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Home My WebLink About0981 . (."V~li1CDM1NlUM KI~LK 'rHIS CONDOMtNIUM RIOER ia criadt this Y~H dsy Of JUY,Y , 19 8( u~d is inoorporata! into u~d ahall be doemod to ama~d and wppieaunt ti~e Mortg~ Lleed of Trust or ~ocurity Deed (the "Security instrument") c~f tbe ssiae date sivds by the undersigned (the'•Bwrruwer") tc~ socun Borrower's Nose to p+e m8~~ peV7riy3acnn~ed~ Y (the'~Lcnder~~) of ths samE te oa• m the 3ecurit Isstrumcnt snd bcstod at: 110Q0 AlA Bi~.2 t~T 33457 The Property includes ~ unit in. together aith an w~ivided inta~est ia the cammon eleme~ts of. a condominium project known ss: VYI~LA I~B'L ~IDOMIldItAr! a cw+do~~++ (the "Condominium Frojoct"). If the ownera ass~ociation or other entity which acts for the Condominium Project (the "Ownus Association") holds tide to property for the beat6t or use of its members or shsre~oldera, thc Property aLso includes Borrower's interest in the Owners Association and the uses~ procea~s and bene6ts of Bornower's inierest. CoNnorurnvM Cov~~rrrs. In sddiaon co che covenants and agreemencs made in che Secwity Inscrumanc, Bocrower and Leader further coveaant and agree us followa: A. CosdomW~ Obli~atjoas. Bormaer shaU pexform all of Borrower's obligations under the Condominium Proj~ct's Coastituent Documents. The "C~atit~unt Documeats" are tht: (i) Decluation or any other document wluch cr~ates the Condominium Pro~joct; (ii) by-laws; (iii) oode of regutations; and (iv) otha oquivatent documents. Bormwer shall promptly ~sy, when due, all dues and assessments i¢np~o~ed pt?rawat to the Canstituwt Documents. B. Huard Iasuraece. So long as the ~wners Association maintaina, with a geaerally aaxpted insura~noe carrier. m "master" or "blankeY' policy on the Condominium Project which is satisfactory to Lender and ahi~h pmvides insurance coverage in the amount~, for the periods, and against the hazards Leadtr roquires. iacluding fin and haz~rds included within the term "extcnded coverage," then: (i) I,ender waives the provision in Uniform Covenaat 2 for the monthly payment to Lender of ono-twelfth of the yearly premium installments for hazard insuranoe on the Property; and - (ii) Borrowcr's obligation uader Uaiform Covenant S W maintain hazard 'u~surance coversge oa the Property is deemu3 satis6ed to the ea~tent that the roquired voverage is provided by the Owners Association poGcy. Borrower shal! give L,endec~ prompt noticx of any lapae in roquirod hs7ard insu~ance coverage. In the event of a distributian of hazard insurance pmcoods in lieu of nstoration or rtpair foUowing a loss to che Property, whrther to the unit or to oommon eleta~a~ts, u~y pro~oeds payable i4 Bonower are hereby assigned and shali be pai~ to I.ender for applic8tion to the sums secured by the Security Instivmeat, with any excess paid to Bo~rrow~r. C. Pnblte I3aWlity Inwraace. Borrower shall take auch ac~w~s as may be reasonable to insure that the Owners Association m~aintains a pubGc liability insurance policy scoeptab~ in form, amount. and eatent of coverage to La~der. D. Cond~tioo. The proc~eds of any award or claim for damages, direct or cansequential, payabk to Horrower in connxtion a~th any con~emnation or other taking of all or any part of the Proptrty, whether of the unit or of the common elements, or for any conveyance in liau of condemnatioa, are haeby assignad and shall be paid to La~der. Such ~rocteds shall be appliod by I.ender to the sums secured by the Sacurity Inst3ument as provided in Uniform Covrnant 9. E. I.cader's Prior Coesea~ Borrower shall not, eaoept after noticx to Lecidtr and with L~nder's prior writttn consecit, either partition o~ subdivide the Property or c~naeat to: (i) the abandonn~ent or termination of ihe Condominium Project, raccept for abandonment or termination required by law in the case of substantial destruction by fire or other casualty or in thc case of a takiag by condemnation or cminent domain; (ii) any amendment to any provision of the Constituent Documents if ihe provision is for the eapress benefit of Lender; (iii) termination of profcssianal managemcnt and atsumptian of self-managemtnt of the Qwaers Association; t or . ~ (iv) any action which would have the efftct of rtndering the public liability insurance coverage maintained by ; _ the Owners Assocciation unaccxptable to Lender. F. Rea~edia. If Horrower 3oes not pay candnminium d~es and assessments when duq thtn Lender may pay them. ~ Any amounts disbursed by i.ender undu t~is paragrap6 F shall ba;ome additioasl debt of Horrower securvd by th~ Security Instrument. Unless Borrower and Leader agree W c,ther ta ms of payment, theae amounts shall bear interest from the date at' disbursement at the Nate rato and shall be payable, arith interest, upon aotice from I.endcr to Borrower requesting payrtunt. BY SIGNING BELOw, Borrower accegts and agas to th~ tertns and provisions contained in this Condominium Rider. ~ - ~ . ~ N. D~ . _ V ~ Z ~ ~ a~ ~ ~ P~R~t B. ..~JI~YiAM i ; ; ,F ~1b-200560 OOI86000505 ~ :e~.~ , . . ~ . aao~ 5U9 ~ 9?9 ~RUlTiSTATE CONDOMINIUM RiDE~-~r?~. F~tw~iFmrc ur~o~ n~s~rRU~xr Fon~ ai4o izi~~ Flnanch! Lsw Fams" ~ Form te23 ~ ' : i y . _ . . . - . - ' - _ .