HomeMy WebLinkAbout0561_,~,_ CONDOMINIUM RIDER
THisCoNOOM~Nwtit Ri~eR is made this.~. . . . .$i?{~eentt~ , , , , . ,day oi. . . . .rlar~~, , , , , , , , , , , , , , ,,
19 .$1., and is incorporated into and shall be deemed to amcnd and supPlemcnt a Mortgage, Dced of Trust or Deed
to Secur~ Debt (herein "security instrument") dated of even date herewith, given by the undersigned (herein
"Borrower") to secure Borrower's Note to. . $~$~YN$ .F~D~~ .&~Y~N~S. AN~? _~OAN. A$~QGI~T~~PI . . . . . .
. . . . . . . . . . . . . . . . . . . . . . ~nerein ~`~cnde~ ~ ano covcnng ~nc C[I~PCIIy uC~«iiicai n~ ii~ bc~ui~iji iiwiiiii7i~~i~ aiiu
located at ...:...........:".....~...:.......:......:..:....::...................................
(P.opaty Aoanss)
The Properiy cc~mprises a unit in, togethcr with an undivided interest in thc common elemenu of, a condominium
projcct known az ..............................................................................
(Name of ConOo~n~n~um Proj~cq
. . . . . . . . . . . . . . . . (herein "Condominium Project").
CONDONINIUM COVENANTS. ln addition to thc covcnants and agrecments madc in the sccurity instrument,
Borrowcr and Lendcr further covcnant and agrec as follows:
A. Assessmeats. Borrower shal) promptly pay, when due. all assessments imposed by the OwnerS Association
or othcr go~•crning body of thc Condominium Project (herein "Owners Association") pursuant to the provisions of thc
declaration, by-la~s, cc~eie of regul~tic?ns ~r other consdtuent document of the Condominium Project.
B. Hazard Insurance. So long as the Owners Assaciation maintains a"master" or "blanket" policy on the
Condominium Project which provides insurance coverage against fire, hazards included within the term "extended
coverage: ' and such other hazards as Lender may require, and in such amounts and for such periods as L.ender may
requirc, then: -
(i) Lendcr waives the provision in Uniform Covenant 2 for the monthly payment to I.ender af one-twelfth
of thc prcmium installmcnts for hazard insurancc on thc Property;
(ii) Barrower's obligatian under Uniform Covenant 5 to maintain hazard insurance coverage on thc
Propcrty is dccmcd satisfied; and
(iii) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds shall bc
superseded b~~ any provisiom of the declaration, by-laws, code of regulations or other constituent document of the
Condominium Project or of applicable law to the extent necessary to avoid a conflict between such provisions anci
..._ __,...:..:,..... ,.o ~~..:o,...., r,..,...,~.,- i Fnr a.,., .,P~~~,~i ~f time durin¢ which such hazard insurance coverage is not
un N~~.. ~..vu. . ... ............ ..... . ~....... .. . . ... _..t r - - -
maintained, the immediately preceding sentence shall be deemed toVhave no force or efiect. Borrower shall givc
l.ender prompt notice of any lapse in such hazard insurance coverage.
In thc cvcnt of a distribution of haaard insurance proceeds in lieu of restoration or repair following a lass to
thc Propcrty, vahcthcr to thc unit ur to c~~mmon elements, any such procecds payable to Borrower are hereby assigned
and shall be p:~id to Lender for application to the sums secured by the security instrument, with the excess, if any.
paid to Borrowcr.
C. i.endcr s Prior Consent. Borrower ~hall not, except after notice to Lender and with Lender's prior written
consent, rartiti~~n or subdivide the Property or consent to:
(i) the abandonme~t or termination of the Condominium Project, except for abandonment or termination
provided by lav-- in the case uf substantial dcstruction by fire or othcr casualty or in the case of a taking by condemnation
or cmincnt domain;
(ii) an~ material amendment to the dcclaration, by-laws or code of regulations of the Owners Association.
~r cquivalent cc~nstitucnt documcnt of thc Condominium Project, including, but not limitcd to, any amendment which
would change the percentage int~rests oi the unit owners in the Condominium Project; or
(iii) the etiectuation ~~f an}~ dccision b} the Owners Association to terminate professional management and
assumc sclf-managcmcnt of thc Condominium Project.
D. Reme~lies. If Borrower breaches Borrower's covenants and agreements 6ereunder, including the covenanf
to pa~~ when due condominium assessments, Ihen Lender may iovolce any remedies pmvided under the security
instrument. incladinR, but not limifed to, those provided under Uniform Covenaat 7.
IN WITNESti WHEREOF, Borrowcr has cxrcuted this Condominium Ridcr.
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- -Borrower
-Borrower -eo.~s.
-Borrower -Borrower
COMOOMINlUM RIDER-i to+Family-6/75-fNMAIfNIMC UNIFORM IIISTRUMENT
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