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FEB /24 /2005 /THU 09:25 AM PINNACLE BANK C C FAX No.308 946 3031 P.002 200502202 CONDOMINIUM RIDER THIS CONDOMINIUM RIDER is made this .. ?5TH.,.., day of FEBRUARY,, 2005 ... ........... 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 "Borrower ") to secure Borrower's Note to JNNACLE WIX.-.CFNTRAI;GITYS 320.G STREET P.D. BOX , 28� CENTRAl,,C1TYf,NE .66826 . ............ . ..... . . . ...................... . ............... .............................. (the "Lender") of the same date snd covering the Property described in the Security Inst'rumen't and located at:..1409 W CHARS ES STFIEET GRAND ISLAND ME 66807 ....... i roperty Address] The Property includes a unit in, together with an undivided interest in the common elements of, a condominium project known as: , MIDOLI TOWN CONI]OMIN1i1MS ..... ..1 ........................ ............. [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. CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. Condominium Obligations, Borrower shall perform all of Borrower's obligations under the Condominium Project's Constituent Documents. The "Constituent Documents" are, the: M Declaration or any other document which creates the Condominium Project; (ii) by -laws; (iii) code of regulations; and (iv) other equivEdent documents. Borrower- shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Documents. Ft. Property insurance. 5o 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 lnsurance on the Property; and (il) 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, Form 3140 1/01 llll�ll111111111�111f �llllll�ll R O 0 A 0 MULTISTATE cminammiuM RIDER -- Single - Farnily— Fannie MaejFreddie Mac UNIFORM INSTRUMENT Bankers Systems, Inc.; St. Cloud, MN Form CONDOR 6/74/2004 (page I of 2 pages)