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HomeMy WebLinkAbout0970 , . . . CONDOMINILTM RIDER Nj jCROFiLN',~.~_ -~h ' THIS CONDOMINIUM RIDER is made this~ ~ day of ~ . 19...~ ~ and is incorporated into and shall be damod to amend and supplcment the Mortgage. Deed of Trust or Socurity Deed (the ~ "Socurit~rI~n~str~ument of the same date given by the undersignod (the "Bocrower") to securc Borrower's Note to ~JI~II~'1' ~v~s (the "Lender") : . of the sam~; t~~d c~o~ve ~~~t~~h` ~~y described in the Socurity Instrumrnt and located at: 742o C~...?Il~ .~A~. . ~..~.~;t.T ~ ~ The Proporty includes a unit in. together with an undivided interest in the common elements of. a condominium project ~ known : ~AI~]D. TDI~I~AR (Nartii'ot'C.onifortunium ~oieci~ (the "Condominium Project"). If the owners association or other entity which acts for the Condominium Projoct (the "Owners Association") holds title to property for the benefit or use of its members or sharcholders, the Property also includes Borcower's interat in the Owners Association and the usex. proceeds and E+enefits of Borrower's interest. CONDOMINIUM COVEIVAMS. In addition to the oovenants and agroements made in the Security Instntment. Borrower and Lender further covenant and agree as follows: A. Coadoeninfum Obllgations. Borrower shall perform aU of Bonowtr's obligations under the Condominium Project's Constituent Documents. The "Constituent Documents" are the: (i) Dectaration or any other document which creates the Condomirtium Project; (ii) by-laws; (iii) oode of regulstions; and (iv) other equivalent documents. Borrower shall promptly pay. when due. all dues and assessments imposod pursuant to the Constitu~nt Dc~uments. B. Hazard Insurance. So long as the Owners Association maintains. with a generally accepted insuranae carrier~ a "master" or "blanket" policy on the Condominium Project which is satisfactory ta Ltnder and which provides insuranoe coverage in the amounts, for the periods, and against the hazards Lender requires, including fire and hazards included within the term "extended coverage," ther~: (i) Lender waives the provision in Uniform Covenant 2 for the monthly payment to Lender of one-twelfth of the yearly premium instaliments for hazard insurance on the Property; and (ii) Borrower's obligation under Uniform Covenant S to maintain hazard insurance coverage on the Property is deemed satisfied to the extent that the requirod coverage is providod by the Owners Association policy. Borrower shall give Lender prompt notice of any lapse in roquiro~ 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 el~ments, any proceeds payable to Borrower are hereby assignod and shall be paid to L,ender for application to the sums securod by the Security Instrument. with any excess paid to Borrower. C. Public Liability Insurance. Borrower shall take such actions as may be reasonablt to insure that the Owners Association maintains a public liability insurance policy acceptabte in form, amount, and extent of coverage to Lender. , D. Coademnation. The proceeds of any award or claim tor damages, direct or consequential. payable to Borrower in ~ connection with any condemnation or other taking of all or any part of the Property. whether of the unit or of the eommon elements. or for any conveyance in lieu of candemnation, are hcreby assigned and shall be paid to Lendtr. Such proceeds shall be applied by Lender to the sums secured by the Security Instrument as provided in Uniform Covenant 9. ~ E. I.ender's Prior Conseat. Borrower shall not, except after notice to Lender and with Lender's prior written = consent, either partition or subdivide 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 ot}~er casualty or in the case of a taking by condemnation or + ~i eminent domain; ~ ! (ii) any amendment to any prQVision of the Constituent Documents if the provision is for the ezpress benefit of ~ j Lender, # (iii) termination of professional management and assumption of self-management of the Owners Association; ~ ~ a~ ~ ~ (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by ~ the Owners Association unacceptable to I.ender. ~ F. Remedies. If Borrower does not pay condominium dues and assessments when due, then Lender may pay them. ~ Any amounts disbursed by Lender under this paragraph F shall become additional debt of Borcower secure¢ by the Security Instrument. Unless Borrower and Lender agree to other terms of paymrnt, these amounts shall bear interest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting payment. BY SIGN{NG BELOW, Borrower accepts and agrees to the terms and provisions contained in this Condominium Rider. ~ ~ c ~1 5. .s( "7~8~ o i ~ ~ . ~.4..~:~/. .(scal) . : -e«?a+~. ; 1~RY ~ ~'R 19 P 1:i 5 ~ ? FIl.EO ar~~ : ,~-p ROf~R POIT;.t,:;. ~:~ERK ~ ST. LUGE CGU;~ ; 'r. fL. ~ so~ 498 ~E 969 10344371 MULTISTATE CONDOMINIUM RIDER~ingle Family--FNMA/FHLMC UNlFORM INSTRUMENT Form 3140 12lS3 - - - ~ • ~ - - . e .