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98104489
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Last modified
3/12/2012 1:09:23 PM
Creation date
10/19/2005 5:55:13 PM
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DEEDS
Inst Number
98104489
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. <br /> CONDOMINIUM RIDER `� 98 �Q�9 <br /> THIS CONDOMINIUM RIDER is made this 5th day of May , 1998 , <br /> and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Security <br /> Deed (the "Security Instrument") of the same date given by the undersigned (the "Bonower") to secure <br /> Borrower's Note to <br /> Major Mortgage, A Wyoming Corporation <br /> (the "Lender") <br /> of the same date and covering the Property described in the Security Instrument and located at: <br /> 2826 Lakewood Circle,Grand Island,NE 68801 <br /> (Property Address] <br /> The Property includes a unit in, together with an undivided interest in the common elements of, a condominium <br /> project known as: <br /> Oakwood Condominium <br /> [Name of Condominium Project] <br /> (the "Condominium Project"). If the owners association or other entity which acts for the Condominium Project <br /> (the "Owners Association") holds title to property for the benefit or use of its members or shareholders, the <br /> Property also includes Borrower's interest in the Owners Association and the uses, proceeds and benefits of <br /> Bonower's interest. <br /> CONDOMIlVIUM COVENANTS. In addition to the covenants and agreements made in the Security <br /> Instrument, Borrower and Lender further covenant and agree as follows: <br /> A. Condominium Obligations. Bonower shall perform all of Bonower's obligations under the <br /> Condominium Project's Constituent Documents. The "Constituent Documents" aze the: (i) Declaration or any <br /> other document which creates the Condominium Project; (ii) by-laws; (iii) code of regulations; and (iv) other <br /> equivalent documents. Bonower shall promptly pay, when due, all dues and assessments imposed pursuant to the <br /> Constituent Documents. <br /> B. Hazard Insurance. So long as the Owners Association maintains, with a generally accepted insurance <br /> carrier, a "master" or "blanket" policy on the Condominium Project which is satisfactory to Lender and which <br /> provides insurance coverage in the amounts, for the periods, and against the hazards Lender requires, including <br /> fire and hazards included within the term "extended coverage," then: <br /> (i) Lender waives the provision in Uniform Covenant 2 for the monthly payment to Lender of the <br /> yearly premium installments for hazard insurance on the Property; and <br /> (ii) Bonower's obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the <br /> Property is deemed satisfied to the extent that the required coverage is provided by the Owners Association <br /> policy. <br /> Borrower shall give Lender prompt notice of any lapse in required hazard insurance coverage. <br /> In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to <br /> the Property, whether to the unit or to common elements, any proceeds payable to Borrower aze hereby assigned <br /> and shall be paid to Lender for application to the sums secured by the Security Instrument, with any excess paid to <br /> Borrower. <br /> C. Public Liability Insurance. Borrower shall take such actions as may be reasonable to insure that the <br /> Owners Association maintains a public liability insurance policy acceptable in form, amount, and extent of <br /> coverageto Lender. <br /> MULTISTATE CONDOMINIUM RIDER-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3140 9/90 <br /> Page 1 of 2 <br /> � -H 191061.02 MW 08/91 VMP MORTGAGE FORMS-(800)521-7291 Initials��y/`� <br /> m 6�C— � <br />
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