HomeMy WebLinkAbout1644CONDOMINIUM RIDER
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T~usCo~noMicvwrt R~neR is madc this./. '. . . . . . . ! L: . . . . . . . . . . . . .da~~ of. . ~i~.,a: ~: .s cc c~ ~ `.- f. . . . . .,
19.$~., and is incorporated into and shall tx; decmrJ to am~nd and supplemcnt a Mortgage, D~:ed of Trust or Dced
to Secure Debt (herein "securit}~ instru:mrt") dated of ~ven d3t~ herrwith, given by the undersigned (herein
"Borrower") io ~ccurc Borrowrr's Notc to. .EIRST..EEA~RAL. SAVINGS..ANIl .LDAN..ASS.OCIATiUDI.
Q~ ,(.~1~~. WQRTH, ._.,(herein "Lender") and co~~ering the Pr~~~xny describ~:d in the security instrumeni and
l~xated at. . . 51~5 North. State. Road AlA~ , FOrt .P~~~'~E~, ,E ~pY'~~~ .~~4`?O . . . . . . . . . . . . . . . . . . . . . ..
(Property Adtlress)
The PmFert~~ comprius a unit in, ~ogether w~ith an undi~~ided int~rest in thr common elcments of, a condominium
project known as. . .QC~AN. 1~AR~QUR. C4IIRQMI~IIUM C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(Name of Condom~~ium Pro~ecq
. . . . . . . . . . . . . . . . (herc~n "Condominium Proj~ct' ).
Covoc~~~t`iunt CovFNA1~TS. Iil aJJition to the co~~cnants and agre~ments made in the security instrument,
Borrower and Lender further cavcnant and agrec as foUo~~~:
A. Assessments. Borrow•er shall promptl~ pa}'. w'hcn duc, all ~ssessments imposed by the Owner~ Association
or othcr governing body of thc Condominium Project Ihrrein "Owncrs Association") pursuant to the provisions of the
deciaration, t~}~-!a«~s, ccxfe of regulatie~zs c~r othcr ~:3nstitv.:nt do:.unsent oi th~ C~~nd~~minium Project.
B. Hazard lnsurance. So long as the O~~ner•: Associatiun maintains a"master" or "blanket" policy on the
Condominium Project H~hich provides insurance coverage sg~inst fire, hazards included within the term "extended
coverage." and such ather h:tzarJs as Len~er ma}~ require, and ir, such amounts and for such periocis as Lender may
require, then:
(i) Lcnder waives the provisinn in lJnif~um Cu~•enant 2 for thc monthl~~ pay~ment to Lender of one-twelfth
of the premium installmcnts for hazard insurancr ~-n the Prupc:rh~:
(ii) Borrower's obligation undcr l?niform Co~~~nant 5 tc~ maintain hazard insurance coverage on the
Property is deemed satis6cd: and
!iii) the prorisions in Unifurm Cu~•enant 5 regarding a, plication of hazard insurance proceeds shall be
superseded by an}~ prov~si~~ns of the ~iecl~ratiun, bc-t;~as, ccxle of regulatic~ns ~r other constituent doeument of the
Condominium Project or of applic~ble law- tu the eztent necessar~ t« avoid a confiict between such pro~•isions and
the provisions of l~'niform Covrnant 5. F~,r anc ~xricxi of time during w~hich such hazard insuranee eoverage is not
maintainecl, the immediatel} preceding scntcnc~ ~hali tx deemed t~~ have no force or efiect. Borrow~er shal! give
Lender prompt notiee of an~• lapse in such ha~ard imuranre c~~vcra~~.
In the e~~ent c~f a distribution of harsrd insurance prexee~is in liru ~~f rest~~ration or repair follow~ing a loss to
the Propert~~, w~hether to the unit c~r t~~ c~~mm~~n rlement,, an} such ~rcxre~is pa~~ablr ta Qorrower are hereb~~ assigned
and shall Ue _psid to Lender f~~: applicaticm t~~ th~ ~ums srcured h~ th~~ securit~ instrument, with thc excess, if an}'.
paid to Borrower.
C. Lender's Prior Consent. E3~~rn~w~cr ~hal! nc~t, rxrept aft~r n~~tirc t~~ Lenei~r and w~ith Lender's prior written
eonsent, aartition or subdi~~ide the Pr~penc ~~r cc,nsent t~~:
(i) the abandcmmrnt or terminati<~n e~f the ('e~neic~minium Prc~ject, rxcept for abandonment or termination
provided b~~ law in thc case of tiubstantial drstructic~n b~~ fire ~r e~ther ca~ualt~~ ~r in the ra~~ of a taking b~~ condemnation
or emincnt dumain;
(ii) an~• material amcnelment tc~ thr derl~rati~~n, h}~-law~s or codr e~f reg~~lations of the Ow~ners Association,
or equiealent constiwent dcr~ument of thr ~'un~l~~minium Pr~~ject. includine, but not limited t~~. any amendment which
would change the perccntage intere~ts ui the unit u~~ nrr~ in thr ('~neluminium Pre~ject: or
(iii) the efiectuation e~f an} d~ci~iun h~ the n~~ners Asscxiati~,n tu trrminate professi~nal management and
assumc sclf-mana~ement uf the Cundominium Pr:~ject.
D. Remedies. If Borrower breaches Borrow~er's co~•enants and agreements hemunder, including the covenant
to pa~~ when due candominium asses~cments, then I.ender ma}~ invoke any remedies provided under Ihe securit~
instrument. includin~. but not limited to. those provided under L'niform Covenant 7.
IV WITNESS ~1'N[:RFOF , Rc~rrc~~s.r has cx~cuted this Con~ic~minium Ridcr.
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Elva A. Heise
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-Borrorrer
-6o--owe.
CONDOMINiUM RIDER-t t~ a cami~y-6'IS-FNMAlFMIMC UNIFORM INSiRUMfNT
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RRM L#21~837
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