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COND~MINIUM RIDER
~i1S COND01[IHiUM RiDER 1S III~C tI11S . . . . . . . . . . . . . . . . . . . day of . . . . . .t'Ic'~1i . . . . . . . . . . . . .
19. $4., and is incorporated iAto and shap be dcemed to amend and supplement a Mortgage, Deed of Trust or poed
to Secun Debt (herein "security iastn~ment") datod of even date 6erewith, given by tbe undersignod (herei~
. ••Borrower") to secure BomovPer'a Note to. S~'I $~.4~''. 5.~~ . . . . . . . . . . . . . . . . . . . . . . . .
(herein "I.ender") and covering the Prope~! described in the sectirity instrument and
located at . ~~OD . ~t•. ~ . ~~~,4~ . . ~~'~Q . . . . . . . . . . . . . . . . . . . . . . . . .
l~ov.~er ~danss)
The Pr~operty oomprises a unit in, t~ogether with an undividod interest ia the common elements of, a condominium
p~+oject known as. . ~ G[~VS, aQ~1D~dIL~i,, SOCTI~I Q~ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(Nam~ of Condominium Proj~cq
. . . . . . . . . . . . . . . . (~ICI~CIII "COfldOI111Q1111l1 PI~O]CC~"~.
CONDOMINIUM COVHNIW?S. In addition to th~ oovenanta and agrcementa made.in the security inswment,
Borrower and Lender further oovenaat and agrce at follows:
A. As~ab. Bomower shall promptly pay, whea due, sll assessments imposed by the Owner~ Association
or other governiag body of the Condominium Project (hectiin "Owners Association'~ pursuant to the provisions of the
~ declaration, by-laws, vode of regulations or other constituent document of the Condominium Project. _
" B. ~~asard I~ra~ce. So long as the Owners Association maintains a"master" or "blanket" policy on the
. Condominium Project which pmvides insuranve voverage against Sre, hazards included within the tern? "eatended
coverage," and such other hazards as L.ender may require, and in soch amouats and for such periods as Lender may
require, then:
(i) Lender waives the provision in Uniform Covtaaat 2 for the monthly payment to Leader of one-twelfth
~ of the premium installments for hazard insurance on the Pmperty; ~
- (ii) Borrower's obligation under Unifonn Covenant S to maintain hazard iasurance coverage on the
Property is deemed satisfied; and
(iii) the provisions in Un~orm Covenant S regarding application of hazard insurance prooeeds shall be
superseded by any provisions of the declaration, by-laws, code o~ regulatioat or other constituent document of the
, Condominiwn Project or of applicable law to the eatent necessary to avoid a oonflict betwcen 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 foroe or effect: Bomower shall givc
Lender prompt notice of any lapse in such hazard insurance coverage.
i In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to
the Property, whether to ihe unit or to common elements, any such proceeds payabk to Borrower are hereby assigned
'i and shall be paid to Lender for application to the sums secured by the security instrument, with the eacess, if any,
~ paid to Borrower.
~ C. I.endels rrior C.osseet. Borrower shall not, except after aotice to L.ender and with L.ender's prior written
i consent, partition or subdivide tbe Property or oonsent ta ~
j (i) the abandonment or terminatiori of the Condominium Projoct, 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 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 change the percentage inteiests of the unit owaers in the Condominium Pmject; or
~c (iu) the effectuation of any decision by the Owaers Association to tern!inate professional management and
~ assume self-management ~ the Condominium Project.
~ D. Remedia. IE Borrower brac6es Borrower's corew~s a~d s`ree~t~ta bee~es~der, tsc~ t~e cove~wet
~ to pay wie~ dae coadominhnw sss~Ns, tie~ I.ewder way i~voke a~y re~e.s prorided ~~der t6e secrrity
iastrameat, jnci~dieg, b~t sot 4mited to,. t~e P~'o~ided n~der U~ore~ Co~e~ut 7. .
. . ,t .
? IN WITHESS WHEREOF, Borrower has executed this Condominium Rider.
' R~coRnEa
~11C~. COUNTY,F13
6458
MAR 2 P 3~ ~ B ~ J
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BOOK ~5 PACE ~
4-0438-000-8 N2-79
CONDOMINIUM RIDER-~ to 4 F~~h-6i~s-~u~~e wa~oiai nann~Kr fOUTMLAND rR~NTINO CO.
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