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99 110074 CONDOMINIUM RIDER THIS CONDOMINIUM RIDER is made this 15th day of October , 1999 , and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Securiry Deed (the "Securiry Instrument") of the same date given by the undersigned (the "Borrower") to secure Borrower's Noteto Commercial Federal Mortgage Corp. (the "Lender") of the same date and covering the Property described in the Security Instrument and located at: 3027 WEST CAPITAL AVE, Grand Island, NE 68801 [Property AddressJ The Property includes a unit in, together with an undivided interest in the common elements of, a condominium project known as: WINDSOR SQUARE CONDO REGIME [Name of Condominium Project] (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. CONDOMINIiJM COVENANTS. In addition to the covenants and agreements made in the Securiry Instrument, Borrower and Lender further covenant and agree as follows: A. Condominium Obligations. Borrower shall perform all of Borrower's obiigations 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. Hazard 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, for 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 the yearly premium installments for hazard insurance on the Property; and (ii) Borrower's obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the Property is deemed satisfied to the extent that the required 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 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 Securiry Instrument, with any excess 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 coverageto 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, whether of the MULTISTATE CONDOMINILJM RIDER- Single Family -Fannie Mae/Freddie Mac i1NIFORM INSTRUMENT � DOC #:042101 APPL #:0015242761 Pagelof2 LOAN #:0015242761 FOim 314 9/ 0 �-$ (9108) �31 9108.01 VMPMORTGAGEFORMS-(313)293-8100-(800)52L7291 Initials: �.� O