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' CONDOMINIUNI RID~R
TF~is Co~n~~~ti~it ~t RiDFtt i. madr thi~ . . . .~`~.T~.. . . . da~ of."' C-~`~-- . . . . . . . . 19
and i, incorporatrd into and shall be deemed to amend and .upplement the hlortgage. Deed ol Tru.t or Secunt~ [hed (the
"Security Instrument") of the sane date, gi~en b~ thr under~i~ned Ithe "Borro~~er") to ~ecurr R~~rrower'~ \ote to
. . . . . . . . . . . . . . . . . . . . . . . . . . .~.~:~.1 t+{.c~: . i . .r:~;'.'; ~:~:.:E:. ~ :i:;~ . ~ . . . . . . . . . . . . . . . . . . . . . . Ithe "Lender")
of the same date and co~ering the Propert~~ described in the Securit~~ In~trument and located at:
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~Vroptr.y AdOrnsj
The Property includes a unit in, together ith an undivided interest in the common element. of, a condominium project
known as:
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.....................:....................~N~mtolCorxfan.mum.~~,,..........................................
(the "Condominium 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 Borrower's interest in the Owners Association and the uses, proceeds and benefits of Borrower's interest.
CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the Security Instrument,
Borrower and Lender further covenar.t and agree as follows:
A. Condominium Obli=ations. Borrower shall perform all of Borrower's obligations under the Condominium
Project's Constituent Documents. The "Constituent Documents" arc the: (i) Declaration or any other document which
creates the Condominium Project; (ii) by-Iaws; (iii) code of rcgulations: and (iv) other equivalent documents. Borrower
shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Documents.
B. Haurd Insurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a
"master" or "blank~Y' policy on the Condominium Projeet whieh is satisfactory to Lender and which provides insurance
coverage in the amounts, ior 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 ycarly premium installments for hazard insurance on the Property; and
(ii) Borrower's obligation under Uniform Covenant S to maintain hazard insurance coverage on the Property
is deemed satisfied to the extent that the requircd coverage is provided by the Owners Association policy.
Borrower shall give Lender prompt notice of any lapse in required hazard insurance coverage.
In the event of a distribution of hazard insurance proceeds payable to Borrower are hereby assigned and shall be
paid to Lender for application to the sums secured by the Security Instrument, with an excess paid to Borrower.
C. Public Lisbility Insuranee. Borrower shall take such actions as may be reasonable to insure that the Owners
Association maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to Lender.
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, whethtr of the unit or of the
common elements, o* for any ~•onveyartcP in lieu o: c~~ndecr.nation, are ht•reb; assigne~ and :!~all be Fs:~ t~ Lender. Such
pra~ee~s sh~ll be app:i;.d bl Len~rr tc t:e s;;:as se~ured .;ectiri:;~ in~irurr_ent ns pro~:ded ia Unifo~ m Cove~~ant 9.
E. Lender's Prior Consent. Borrower shall not, except after notice to Lendtr and with Lender's prior written
consent, either partition or subdivide the Property 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 f re or other casualty or in thc case of a taking by condemnation or
M eminent domain;
~ (ii) any amendment to any provision of the Constituent Documents if the provision is for the express benefit of
E
~ Lender;
(iii) termination of professional management and assumption of self-management of the Owners Association;
~ or
~ (iv) any action which would have the effect of rendering the public liabiliry ~nsurance coverage maintained by
the Owners Association unacceptable to Lender.
F. Remedies. If Borrower dozs not pay condominium dues and assessments when 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 Borrower and Lender agree to other terms of payment, these amounts shaU bear interest from
~ the date of distsursement at the Note rate and shatl be payable, with interest, upon notice from Lender to Borrower
~ requesting payment.
Bv SiGxt~~ BEl.ow. Borrower accepts and agrees to the terms and provisions con~ained in this Condominium Rider.
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' F-060-MTG-136 ~Rev. 1 /85)
MULTISTATE CONDOMINIUM RIDER-sinpla Famify-fNMA/FHLMC UNIFORM INSTNUMENT Form 3140 12/83
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