HomeMy WebLinkAbout0969 '
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~ CONDOMINIUM . RIDER ~
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~I~i1S CONDOMINIUM RIDER IS fp8(IC tlliS. . . . . . . . . . . . . . . . . . . . . . : (18y Of . . . . ~ . . . . . . . . . . .
198L and is i~worporated into and shall bc deemed to amcnd and supplement a Mort$age, Dedd oi Tnut or Deed
~ to Secure Debt (herein "security instrument") dated of even date herewith.~given by thc undecsi~od (herein ~
"Bornower") to secure Borrower's Note to. :F~RST. .FBD.ER~I, . SAV~IIGS..ANII .LI~AN. .ASS~OCI~TI.~~i.
9~ .1rAK$. ~"14~.~4. ....(berein "I.endcr") and covering the Property described in the security instrument and
located at.. 9490,South AlA~ ,U~nit 1012 A,, Jensen,Beacl}a .$~4F;~a~1.~~4~7 . . . .
. ~ ~ _ lvroa..er ~wa~ss~ t
The Pt+opecty comprises a unit in, together with an undivided interest in the rnmmon elements of, a condominium
project known as . . . . . . . . . . . . . . QG~N. ~'PJ~RS .CONAAHINI~i. A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -
(Nam~ of Condweioiwn Prol~eU
. . . . . . . . . . . . . . . .(herein "Condominium Project"). . ~ -
CONDOMINIUM COVENANTS. In addition to thc covenartt~ and agreements made in th~ sgcudty instrument, -
~ Homower and I.cnder further rnvenant and agree as follows: ~
. A. Assessmeata. Borrower shall promptly pay, when due, all assessments imposed by the Owner~ Association
- or other governing body of tbe Condominium Project (herein "Owners Association") ~pursuant to the provisions of the
declaration, by-laws, code of ~regulations or other constituent document of the Condominium Project.
& Huard Iosura~ce. So long as thc Owners Association maintains a"master" or "blanket" policy on the
Condominium Project which provides insurance coverage against fire, hazards included within the term "extended ~
ooverage," and such other hazards as Lender may require, and in such amounts. and for such periods as I.ender may
require, then: . _
- (i) L.eader waives.the provision in Uniform Covenant 2 for the monthly payment to I.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
Property is deemed satisfied; and _ - -
(iii) the provisions in Uniform Covenant S regarding application of hazard insurance prooceds shall be
superseded by any provisions of the declaration, by-laws.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 rnnflict between such prOvisions and
the pc+ovisions of Uniform Covenant -S. For any period of time during which such hazard insurance coverage is not
! maintained, the immediately preceding sentence shall be deemed to have no force or eHect. Borrower shall give .
Leader prompt notice of any lapse in such hazard insurance coverage. ~
' In the event 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 payabte to Borrower are hereby assigned
~ and shall be pa.id to I.ender for application to the sums secured by the security instroment, with the excess, if any,
I paid to Borrower. -5
C. Lender's Prior Co~ent. Borrower shall not, except after notice to Lender and with Lender's prior written
~ consent, partition or subdivide the Property or consent to: . - ~
(i) the abandonment or termination of the Condominium Project, eacept for abandonment or termination
provided by law in thc case of substantial destruction by fire or other casualty or in the case of a taking by condemnation
or eminent domain; ' ~ ,
(ii) any material amendment to the declaration. by-laws or code of regelations of the Owners Association,
or.equivalent constituent document of the Condominium Project, including, but not limited to, any amendment which
would change the percentage interests of the uniC owners in the Condominium Project; or ~
rii)~ the effectuation of any decision by the Owners Association to terminate professional management and
assume self-management of the.Condominium Project. _ ' ~
D. Remedk.s. IE Borr~wer brmches Borro~ve~s corenants aad agreemeots iee+enader, i~c]edtng t6e covenast ~
to pay w~lO tIY! MpdOml111B1p a5SlSS01lYIS~ 1blO Lender may iavoke aay rrmedies provided neder t6e aecority
i~tro~meat, includiag, but not Ijmited to, tbose pmvieled nnder UnHoirm Co~emnt 9. .
q IN WI'fNESS WHEREOF, Borrowcr has exccuted this Condominium Rider.
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CONDOMINIUM RIDE~-1 to ~ Fxniy-6/75-FNMAIFNIMC YNIFORM INSIRUMENT RR!'! L~226727 •