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Home My WebLink About0977 H.4RBOR FEDERAL SAVINGS AND LOAN ASSOCIATIaN ~ COi~1DOMINIUM RIDER ~ Tt1u Cutiui~tit~N~l~M RII~F.R is made this ........2Eth day or ...~R.G.H............................................, 19...8.ti., an~i ii~~~?r~~rated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Security Deed (the "Security Inst~ument'~ of the same date given by the undersigned (the "Borrower'~ to secure Borrower's Note to HARBOR FEDERAL SAVINGS & LOAN ASSOCIATION (the "L.ender"} ot the same date and covering the Property described in the Securit lnstrument a d located at: ' .................................................74~0.. South..A~~.~...Jensen..~e~!ch.~..F.l.Qr.~ d~...3~~.~7............................................... [Property AdOressj Thr F'rurcrt~~ inrlud~w a w~it in, together with an undivided interest in the common elements of, a condom~nium proje~;t knuHn a;: .............................................................................~N a~nd ~ D~n~.lar.~ V.~l l~a~s............................................................................ • (thr "Condominium Projc~t"). If the owners association or other entity which acts for the Condominium Project (the "Ow~nrrs Ass~xi~~tion") halds title to property for the benefit or use of its members or shareholders, the Property also inrludrs &~rrower's interest in the Owners Association and the uses, pra:eeds and benefits of Borrower's interest. Ce~~uo~tl~~t,'~t Co~'[:~,~~7~. In addition to the covenants and agreements made in the Security Instrument, Barn»~ er an~i Lender further covenant and agree as follows: A. Condominium Obligations. Borrower shall perform all of Borrower's obligations under the Condominium Pruject's Constituent Documents. The "Constituent Documents" are the: (i) Deciaration or any other dc~cument w•hich rrratc~ the Condominium Project; (ii) by-laws; (iii) code of regulations; and (iv) other equivalent documents. Borrower shall ~ prompth~ pay, when due, all dues and assessments imposed pursuant to the Constituent Documents. B. Hazard Insuranee. So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy on the Condominium Project which is satisfactory to Lender and which provides inwrance co~•erage in the amounts, for the periods, and against the hazards Lender requires, including fire and hazards incEuded ~ w ithin the term "extended coverage." then: (i) Lender waiv~s the provision in Uniform Covenant 2 for the monthly payment to Lender of one-twelfth ot the ~~earl}- premium installments for hazard insurance on the Property; and = (ii) Borrower's obligation under Uniform Covenant 5 to maintain hazard insurance co~erage on the Property i~ dezmed satisfied to the extent that the required coverage is provided by the Owners Association policy. Barrow~er shall give Lender prompt notice of any lapse in required hazard insurance coverage. ; In the e~~ent of a distribution of hazard insurance proceeds in lieu of restoration or repair following a Ioss to the Pro~rt~~, w~hether to the unit or to common elements, any proceeds payable to Borrower are hereby assigned and shall be paid tc~ Lender for applic~tion to the sums secured b~+ the Security Instrument, with any excess paid to Borrower. C. Public Liability Insurance. Borrower shall take such actions as may be reasonable to insure that the Owners Ac~cx ia:ion maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to Lender. D. Condemnation. The proceeds of any award or claim for damages, direct or consequentiai, payable to Borrower in connection with an}~ condemnation or other taking of a11 or any part of the Property, whethcr of tt~e unit or of the rnmmon element~, or for an}~ conveyance in lieu of condemnation, are hereby assigned and shali be paid to Lender. Such proceeds ,hall be applied by Lender to the sums secured by the Security Instrument as provided in L;niform Co~~enant 9. E. Lender's Prior Consent. Borrow~er shall not, excep: after notice to Lender and with Lendec's prior written roment, either partition or subdie•ide the Property or consent to: (i) the abandonment or termination of the Condominium Project, except for abandonment or termination 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 Constituent Documents if the provision is for the express benefit of Lender, (iii) terminatior? of professiona! management and assumption oFself-management of the Owners Association: or (iv) any action which woutd ~ave the effect of rendering the public liability insurance coverage mainta~ned by ~ the Owners Association ur~acceptable to Lender. I F. Remedies. If Borrower does not pay condominium dues and assessments when due, then Lender may pay tfiem. Any amounts disbursed by Lender under this paragraph F shall become additional debt of Borrower secured by the Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shal! bear interest from the date ot disbursement at the Note rate and shal! be payable, with interest, upon notice from Lender to Borrower requesting payment. Bv S~G~IVC; BE~ow, Borrower accepts and agrees to the terms and provisic~ns c~ntained in this Condominium Rider. , ..(Seal) ~ -BOrrower JpHN R DORSEY '86 A~~~ -9 P 1 :42 C~.~..~.:..~..,.,l..G.~~.~L C/. .................(Seal) -8onower MARY D DORSEY ` BjoR~496 ~~E 9?? MULTISTATE CONDOMINIUM RIDER-s~ngte Famiiy-FNMA/fHLMC UNIFORM INSTRUMENT b/84 L1Y 114 ~ - - - ~