HomeMy WebLinkAbout0942 r
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~ ~ - CONDOMINIUM RIDEIt
TIIIS CONDOMINIUM RIDER iS Mid! Ih1S ............7 Ch........... d,y of October 19.....86
and is incorporated into and shsll bt deemcd to unrnd ~nd supplemmt the Mohaige. Deed of Ttust or Securily Dcsd (Ihe
"Security Inslroment") of ihe same date 6ivrn by the undeaign~d (~he "Bormwer") to secure Borrower's Note to
..Sun..Bank./Sr~asu~:e...C,a,a.s.t.....Z`1,a.C.~.QI1,~.~...~,~Q.G~.,a.X.~.QA (~he "L.cnder")
of the ssme dale and coverin Ihe Property deseribed in the Sccurity Instrument and {ocated st:
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The Property includa a unit in, toENher aith an undirided interat in the common elements of, : condominium projoct
known as: . -
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(the "Condominium ProjeM"). If the owncn associvtian or other cntity w~hich acts for the Condominium Projoct (1he
"Ownen AssociaNon") hoids titk to property for the Ea~Mi or use of its me+nb~rs or ahareholdcn, tha Property +lw
includa Borrower's interest in the Owners Association ~nd the usea, proceeds and benefits of Borrower's interest.
~ Co:~DOttIN1UM CovEtvANis. In addition to the oovenants and agermrnts made in the Security Instrument,
Borrowcr and Lender further eo~rnant and aata as folbm:
~ A. Condomtalnn Obli;ado~s. BorroNer shail pertorn~ all of Bonower's obligetions under the Condominium
Proj~ct's Constiwent Documents. The "C,onstitueni Documents" ue the: (i) Declantion or ~ny other document which
crata tht Condaminium Projat; (ii) bylawt; (iii) cade ot rt~ulatiau; and (iv) other equivalrnt documents. Sorrower shaU
promptly pay, ahen due. all dua and +.ssesaments impasod punuant to the Constitua?t docamtnts.
B, H~rard insunsa. So lonE u tht Osvners Association maintains, w+ith a ge~urally socepted insunnre carrier, a
"muter" or "blankct" poficy on the Condaminium Projact which is ~atisfsctory to Lender and which prorida insunnce
coversge in the amounts, for the periads, u~d ~Yalnst tht hazards Lender roquires, including fire and huards included
within the lcrm "extended coveraax," then:
(i) Ltnder waiva the provision in Uniforns Covtnant 2 for the monthly qyment to Lender of ene-twcltlh o~
tF~e yeady prcmium installmtnts fos hazard insunnce on t6e Property; assd "
(ii) Borrower's obligation undu URiform Covenant S to maintain hazard insursnce covenge on the Propeny
is deemed satisflsd to the extrnt that t6e required covmae is pmvided by the O~vnen Associstion policy.
Borrowcr ahall give Lender prompt notiu of any lapse in required hazard insunnce covenge.
in the evcnt of a d'utribution of hazard insurana procecds in litu of rarontion or rcpnir foUowin6 a loss to the
Propeny, whether to the unit or to oommon eianents, any proaeds payable io Borcower are hereby usi;ne~ and sha0 be
paid to Lrnder for application to the sums ucured by the Saurity Instrument, with any acas paid to Borrower.
G Pullk LF~atHt7~ IntanAa. Borrower thal! take such sctioni as may be rasonable to insurc fhat the Ownen
Auociation mainuins a public tiability insunnes policy eocept~ble in form, amount, and extrnt of coverage to Lcnder.
D. CondneAation. The prc~ead~ of sny ~ward or claim for damaga, dircct or consequrnlial, payable lo Borrower in
connection with any candtmnation or other ukina of aA or eny part of the Propertyf whether of the unit or of the common
elemcnt~, or for any conveyana in lisu of ~ondemnation, ue hereby assi~ned arsd shall be paid to Lender. Such prcercds
shall be applied by [.tnder to the sums sttured by the Sccurity Instrumrnt u provided in Uniform Covenanl9.
E. Lender'~ Pr1or Con9ta~ Bonwver ahall not, excspt a(ter notice to Lender and with Lender's prior written
• conscnt, either partition or subdiride Ifit Property or consa?t to:
(i) the abandonment or termination of the Condanininrr~ ~y-oject, except for abandonment or termination
required by law in the case of substantial deatruction by An or other casualry or in tht case of a takina by condemnation or
eminent domsin;
(ii) any amendment to any provision of the Constituent Dccuments if the provision is for the expras bcne6t of
Lender;
(iii) tetminatian of profasional managemtnt and assumption of self•man~gement of the Ownen Association;
or ~
(iv) anY action virhicfi woul~i hsve the dfoct of rendering the publie tiability insurance covenge maint~incd by -
the Ownen Associatian unaoaptable to Lender.
F. Remedlt~. If Borrower does not pay condominium dua and as.xttments when due, then Lsnder may pay them.
Any amounts disbuned by Lender undcr this panaraph F:hall btcome additional de6t of Bo?rowet secured by Ihe Security ~
Instrumeat. Unless Borrower and Lendtr aara to other tertns of payment, thege amounts shall bcar intcrat from the dale of m
disbursement ~t the Nose nte and ihall be ~a~abfe, with iaterat, upon not':ce from Lende. !?crrower rcquating payment• ~
BY SIGNIhC3 BELOW. Borrower aceepts and sgrea to the termi
and preYisio s~(
co'~ntained in t is Condominiu Rider. O
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MULTISTATE CONDOMINIUM RIDER-Sin~se Ftmiy-fM1AA/FNLkAC UKfiORM IHSTNUMEMT iam 31i0 It/!~