM RIDER
T~~~s Coxoot-t~~~uM RtoE.a ic made thi~ __ Jy~ a~., ,.~ ~-G~i~~if/
19. .... and is incarporatcd into and shall bc dccmcd to amcnd and supplemcnt a Mortgage. D~:ed of Ttust or Dced
to Secure ih:bt (hcrcin "security ins~rumc~t"1 datcd of cvcn datc hercwith, given by thc undcrsigncd (he~cin
..Borrowcr") to sccurc Borrower's Natc to. . ~~S~AYH~ .~~A~~1, .&AY~NGS. /-NR .L4~1. AS,~QC~A~'~Op. . . . . . .
. . . . • . . . . . . . . . . . . . . . . . (hcrein "Lcndc~') and covcring thc Prapcrty describcd in the sccurity instrumcnt and
locatcdat.....9$.Ofl..S.0.4T~.A?A. ~!3~Z...~~~~~5~"1.~~A~H... F4Q~IAA. ?3i!~T ..........................
(PropeAy Addr~ss)
Thc Propcrty compriscs a unit in, togethcr with an undividcd intcrest in thc common elcments of. a condominium
projcct kn~wn as.....ISI.AND R~AGH CLUII GOt1DOMITlIU!1 .........................................
(Nsm! of CondOminium ProjlCl)
. . . . . . . . . . . . . . . . (hcrcin "Condominium Project").
CONI~~tIN1UM COVENANTS. ~fl 8(Jd1IlOI1 to thc covcnants and agrccmcnts madc in the sccurity instrument.
Borrowcr and Lendcr further covenant and agrcc as follows:
A. Acsessments. Borrowe~ shall promptly pay, when due. all asscssments impased by the Ownc~ Association
or othrr go~•crning bocfy of thc Condominium Project (hcrein "Owncrs Association") pursuant to ihe provisions of thc
declaration, by-I~ws, cadc of rcgulations or othcr constitucnt document of the Condominium Project.
B. 1~aiard Insurance. So lang as the Owners Association maintains a"master" or "blanket" policy on the
Condominium Project which pmvides insurance coverage against fire. hazards included within ihe term "extended
coverage;' anJ such other hazards as Lender may require, and in such amounts and for such periods as Lender may
requirc, then: -
(i) Lcnder waives the provision in Uniform Covenant 2 for the monthly payment to L.ender of one-twelfth
of the premium installments for hazard insurance on the Property;
(ii) Borrower s obligation under Uniform Covenant S to maintain hazard insurance coverage on the
Propcrty is dccmcd satisfied; and ~
(iii) tFie pro~~isions in Uniform Covenant S regarding application af hazard insurance proceeds shall he
supcrseded b? an~ pravisions of the declaration, by-laws, code of regulations or other constituent dceument of thc
Condominium Project or of applicablc law to the extent necessary to avoid a conflict between such provisions ancl
the provisions of Uniform Covenant S. For any period of time during which such hazard insuranct coverage is not
maintained, thc immediately prcceding sentence shall be deemed to have no force or efiect. Borrower shall givc
Lender prompt notice of any lapse in such hazard ia~surance coverage.
In thc cvent 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 Bonower are hereby_assigned
and shall be paid to Lender for application to the sums secured by the security instrument, with the excess, if any.
p:~id to Borrowcr.
C. Lendcr's Prior Consent. Borrow~cr ~hall not, ~xccpt aftcr notice to Lcnder and with Lender s prior written
consent, ~artiti~m or subdivid~ the Propert~• or consent to: ~
(i) the abandonmcnt or iermination of the Condominium Project, except for abandonment or termination
provided by law• in the case of ~ubstantial dcstruction by fire or other casualty or in the case of a taking by condrmnation
or cmincnt domain; ~
(ii) an~~ material amenJment to the declaration, by-laws or code of regulations of the Owners Association.
or cqui~•alcnt a~nstitucnt documcnt of thc Condominium Project, including, but not limitcd to, any amcndmcnt which
would cFiangc thc percentage intcrests of thc unit owners in the Condominium Project; or
(iii) the efTectuation of any deci~ion b~~ the Owners Association to terminate professional management and
assumc sclf-managcmcnt of thc C~~ndominium Prajcct.
D. Reme~lies. lf BorroNer breache~ Burrower's covenants and agreemeats 6ereunder, iaclnding tt~e rnvenant
to pa~• N~hen due condominium assessments. then I.ender may invoke any remedies provided under the secnrit~
instrumcnt. including, but not limited to,l6ose provided under UniEorm Covenant 7.
IN WITNESS WIIEREOF, Iiorrowcr has czccuted this Condominium Ridcr.
CAROLIN C. P T A(' , A?I~Borrower
~` --
~
~ . V. PASTFR~IACK, H~R HUSBR''~9rrower
-Bo~rorrer
-8o.rowe.
-Borrower 513210 'Borrower
19~1 Jrt~ I~~;~ ~: I 3
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