HomeMy WebLinkAbout0728CONDOMINIUM RIDER
8j111SCON00I~11N1UA1 RIDER IS I1111SC 1I11S . . . . . . . . . . . . . . . . . ~~,,,~ .day ot. . . ~'?~.~r. . . . . . . . . . . . . ,~
19. .U., and is incarnoratcd into and shall br ~mcd ta amenJ and supplemcnt a~tortgagc. Dced ot Trust or Dced
to Sccure Dcbt (hercin "security instrumcnt" datc ~~v~iatc hercw~th, i.~en by thc undcnigned (hercin
"Borr~~~•c~') to srcure Horrawer's Note to . . .. . .. . .. . .. . .. . .~ ~k.~~ QCMQANY.OF. SLUAET. .....
(herein "I.enJer") and ove~in ~the Propertv descrit~d in the securitti instrument and
Io~atc:i at. . ;~L; ;% . . .~~.3~1. . . ~vT ~u~:~, ~4'ii~!~/.S . ../~.~ _ .IttJ~TGG~ . ~.?~-l~N.~ . . . . . . . . ..
(P~opeKy Ad4ressl
Thc Proprrty compriscs a unit in to thcr w~ith an undividcd intcrest i~ tl~r comrs~on cl~m;:nts ot, a condomi~ium
projcct kna~n as. «7PI~OOR ~.OF A~'ERICA, AT . ~ 'S. ~..~I.Al~1D . . . . . . . . . . . . . . . . . . . . . . . . . . . .
' ~ (N~me of CooOOm~n~um Project~
. . . . . . . . . . . . . . . . (hcrcin "Condominium Prajcct' ).
Co,no~fixiurf CovEN~~TS. ln addition to thc covrnants and ag~ccmcnts madc in thc sccurit~ instrumcnt,
Bor~o~r~ and Le~drr fi~rthcr covcnant and agrcc as follows:
A. Assessmenfs. [iorrawer shall promptly pa~•, N~hcn duc, atl ass~ssmcntt imp~~scd b} the Owners Assaciation
ar othcr govcrning body oF thc Candomi~ium Projcct (hcrcin "Owncrs Ass~ciation"1 pursunnt tc- thc pro~~isions of thc
declaration, by-laws, code of ~cFulations or other constituent dacument of the Conctominium Project.
B. Elazard Insutance. So tong as thc Owners Association maintains a"mastcr':. or "blan}~et" policy on the
Condominium Prajeet which provides insuranee coverage against fire, hazards includec! w•ithin the term "extended
coverage; ' and such other hazards as Lencler may reyuire, and in such amounts and for such periods as Lender ma~
require, then:
(i) I.cnder waives the provision in Uniform Covenant 2 for the manthl~ pa~ ment ta Lender of one-twel[th
of the prcmium irtstallments for hazard insurance on the Property;
(ii) Borrower's obligation under Unifarm Covenant 5 to maintain hazard insuranrc co~•er~ge on the
Property is deAmed satisfied; and
(iii) the provisi~~ns in Uniform Covenant 5 regarding application of t~azard insurance proceeds shall be
superseded b~~ any provisions of the declaratian, b}'-laws, code of regulations or other constituent document of the
Condominium Project or of applieable 1aw to the exteAt neressary to avaid a conftict betv-•een surh provisions and
the provisions of Uniform Covenant 5. For any period of time during which such hazard insurance co~•erage is not
maintained, the immediatel~ preceding sentence shall be deemed to have no force or eBect. Borrov--er shail gi~•c
Lender prompt notice of an~ lapse in such ha2ard insurance coverage.
In the event of a distribution of hazard insurancc proceeds in lieu of restoration or rcpair follo~•ing a loss to
the Propert~•, ~•hether to the unit or to common elements, any such praceeds pa~-able to Borrow•cr arc hereb~• assigned
and shall be paid to Lendrr for application to t6e sums secured by the security instrument, u•ith the excess, if an}'.
paid to Borrower.
C. Lender's Prior Consent. Borrow~er shal! not, except after notice to Lender and H•ith Lcnel~r's prior written
cortsent, partition or subdivide the Pmpert}.or consent to:
' (i) the abandonmrnt or termination of the Condominium Praject, except for abandonment or te~mination
pro~~iJed b~ taw in the case of substantial d~struction by fire or other casualty or in the case ~f a taking b~~ condemnation
or eminent domain;
(ii) an~~ material ame~dment to the decl:~ration, by-laws or code of regulations of the O:~•ners Association,
or equivalent constituent document of the Condominium Project, inctuding, 5ut not limited to, an}~ amendment w•hich
a•ould change the percentage interests of the unit ow•ners in the Condominium Project; or
(iii) the eRectuation of any decision by the Owners Association to terminat: profcssional mana~ement and
assume selE-management of ihe Condominium Project. ~
D. Remedies. .If Borrower breaches Borrower's carenents and agreements 6ereunder~ includin~ the covenant
to pa}~ +~hen due condominium assessments, Ihen Lender may invoke any remedies pro~ided under the security
i~strument, including. but not limifed to, those provided under Uniform Covensnt 7.
I?1 WITfJESS WHEREOF, Aorrowcr has cxccuted this Condominium Ridcr.
1~81 Jt~~~ 22 Aw ~~ 37 r~,J ~--~..~,..,~- -
F11 :i~ thC F:~Jr.i%Li~ T•~~1 u~~v -eorrower
S1tGGER PCIlRA i~ .
CI.EkH CIRLI:si :(t~ /~ /
s:•; ,~•;-;:~. • ~ r ~ . ~~- - ^
~`~L luf~J~L [`[..~ -BOr-pMrtr
"'\ \JLI'f
514545
CONDOMINIUM RiDER -1 ta a Faro~~r-b/75--k~~lFH~~C uM~FOa~ IHST~tu~EM1
~JOlK( •,4~ F~GE ~~5