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CONDOMINIUM RIDER 88- 1028t'('. THIS CONDOMINIUM RIDER is made this 14th day of April ,1988 and is incorporated into and shall be de&med to amend and supplement the Mortgage, Deed of Trust or Security Deed (the "Security Instrument") of the same date given by the undesigned (the "Borrower") to secure Borrower's Note to Occ identa 1/Nebraska Federa 1 Savings Bank (the"Lender") of the same date and covering the Property Described in the Security Instrument and located at: 1915 Stolley Park Circle Grand Island, NE 68801 (P'opert~ AOOre.., The Property includes a Unit in, together with an undivided interest in common elements of, a condominium project known as: ~Name of CondomlnlUI""I ProJect) (the "Condominium ProJect"). If the ownars association or other entity which acts for the Condominium Project (the "Owners Association") holds title to property tor the benefit or use of Us members or shareholders, the Property aiso includes Borrower's interest in Owners Assoctation and the uses, proceeds and benefits of Borrower's interest. CONDOMINIUM COVENANTS. In addilJon to the covenants and agreements made in the Security Instrument, Borrower and Lender funner covenant and agree as follows: A Condominium Obligations. Borrower shall per10rm all of Borrower's obligations under the condominium Project's Constlluents. The "Constituent Documents" are the (i) Declaration or any other document which creates the Condominium Project: (II) by-laws; (Iii) code 01 regulations: ana (IV) other equivalent documents. Borrower shall promptly pay, when (jue. all duos and assessments imposed pursuanlto the Constituent Documents. B. HlUrd Inlurance, So long as the Owners Association maintainS, with a generally accepted insurance carrier, a "master" or "blanket" policy on the Condominium Poqect which IS satisfactory 10 Lender and which provides insurance CQverage In Ihe 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 Unrform Covenant 2 for the monthly payment to Lender of one-twelfth of the yoarly premium Installments for hazard Insurance on ttle PrQPl;Jrty and (ii) Borrower's obligation under Uniform Covenanl 5 to mainlain hazard insurance coverage on the Property is deemed 5atl5fl*,d to the ellitent that the reqUIred coverage IS provided by the Owners Association policy. BO~fower !hall give Lender prompt notice of any lapse in reqUired hazard insurance coverage. In the ellont 01 a distribution 01 hazard msurance proceeds In lieu of restoration or repair 101l0wing a loss to the Property, whether to the Unit or 10 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. with any excess paid to Borrower. C. Public LIability InlUrance. Borrower shall take such actions as may be reasonable to insure that the Owners ASSOCIatIon matnlalOS a publiC liability Insurance policy acceptable in torm, amount, and extent of coverage to Lender. D. CondemMIIon. The proceeds of any award or claIm tor damages, direct or consequential, payable to Borrower in connection with any condemnation or other takmg of all or any part of the Property, whether of the unit or of the common elements. or lor any conveyance In lieu of condemnation. are hereby assigned and shall be paid to Lender. Such proceerjs llhall be applied by Lender to the sums secured by Iho Security Instrument as provided in Uniform Covenant 9. E. lender'. Prior Consent. Borrower shall not. ellceptl1tter notice to '~ender and with Lender's prior written consent, Clther partition or subdiVide the Property or censent to (I) the abandonment or lermlnatlon of the CondomlOlum ProJect, axcepl for abandonment or termination required by law In the case of substant=al destrucllon b)' life or olher casualty or In the case of a taking by condemnation or eminent domain; (Ii) any amendment to any prOVISion ot Ihe Conslllulent Documents If the provision is for the express benefit of Lender: {Iii} termination 01 profeSSional management and assumpllon of self-management of the Owners Association; or (IV) any action which would have the effect of rendering the publiC liability Insurance coverage maintained by the Owners Associatron unacceptable to Lender F. Remectia." Borrower does not pay condomlOlum dues and assessments when due. the Lender may pay them. Any amounts disbursed by Lender under thtS paragraph F shall become additional debt of Borrower secured by the Security Instrument. Unless Borrower and Lender agree to other terms of payment. these amounts shall bear interest from thedateof disbursement at the Note rate and shall be payable. WIth Interest. upon notice from Lender to Borrower requesting payment. BY SIGNING BELOW. Borrower accepts and agrees to the terms and prOVISions contained in this Condominrum Rider ___r _ ,7 /' ~~a.4- Ma on J. Hanson (Seal) BorroWftr ~M~K'-V D ssa L. an-son (Seal) l)cttO....'