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CONDOMINIUM RIDER
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~I~fIS CONDOMINIUM RIDER iS t118dC this. . . . . . ~~ . . . . . . . . . . . . . . .day o .f~.''!'~~~u(.. . . . . . . . .,
19 8~,. ., and is incorporated into and shall bc decmed to amend and supplement a Mortgage, Deed of T ~ r Deod
to Secure Debt (herein "security instrument") dated of even date herewith, give~ by the undersigned (huein
"Borrower") to secure Borrower's Note to. .FIRST..FED.BRAL . SAVINGS..ANII .LAAN..ASS.OCI~TZON.
Q~ .i.AK~. ~IO~T$.....(herein "Lender') and covering the Property described in the security instrument and
located at. . 5155.N: . St~4~~ .RQad A~~la .~9~'t. R~4~xC~,. ~~.QXl$~. ~~45Q . . . . . . . . . . . . . . . . . . . . . . . . . ..
lProPNb Addrou)
The Property comprises a unit in, together with an undivided interest in the common elements of, a condominium
projcct lcnown as . . OCEAN . HARBOUR .44NDO~I?N ~ijM . ~ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(Name o1 Cor-dominium Projacq
. . . . . . . . . . . . . . . . (herein "Condominium Project").
CONDOMINIUM COVENANTS. IO BddIt100 to the covenants and agreements made in the security instrument,
Borcower and Lender funher covcnant and agree as follows:
A. As~ents. Borrower shall promptly pay, when due. all assessments impc~sed by the Owners Association
or other governing body of the Condominium Project (hcrein "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 t~e term "extended
coverage; ' and such other hazards as Lender may require, and in such amounts and for such periods as I.eader may
require, then:
(i) Lender waives the provision in Unifo~rm Covcnant 2 for the monthly payment to Lender 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 satisfied; and
(iii) the provisions in Uniform Covenant S regarding 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superseded by any provisions of the declaration, by-laws, code of regulations or other constituent document of the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 eatent necessary to avoid a con8ict between such provisions and
the provisions of Uniform Covenant 5. 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 efiect. Borrower shall give
L.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 common elements, any such proceeds payable to Borrower are hereby assigned
and shall be paid to L.ender for application to the sums secured by the security instrument, with the eacess, if any,
paid to Borrower. -
C. Lende~'s Prior Consent. Borrower shall not, cxcept aftcr notice to Lcnder and with l.ender's prior written
consent, partition or subdivide the Property or consent to:
(i) the abandonment or termination of the Condominium Project, except 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 regulations of the Owners Association,
or equivalent constituent document of the Condominium Project, including, but not limited ta, any amendment which
would change the percentage interests of the unit owncrs in the Condominium Project; or
(iii) the ef~ectuation of any decision by the Owners Association to terminate professional management and
assume self-management of the Condominium Project.
D. Remedies. if Borrower breaches BoROwer's covenants snd agreements bereouder, inclndiug t6e coveasnt
to paY w6en doe condominium assessments, then Lender may invoke any remedies provided oader /he security
instrnmeat, inclnding, but not limited to, t6ose provided under Unitorm Coveoaat 7.
IN WITNESS WHEREOF, Borrowcr has eaccuted this Condomir}'t~m Rider.
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1~31 ~~~.: 17 i'~' 2~ ~0
~; t;~f ~~COFDiO Joseph N. Barnet~, Jr. -8oi~ef
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~ CONDOMiN1UM RIDER-t to ~ f~ily-6175-FNYA/fNIYC UNIFORM iwst~uwE~
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