HomeMy WebLinkAbout0917 form all of our other obllgations under applicable laM, as weli as. the provi-
sions of the declaration, by-laws, code of regulations or other constituent
document of the Condominium Pro~ect.
B. H~ZARD INSURANCE. So long as the Owners Association maintains a"mas-
ter" or "bla~ket" pollcy on the Condominium Pro~ect which provides insurance
coverage against fire, hazards included with the term "extended coverage", and
other such hazards as Merrill Lynch may require, and in such amounts and for
such periods as Merrill Lynch may require, then:
(i) our obligation under th~ security instrument to maintain hazard
insurance coverage on the Property is de~med satisfied~ and
(1i) the provlsions in the security instrument regarding application
of hazard insurance proceeds shall be superseded by any provisions of the dec- -
laration, by-laws, code of regulations or other constituent document of the
Condominium Pro~ect or of applicable lar+ to the extent necessary to avoid a
conflict between such provisions and the provisions- of the security instru- ~
ment. For any period of time during which such hazard insurance coverage 1s
not maintained, the imnediately preceding sentence shail be~deemed to have no
force or effect. We shall glve Merrill Lyn!:h prompt notice of any lapse in
such hazard insurance coverage.
In the event of a dlstribution of t,~a?~!-ei ~nsur~ncra proceeds in lieu of
restoration or repair following a loss to t~~~~ r'~°~~pert~~: whether to the unit or
to caman elements, any such proceeds p%~?yab1E to us are hereby assigned and
shall be paid to Merrill Lynch for applica`~ion to the sums secured by the se-
curity lnstrument, aith the excess, if any, paid to us.
C. CONDEMNATION. The proceeds of any award or claim for damages, direct or
consequentlal, payabte to us in cannection with any condemnatlon ar other tak-
ing of all or any part of the common areas and fac111ties of the Condominium
Pro~ect, or for any conveyance 1n 11eu of condemnati~on, are hereby assigned
and shall be paid to Merrill lynch. Such proceeds shall be applied by Merr111
Lynch to the sums secured by the securlty instrument in the manner provided in
- the securlty instrument.
D. MERRILL LYNCH'S PRIOR CONSENT. We shall nat, except after notice to
Merrill Lynch and with Merritl Lynch's prior written eonsent, partition or
subdivide the Property or consent to:
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Standard Gondo Rider <3/87) ~
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