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200100676 M /VA #: 771 - 783474 -0 CONDOMINIUM RIDER 07834740 THIS CONDOMINIUM RIDER is made this 24TH day of JANUARY , 2001 , and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument ") of the same date given by the undersigned (the'Borrowei ") to secure Borrower's Note to FLEET NATIONAL BANK (the "Lender ") of the same date and covering the Property described in the Security Instrument and located at: 2807 LAKEWOOD CIRCLE GRAND ISLAND NE 68801 [Property Address) The Property includes a unit in, together with an undivided interest in the common elements of, a condominium project known as: OAKWOOD CQ= _ [Name of Condominium Project] (the "Condominium Project "). If the owners association or other entity which acts for the Condominium Project (the " Owwners Association ") holds tide 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 co%enants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. Condominium Obligations. Borrower shall perform ail of Borrower's obligations under the Condominium Project's Constituent Documents. The "Constituent Documents" are the: (i) Declaration or any other document which creates the Condominium Project; (ii) by -laws; (iii) code of regulations; and (iv) other equivalent documents. Borrower shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Documents, . B. Property Insurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy on the Condominium Project which is satisfactory to Lender and which provides insurance coverage in the amounts (including deductible levels), for the periods, and against loss by fire, hazards included within the term "extended coverage," and any other hazards, including, but not limited to, earthquakes and floods, from which Lender requires insurance, then: (i) Lender waives the provision in Section 3 for the Periodic Payment to Lender of the yearly premium installments for property insurance on the Property; and (ii) Borrower's obligation under Section 5 to maintain property insurance coverage on the Property is deemed satisfied to the extent that the required coverage is provided by the Owners Association policy. What Lender requires as a condition of this waiver can change during the term of the loan. Borrower shall give Lender prompt notice of any lapse in required property insurance coverage provided by the master or blanket policy. In the event of a distribution of property insurance proceeds in lieu of restoration or repair following 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, whether or not then due, with the excess, if any, paid to Borrower. C. Public Liability Insurance. 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 ofthe 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 Section 11. E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior written consent, either partition or subdivide the Property or consent to: (1) the abandonment or termination of the Condominium Project, except for abandonment or termination required by law in the cast of substantial destruction by Lott a Xait fait. Litt 1pit Intl MULTISTATE CO200MUM M REDM.3 qft Fanily--F+noh MmMreddle Mac uNrlORM INSTRUMENT Form 3140 IMI (paw t oft page,) Dec r (11-20 -2000) ins xosoa