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CONDOMINIUM RIDER
THIS CONDOMINIUM RIDER iS made this .................t..7........... day of ~I!...................................... 19... ~
and is incorporatad into and shall be doemed to amend and supplement the Mortgage, Deed of'Trust or Socurity Deod (the
"Securit Ir~nstruIme~nY') of the same~date,given by the undersigned (the "Borrower") to secure Borrower's Nott to
bUt~ . SAVII.~,;S F~, . (the "L,ender")
oP the same date and cov~ring the~ZP~r3pert described in the Security Instrument and tocated at:
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The Property includes a unit in. tog~thtr with an undivided interest in the common elements of. a condominium project
known a~_, - j
V1517l~ I~E ~
. . .~i,i~;~e 'a 'c«~d'o'~+~;~~;' ~~j. x
(the "Condominium Project"). If the owners ~csociation 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 shareholders, tht Property also #
inctudes Borrower's interest in the Owners Association and the uses, procads and bene6ts of Borcower's interat.
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CO~iDOMiNlUM COVENAM'S. In addition to the covetiants and agraments rr~ade in the Security Instrument, ~
Bonower and Lender further covenant and agroe as follows:
A. Condomiaiura Obiigxtioas. Borrowa shaU perform all of Borrower's obligations under the Condominium
Project's Constituent Documents. The "Constituent Documents" are the: (i) Declaration or any other document which i
creates the Condominium Project; (ii) by-laws; (iii) code of regulations; and (iv) other ~quivaltnt doCUments. Borrower shall ~
promptly pay, when duc, all dues and assessments imposed pursuant to the Constituent Documents. ~
B. Hazard Iqsunnee. 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 insuranoe
coverage in the amounts, tor the periods, and against the hazards Lender requires, including 5re and hazards included
within t6e term "eatended coverage." thtn:
(i) Lender waives the provision in Uniform Covenant 2 for the monthly payment to Lender of one-twelfth of
the yearly premium installments for haaard insurance on the Property; and
(ii) Borrower's obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the Property
is deemed satisfied to the extent that the required coverage is provided by the Owners Association policy.
Borrower shall give Lender prompt notice of ar~y taps~ in roquired 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 procads payablt to Borrower art hereby assigned and shall be
paid to L.ender for application to the sums socured by the Security Instrument, with any eacess paid to Borrower.
C. Public Liability Insurance. Borrower shall take such actions as may be reasonable to insure that the Owners
Associstion maintains a public liability insurance policy acceptable in form, amount. and extent of coverage to I.ender.
D. Condemnation. The proceeds of any award or claim for 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 common
elements, or for any conveyance in lieu of condemnation, are herehy assigned and shall be paid to Lender. Such proceeds
shall be appiied by I.ender to the sums s~cured by the Security Instrument as provided in Uniform Covenant 9.
E. Lender's Privr Consent. Borrower shail not, except after notice to I.ender and with L.ender'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 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) termination of professional management and assumption of self-management of the Owners Association; ~
or ~
(iv) any action which would have the effect of rendering the public tiability insurance coverage maintained by ;
• the Owners Association unacceptable to L.ender. ~
F. Remedies. If Borrower does not pay condominium dues and assessments whefl due, then Lender may pay them.
Any amounts disbursed by L.ender under this paragraph F shall become additional debi of Borrower secured by the Security
Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from the date of
, disbursement at the Note rate and shall be payable, with interest, upon notice from I.ender to Borrower requesting payment.
Bl' SIGNIIYG BELOW. Borrower accepts and agrees to the terms and provisions contained in this Condominium Rider.
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R R P01tF.:,;;, CLERK
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~ooK 498 ~A~f 976
~ 10346194
MULTISTATE C01dDOMINIUM RiDER--Single Famify-fNMA/FHLMC UNIFORM INSTRUMENT Form 3140 lZ/a3
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