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Home My WebLink About0983 ~ . _ ~ - - - ~ IAAN I09G43241 ~ CONDQMINICI1Vi RIDER THIS CONDOMIMUM RIDER is msde thls . . . . .~~A~. . . . . . . . . . day of . .~~UA$x . . . . . . . . : . . . . . . . . .19 . . , and is incorporated into and shall be deed~ed to ame~d aecl supplement a Mortgage, Deed of Tcust or Deed to Secure Debt .(herein "Security lnstrument'~ dated of even date herewith, aiv~n by the uadersigned (herein "Bonower"9 to secure Borrower's Note to . . . . PB, MORIGAGE, OORPOR~I.T.~OI~ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . : . . . . . . . . . . . . . . (herein "Lendef"1 and coo?erina the Pcoperty described in the Securiry Instcument and i«~c~d ~c: . ~~9Q .Px:a~i~t. Rv~s~..I1~~X .~5~3-. 1.. ~P.~Q~.S~.. kuci.e.. ~lnrida...33.452 . . . . . . . . . . . The Property comPrises a unit in, together with ae undivWed interest in the c~ommon elements of, a condominium project known as . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~Y. X~ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (herein "Condominium Pro~ect"~. If the Ownen As~ociatio~ or other goverNng body of the Condominium Praject (herein "Ownen Association'~ holds title to property for the bene~it or use of its memben or shareholders, the Property shall also be comprised of Borrowefs interest in the Ownen Association and the procecds of such interest. - CONDOMINIUM COVENANTS. ln addition to the covenants and agreements made in the Security [nstrument, Borrower and Le~der further rnvenant and agrce as folbws: A. Assessana~ts. Borrower shall promptly pay, when due, all assessments imposed by the Owners Association punuant to the phovisions of the declaratio~, by-laws, code of regulatior~s or other rnnstituent documents of theCondominium Pro ject. • . B. Huud lnstuance. So bng as the Owners Association maintains a"master-" or "blanket" policy, which is satisfactory in form to Lender, with a generally accepted insurance carrier on the Condominium Project and which provides insurance coverage in such amounts, for such periods, and against such hazards as Lender may require, induding fire and hazards induded within the term "extended mvecage", then: ' (i) Lender waives the provision in Uniform Covenant Z Eor the monthly payment to Lendec of one-tweffth of the premium instaUments for hazard i~surance on the Property; and . ~ tu) Borrower's obligation u~der Uniform Covenant 5 to maintain hazard insurance coverage on the Property is deemed satisfied to the extent that the required rnverage is provided by the Ownen Association policy. Bonower shall give Lender promQt notice of any lapse in such required hazard insurance mverage. ' In the event of a distribution of hazard insurance proceeds in (ieu of restoration or repai~ fol{owing 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 Lender for application to the sums secured by the Security Instrument, with the excess, if any, paid to Borrower. C. Publlc Liability Insucance. Borrower shaU take such actions as may be reasonable to insure that the Ownen Association maintains a public liabi6ty insurance policy accePtable in form, amount, and extent of coverage to Lender. D. Condemnatia~. The proceeds of any award or claim for damages, direct or consequential, payabk to Borrower in connection with any rnndemnation or other taking of all or any part of the Property, whether of the nnit or of the rnmmon elements, or for any mnveyance in lieu of eondemnation, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to the sums secured by the Security In:trument in the manner provided under Uniform Covenant 9. E. Latders Prlor Consent. Bonower ahall not, except after notice to Lender and with Lender s prior written consent, either partition or subdivide the Property or rnn~ent to: ~ (i) the abandonment or termination of the Condominium Project, except for abandonment or termination f required by law in the case of substantial destruction by fire or other casualty or in the case of a taking by ~condemnation or ~ eminent domain; ~ (ii) any amendment to any provision of the declaration, by-laws or code of regulatioris of the Owners Association, F or equivalent constituent documents of the Condominium Projett (herein "Constituent Documents'~ which is for the ~ express benefit of Lender; (iii) termination of professional management and assumption of self-management of tlie Condominium Project ~ ; Owners Association; or ` (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by S the Ownen Association unaaeptable to Lender. ~ E. Notice to Lender. In addition to notices required fo be given Lender by the terms of the Security Instrument, Borrower shaU promptly give notice to lender of any material amendment to any provisian of the Constituent Document~ E and also of any amendment~to a material provision thereof. Examples of material provisions.include, but are not limited to, those which provide for, govern or regulate:.voting or percentage interests of the unit owners in the Condominium Project; ~ assessments, assessment liens or subordination of such liens; the boundaries of any unit or the exclusive easement rights appertaining thereto; or reserves for maintenance, repair and replacemtnt of the comman elements. F G. Remedies. if Borrower breaches Borrowe~s covenants and agreements hereunder, including the covenant to pay when dae condominium sssessments, then Lrnder may invoke any remedies provlded under the Security Instrument, including, but not Iimited to, those provided under Unlform Covtnant 7. E IN WITNESS WHEREOF, Borrower has executed this Condominium Rider. ~ r ~r. P~.~.. • ' RON ~ . THOMSON . . . . t ~ ' cd!1..~.~..~~~~~hN~/yl.. J I M. THOM.SON ~ CONDOMINIUM R1DER-~ w. F~ur-ara~-Fwtw~~.~ac uHtFO~ ~ksrtut~T rA6E t7~7t~ ~8~1-1119 •