The URL can be used to link to this page

Home My WebLink About0998 ~ ~ARBQR FEDERAL SAVINGS AND LO~?1~ ASSOCiATIUN C~ONDOMINIUM ItIDER ~ . Ti~tsC~?~~wM~N~ut?tR~[~FKismadc~his....~~ ....................dayo(...........l~KJ1~~.............................., 19..~C..., and i. inrc~rEx~rated into and shall be dremed to amend and supplement the Mongage, Deed of Trust or Secunty I3eed (the "Security lnstrumcnt'~ of the same date given by the undersigned (thc "Borrowcr'~ to secure Borrower's Note to HARBOR FEDERAL SAVINGS & LOAN ASSOCIATION (tht "L,~nder'~ o! tht san~e date and covering the Property described in the Security Instrument and located ~t: ...................................22. ~~..V.~~`,r,~?..T.RA~~,..~~,R~.,...P.'A~.. S.'~... ~.....~'7.~0~1~.....3~4.52............ [Property AddressJ Tht Pruperty inriudes a unit in, together with an undivided interest in the c~~mmon elements of, a condominium project kn~~Hn as: VISTA ~T . I~JCIE, A ~1DQNiCNItPi . . ~ jName oT Condom~~~um Pro~ect) (the "Condominium Prolect"). If the owners association or other entity which acts for the Condominium Project (the "Ow~ners Asscn:iation") holds ~~tle to property for the benefit ~r use of its members or shareholders, the Property also i~uludc~ Borr~~wer's interest in the Owners Association and the uses, proceeds and benefits of Borrower's interest. Co~DOiu~tt'~i CcivEtiA~7S. In addition to the covenants and agreements made in !he Security Instrument, Borro«~e~ and Lender Purther covenant and agree as follows: A. Con~ominiam Obiigations. Borrower shall perForm alt of Borrower's obligatior.~ under the Condominium Project's Constitueni Documents. The "Constituent Documents" are the: (i) Declaration or any other document which crrates the Co~idominium~ Project; (ii) by-laws; (iii) code of regulations; and (iv) other equivalent documents. Borrovver shall promptly pay, when due, all due~ and as-~essments imposed pursuant to the Constitnent Documents. B. N~zard 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 provide~ insurance coverage in the amouRts, for the periods, and against the hazards Lender requires, including fire and hazards inc~uded w~ithin the term "extended coverage," then: (i) Lender waives tht provision in Uniform Covenant 2 for the monthly payment to Lender of one-twelfth of the ~~early premium installments for hazard insurance on the Property; and (ii) BQrrower's obligation under Lniform Covenant S to rr~aintain hazard insurance co~erage on the Property is dermed satisfied to the extent that the required coverage is provided by the Owners Assa:iatian policy. Borrower shail giv~ Lender pror*~pt notice of any lapse in required hazard iusurance 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 ar !o common elements, any prc~ceeds payable to Borrower are hereby assigned and shall be paid to Lender for application to the sums secured by the Security Instrument, with any excess paid to Borrower. C. Public Liability Insurance. Barrower shall take such actions as may 5e reasonable to insure that the Owners Astiociation maintains a public liability insurance policy acceptable in form, amount, and extent uf coverage to Lender. D. Condemnation. The proceeds of any award or ctaim for damages, direct or consequential, payable to Borrow~r in connec:ion with any condemnation or other taking of al1 or any part of the Property, whether of the unit or of the common elements, or for any conveyance in lieu of condemnation, are hereby assig~ed and shall be paid to Lender. Such proceeds shall be applied by Lender ta the sums secured by the Security instrument as provided in Uniform Covenant 9. ; E. Lender's Prior Consent. Borrower shail not, except after natice to Lender and w•ith Lender's prior written ; consent, either partition or subdivide the Property or consenc to: ~ (i) the abandonment or termination ~f the Condominium Project, except for abandonment or termination ` required by law in the case of su6stantial 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 profes~~ionai management and assumption of self-management of the Ow~ners Assa;iation; or (iv) any action which would have the effect of rendering the publir. liabiiity insurance coverage mainta~ned by the Owners Association unacce~table to L,ender. F. Remedies. If Borrower does not pay cc?ndominium dues and assessments when due, then Lender may pay them. Any amQUnts disbursed by Lender under this paragraph F shall become additional debt of Borrower secured b}- the Security tnstrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interesi from the ~ate of r' disbursemtnt at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requestirg payment. BY SIGNIt~i(; BELOW, Borrower accepts and agrees to the terms and provisions contained in this Condominium Rider. ~'~'4~~~ , ~ ~ Ll• ~ ~K~, .,~.~.~.~r.!%~...... .(sea~) ~ ~'.nT1IlC H....~l~lY'C~'Lll ~ . ..Borrower ~ ~ -4 R10 ~06 ~ ~ f~~~~y ! : - . . . . . ...........BOItOW .M ~oc.a , ' .~s~an S1. LUCIE CCU: ~ Ori~"~J: MULTISTATE CONDOMINlUM RIDER--Singfc ~amily--fNAAA/FHLMC UNIFORM lNSTRUMENT Focm 3140 12/83 6/84 BOOK JlJ9 PACf ~7~7V LN N~ _ r~~~~, , . . . ~ - - - . - - - ~ (