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CONDOMINIUM RIDER
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~I~i1SCONDOMINIUM RIDER IS II18dC l~liS. . . . . . . .~0~ . . . . . . . . .day . . . . . . . . . . . . . . . .~
19 81. .~ and is incorporated into and shall be deemed to amend and supplemcnt ortgage, of Trust or Deed
to Secure Debt (herei~ "security instrument") dated of even date herewith, given by the undersigned (heoein
"~3orrower") to srcure Borrowcrs Note to..FIRST..FBD.ERA.L. SAYIIdGS..ANII .Lt~AN..ASSOCUTI.UN.
Q~ .I~AK~. ~I4~~~. ....(herein "Lender') and covering the Property described in the security instrument and
located at. . ~a.59.Worth AIA. .Ftf. l~~erce.. F~.axida. 3345R . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . ..
tProv..~r ~-aa.essl
The Property comprises a unit in, together with an undivided interest in the common elements of, a condominium
projcct known as. . . . . . .4C~AN. HA~4V~. ~N4QM~N~I~t"~ $ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(N~ma of Co~dominium Projecq
. . . . . . . . . . . . . . . . (herein "Condominium Project").
CoNaotHtNtut~t CovEN~Nrs. In addition to the covenants and agreements made in the sccurity instrument,
Borrov~cr and L.endcr further covenant and agree as follows:
A. Assessments. Borrower shall promptly pay, when due, all assessments imposed by the OwnerS Association
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 Project.
B. Hazard l~urance. So long as the Owners Association maintains a"master" or "blanket" policy on the
Condominium Project which provides insurance coverage against fire. hazards included within the term "extended
rnverage;' and such other hazards as Lender may require, and in such amounts and for such periods as Lender may
require, then:
(i) Lender 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 maintain hazard insurance coverage on the
Property is deemed satis6ed; and -
(iii) the provisions in Uniform Covenant 5 rcgarding application of hazard insurance proceeds 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superseded by any provisions of the declaration, by-laws, code of regulations or other constituent document of the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 conflict between such provisions and
the provisions of Uniform Covenant S. For any period of time during which such hazard insurance coverage is not
maintained, the immeciiately preceding xntence shall be deemed to have no force or efiect. Bormwer shall give
Lender prompt notice of any lapse in sucl~ hazard insurance coverage.
In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a lass to
the Property, whether to the unit or to common 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 instrument, with the excess, if any,
paid to Borcower.
C. I.ender's Prior Conseat. Borrow•er shaU not, except after notice to Lender and with L.ender's prior written
consent, pattition ot subdivide the Property or consent to:
(i) the abandonment or termination of the Condominium Project, except for abandonment or termination
provided by law in the case of substantial destruction by 6re or othcr 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 regulations of the Owners Association,
or equivalent constituent document of the Condominium Project, including, but not limited to, any amendment which
would ~hange the percentage interests of the unit owners in the Condominium Project; or
(iii) the effectuation of any decision by the Owners Association to terminate professional management and
assum~ self-management of the Condominium Project. +
D. Remedies. If Borrower bresches Borrower's covensnts and agreemeafs bereander, inclnding tbe coveoaot
to pay wbeo doe condoroinium assessnients, thea Lender may iavoke aey remedies provided nnder the secnrity
iasfrnment, incladiag, but not limited to, those pmvided under Unitoirm Covenant 7.
IN WITNESS WHEREOF, Borrowcr has exccuted this Condominium Rider.
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~ s~ Daniel L. Probst -BOfd1NQ'
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~ dith M. Probst '~O^O1""
RRM L#212537
; CONDOMINiUM RIDER-~ to ~ f~~ty-6~~s-FNru~~NU~c uNiFOtM INSTRUMENT
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