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' ` C01~1DOMI1~IIUM ~IDER
Wf1CROF'ILMC~ .
~ da of 19. 86 i
T?IIS CONI~MINtUM RIQF.R IS madC tI1i9? y ~
and is incarporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Security Ueed (the ~
"Spcurity Instrument )of the same date given by the undersigned (the "Borrower") to secure Borrower's Note to
SUI~4?OINT, ,,`~a,,.A,VII,~~,GS. s~r.... (tl~e "Lender") a
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of the same date and coverin$ the Pro rty describ~d in the Sec~rity Instrument and located at: ~
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9400 80ilZIi AlA 904B ,~1,Sk~`1..~~A4~~ F~,r..~34~.7.... ~
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~f'roperty Addressj~~~ ~ ~
The Property includes a unit in, together with an undivided interest in the common elements of, a condominium project ,
known as: ~
OCF.AN 7L7LVERS O~NDUIrffNNM B _
(Name oi Condominium ProjectJ
(the "Candominium Project"). If the owners association or other entity which acts for the Condominium Project (the ;
"Owners Association") holds title to property for the benefit or use of its members or shareholders, the Property also ~
includes Borro~ver's interest in the Owners Association and the uses, proceeds and benefits of Borrower's interest. ~
Cotina~ltylu~t CovE nAhTS. In addition to the covenants and agreements made in the Security Instrument,
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Barrower and Lender further covenant and agree as follo~vs: ~
A, Condominium Obtigations. Borrower shall perform ail of Borrower's obligations under the Condominium ~
Project's Constituent Documents. The "Constituent Doeuments" are the: (i) Declaration or any other document which ~
creates the Condominium Project; tii) by-laws; (iii) code of regulations; and (iv) other equivalent documents. Borrower shall ~
prornptly pay, when due, all dues and assessments imposed pursuant to the Constituent Documents. ,
B. I-Iazard Insurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a $
"master" or "blanket" poticy on the Condominium Project whi~h is satisfactory to Lender and which provides insurance ~
coverage in the amounts, for the periods, and against the hazards Lender requires, including fire and hazards included ~
within the term "extended coverage," then: ~
(i) Lender waives the provision in Uniform Covenant 2 for the monthly payment to Lender of one-twelfth of ~
the yearly premium installments for hazard insurance on the Property; and i
(ii) Borro~ver's obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the Property ;
is deemed satisfied to tl~e extent that the required coverage is provided by the Owners Association policy. a
; Borrow•er shall give Lender prompt notice of any lapse in required hazard insurance coverage. ~
! In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair foliowing a loss to the ~
Property, whether to the unit or to common elements, any proceeds 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 ~orroa~er. ~
C. Publie Liability Insurance. Borrower shall take such actions as may be reasonable to insure that the Owners
; Association maintains a public tiability insurance policy acceptable in form, amount, and extent of coverage to Lender.
E 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 hereby assigned and shall be paid to Lender. Such proceeds
shall be applied by Lender to the sums secured by the Security Instrument as provided in Uniform Covenant 9. _
E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior written ~
consent, either partition or sabdivide the Praperty 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 amendmcnt to any~ provision of the Constituent Documents if the provision is for the express benefit of ~
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Lender; ~
(iii) termination o( professional management and assumption of self-management of the Owners Association; ~
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(iv) any action which would have the effect of rendering the public liability insurance coverage maintained by ~
the Owners Association unacceptable to Lender.
F. Remedies. If Borrower dces not pay condominium dues and assessments va~hen due, then Lender may pay them. ~
Any amounts disbursed by Lender under this paragraph F shall become additional debt of Borrower secured by the Security ~
Instrument. Unless fiorrower and Lender agree to other terms of payment, these amaunts shall ~ear interest from the date of ~
? disbursement at the Note rate and shall be payable, a~ith interest, upon notice from I_ender to Barrower requesting payment.
BY SIGNING BELOw. Borrower accepts and agrees to the terms and provisions contained in this Condominium Rider.
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MULTISTATE CONDOMIMIUM RIDER-single fami?y--FNMA/FHLMC UNIFORM INSTRUMEfVT l~Forin63140 12/83
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