HomeMy WebLinkAbout0978 ~ 4
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' _ - CONDOMINIUM RIDER - ~ ~ . .
7~11S CONDOMlNIUM RIDER IS 1118dC tf11S. . . . . . . . .,13 . . . . . . . . . . . .day o . . . . . . . . . . . . . . . . . . . . . .
- 19.81., and is inoorporated into and shall be deemed to amend and supplemcnt a Mortga of Trust or Deod
.to Secure Debt (herein "security instrument") dated of even date herewith, given by the underaigaed (hereln .
"Borrower") to securc Borrower's Note to. .FIRST..FSAE~AL . SAQINGS..ANI2 .L1~AN..ASS~OC7ATi0~1.
' P~ :~AR$. ~14~~~.....(h~rein "Lender") and oovering the Property described in the security instrument and
locatod at. .9490 South, State ,Itoad, AlA, ~115,, _ Jensen, ~eac~}s -,~'lQ~C,ic~a~ ,~~4~7, , , , , , , , , , . , ,
. t~ov.Kr ~wa..ss)
The Property oomprises a unit in, together with an undivided interest in the oommon elemeats of, a condominium .
project known as. . T~W~RS .CONDOl~lZNI[A~l. A
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• (N~rM W CondOminium Proj~tU
. . . . . . . . . . . . : (herein "Condominium Project") .
CONDOMINIUM COVENANTS. In addition to the covenants and agrecments made in the security inswment,
Bomoarer and Lender further covenant and agree as follows: - ~
A. Assessmsats. Borrower shall promptly pay, when due, all assessments imposed by the Owners A~3sociadon
or other governing body of the Condominium Project (herein "Owners Association") pursuant to the provisions of the
declaration, by-laws, code of regulations or other constituent document of the Condominium Projoct.
B. Hazard I~unnce. So long as the Owners Association maiatains a"master" or "blanket" policy on the
Condominium Project which provides insuraace coverage against fire, hazards included within the term "estended
ooverage," and such other hazards as Lender may requii~e, and in such amounts and for such periods as I.ender may
require, thea: ~ -
(i) I.ender 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 5 to maiatain hazard insurance ooverage on the
Property is deemed satis6ed; and - ~
~ (iii) the provisions in Un~'orm Covenant 5 regarding application of hazard insuranoe proceeds shall -be
superseded by any provisions of the declaratibn, by-laws. code of regulations or other constituent docament of the o
Condominium Project or of applicable law to the extent necessary to avoid a con8ict between st~ch provisions and
~ the provisions of Uniform Covenant 5. For any period of time during which such hazard insurance coverage is not _
i maintained, the immediately preceding sentence shall be deemed to have no force or eHect. Bornower shall give
I I.ender 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 rnmmon elements. any such proceeds payable.to Borrower are hereby assigned
and shall be paid to Lender for application to the sums secured by the security instrnment, with the excess, if aay,
paid to Borrower. . . . . "
C. Lende~'s Prior Co~seat. Borrower shall not, eacept after notice to Lender and with Leader's prior written
~ consent,.partition or subdivide the Property or consent to: '
(i) the abandonment or tennination of the Condominium Project, eacept for abandonment or termination .
~ provided by law in the case of substantial destruction by fire or other casualty or in the case of a taking bycondemnadon .
~ or emi~nt domain; -
(ii) any material amendment to the declaration, by-laws or code of regulations of the Owne~s Association;
~ or equivalent constituent document of the Condominium Project, including, but not limited to, any amendment which
would change the percentage interests of the unit owners in the.Condominium Project; or
.(iii) the effectuation of any decision by the Owners Association to termi~ate professional management and
assume self-management of the Condominium Project. - ~
D. Remedies. Ii Borrower ~breaches Borrower's coveaants and agreemeots bereonder, iacludi~ tie oo~eaaM
to pay wtiee dae condooiiniam assessmeots, t6en Leoder may iavoke aoy rnaedie.s pro~ided osder tLe secmky
i~nmeot, iaclndiag, bat not limited to, t6ose provided nnder Uaifora~ Co~eaa~t 7.
: IN WRNESS WHEREOF, Borrowcrfias executed this Condominiu r.
James e ello ~
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~ Gendra Sennello -BOf~D~`
- Otto J. Karch _ -°OfON1'
. Betty Karch _
- . ~3~i6 P~ 971 _
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CONDOMINIUM RIDER-~ to 4 Fm~h?-6~~s-FIq1AIFNlMC fINIfORY IIRTtYIENT ~ L~226396
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