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<br />201904991
<br />LOAN #: 2811791
<br />CONDOMINIUM RIDER
<br />THIS CONDOMINIUM RIDER is made this 16th day of August, 2019
<br />and is incorporated into and shall be deemed to amend and supplement the Mortgage,
<br />Deed of Trust, or Security Deed (the "Security Instrument") of the same date given by
<br />the undersigned (the "Borrower") to secure Borrower's Note to Five Points Bank, a
<br />Nebraska Corporation
<br />(the "Lender")
<br />of the same date and covering the Property described in the Security Instrument and
<br />located at: 123 N Locust St #802, Grand Island, NE 68801.
<br />The Property includes a unit in, together with an undivided interest in the common ele-
<br />ments of, a condominium project known as: TheYancey
<br />(the "Condominium Project").
<br />If the owners association or other entity which acts for the Condominium Project (the
<br />"Owners Association") holds title to property for the benefit or use of its members or
<br />shareholders,
<br />uses, tho proceeds also includes
<br />of Borrower's interest in the Owners Association
<br />and p
<br />CONDOMINIUM COVENANTS. In addition to the covenants and agreements made
<br />in the Security Instrument, Borrower and Lender further covenant and agree as
<br />follows:
<br />A. Condominium Obligations. Borrower shall perform all of Borrower's obligations
<br />under the Condominium Project's Constituent Documents. The "Constituent Documents"
<br />are the: (i) Declaration or any other document which creates the Condominium Project;
<br />(ii) by-laws; (iii) code of regulations; and (iv) other equivalent documents. Borrower shall
<br />promptly pay, when due, all dues and assessments imposed pursuant to the Constitu-
<br />ent Documents.
<br />B. Property Insurance. So long as the Owners Association maintains, with a gener-
<br />al) accepted insurance carrier, a "master" or "blanket" policy on the Condominium
<br />iniuthe amounts
<br />ect
<br />which is satisfactoryto Lender and which provides insurance coverage
<br />hazards included
<br />(including deductible levels), for the periods, and against loss by fire,
<br />within the term "extended coverage," and any other hazards, including, but not limited to,
<br />earthquakes and floods, from which Lender requires insurance, then: (i) Lender waives
<br />the provision in Section 3 for the Periodic Payment to Lender of the yearly premium
<br />installments for property insurance on the Property; and (ii) Borrower's obligation under
<br />Section 5 to maintain property insurance coverage on the Property is deemed satisfied
<br />to the extent that the required coverage is provided by the Owners Association policy.
<br />What Lender requires as a condition of this waiver can change during the term of the loan.
<br />Borrower shall give Lender prompt notice of any lapse in required property
<br />insurance coverage provided by the master or blanket policy.
<br />In the event of a distribution of property insurance proceeds in lieu of restoration or
<br />repair following a loss to the Property, whether to the unit or to common elements, any
<br />proceeds payable toB the Seherebcuritassy Instrument, whethned and shall be eraor not henid to edue,
<br />r for
<br />application to the sums
<br />secured msby
<br />with the excess, if any, paid to Borrower.
<br />C. Public Liability Insurance. Borrower shall take such actions as may be reason-
<br />able to insure that the Owners Association maintains a public liability insurance policy
<br />acceptable in form, amount, and extent of coverage to Lender.
<br />D. Condemnation. The proceeds of any award or claim for damages, direct or
<br />consequential, payable to Borrower in connection with any condemnation or other
<br />taking of all or any part of the Property, whether of the unit or of the common elements,
<br />or for any conveyance in lieu of condemnation, are hereby assigned and shall be paid
<br />to Lender. Such proceeds shall be applied by Lender to the sums secured by the Secu-
<br />rity Instrument as provided in Section 11.
<br />MULTISTATE CONDOMINIUM RIDER --Single Family—Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
<br />Form 3140 1101 Page 1 of 2
<br />Ellie Mae, Inc.
<br />F314ORDU 0307
<br />F314ORLU (CLS)
<br />201904991
<br />LOAN #: 2811791
<br />E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and
<br />with Lender's prior written consent, either partition or subdivide the Property or consent to:
<br />(i) the abandonment or termination of the Condominium Project, except for abandonment
<br />or termination required by law in the case of substantial destruction by fire or other casualty
<br />or in the case of a taking by condemnation or eminent domain; (ii) any amendment to any
<br />provision of the Constituent Documents if the provision is for the express benefit of Lender;
<br />(iii) termination of professional management and assumption of self-management of the
<br />Owners Association; or (iv) any action which would have the effect of rendering the public
<br />liability insurance coverage maintained by the Owners Association unacceptable to Lender.
<br />F. Remedies. If Borrower does not pay condominium dues and assessments
<br />when due, then Lender may pay them. Any amounts disbursed by Lender under this
<br />paragraph F shall become additional debt of Borrower secured by the Security Instru-
<br />ment. Unless Borrower and Lender agree to other terms of payment, these amounts
<br />shall bear interest from the date of disbursement at the Note rate and shall be payable,
<br />with interest, upon notice from Lender to Borrower requesting payment.
<br />BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants con-
<br />tained in this Co • •minium Rider.
<br />A STIN APPEL
<br />MULTISTATE CONDOMINIUM RIDER --Single Family --Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
<br />Form 3140 1/01
<br />Ellie Mae, Inc. Page 2 of 2
<br />(Seal)
<br />DATE
<br />F314ORDU 0307
<br />F314ORLU (CLS)
<br />
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