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200602964 VI WBCD LOAN # 501013896 MIN: 100417605010138965 CONDOMINIUM RIDER THIS CONDOMINIUM RIDER is made this 30TH day of MARCH, 2006 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 EQUITABLE MORTGAGE OF NEBRASKA, INC, A NEBRASKA CORPORATION (the "Lender") of the same date and covering the Property described in the Security Instrument and located at: 3114 WEST 14TH 2, Grand Island, NE 68803. The Property includes a unit in, together with an undivided interest in the common elements of, a condominium project known as: RAVENOAKS CONDOS (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. CondominiumObli~ations. Borrower shall perform all 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) codeofregulations; and (iv) other equivalent documents. Borrower shall promptly pay, when due, all dues and assessments imposed pursuantto 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 ofthe 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 ofthe 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 of the 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. Initials: ~~tv. MULTISTATE CONDOMINIUM RIDER--Single Family--Fannle Mae/Freddie Mac UNIFORM INSTRUMENT Form 3140 1/01 @ 1999-2004 Online Documents, Inc. Page 1 of 2 F3140RDU 0412 03-29-2006 16:55