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<br />"" ",
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<br />200701919
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<br />CONDOMINIUM RIDER
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<br />THIS CONDOMINIUM RIDER is made this 12th day of March , 2007 ,and
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<br />is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed
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<br />(the "Security Instrument") ofthe same date given by the undersigned (the "Borrower") to secure Borrower's Note to
<br />CORNHUSKER BANK
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<br />(the "Lender") ofthe same date and covering the Property described in the Security Instrument and located at:
<br />123 N LOCUST STREET #406 GRAND ISLAND, NE 68801-6069
<br />
<br />[Property Address]
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<br />The Property includes a unit in, together with an undivided interest in the common elements of, a condominium
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<br />project known as:
<br />The Yancey
<br />
<br />[Name of Condominium Project]
<br />(the "Condominium Project"). 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 shareholders, the Property also
<br />includes Borrower's interest in the Owners Association and the uses, proceeds and benefits of Borrower's interest.
<br />CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the Security
<br />Instrument, Borrower and Lender further covenant and agree as follows:
<br />A. Condominium Obligations. Borrower shall perform all offiorrower's obli~ations under the
<br />Condominium Project's Constituent Documents. The "Constituent Documents" are the: (1) Declaration or
<br />any other document which creates the Condominium Project; Oi) by-laws; (iii) code of regulations; and (iv)
<br />other equivalent documents. Borrower shall promptly pay, wben due, all dues and assessments imposed
<br />pursuant to the Constituent Documents.
<br />B. Property Insurance. So 10nR as the Owners Association maintains, with a generally
<br />accepted insurance carrier, a "master" or blanket" polic~ on the Condominium Project which is
<br />satisfactory to Lender and which provides insurance coverage m the amounts (including deductible levels),
<br />for the periods, and against loss by fire, hazards included within the term "extended coverage," and any
<br />other hazards, including, but not limited to, earthquakes and floods, from which Lender requires insurance,
<br />then: (i) Lender waives the provision in Section 3 for the Periodic Payment to Lender ofthe yearly premium
<br />installments for property insurance on the Property; and (ii) Borrower's obligation under Section 5 to
<br />maintain l?roperty insurance coverage on the Property is deemed satisfied to the extent that the required
<br />coverage IS proVided by the Owners Association policy.
<br />What Lender requires as a condition of this waiver can change during the term ofthe loan.
<br />Borrower shall give Lender prompt notice of any lapse in required property insurance coverage
<br />provided by the master or blanket pohcy.
<br />In the event of a distribution of property insurance proceeds in lieu of restoration or repair
<br />following a loss to the Property, whether to the unit or to common elements, any proceeds payable to
<br />Borrower are hereby assigned and shall be paid to Lender for application to the sums secured by the
<br />Security Instrument, whether or not then due, with the excess, if any, paid to Borrower.
<br />C. Public Liability Insurance. Borrower shall take such actions as maybe reasonable to insure
<br />that the Owners Association maintains a public liability insurance policy acceptable in form, amount, and
<br />extent of coverage to Lender.
<br />D. Condemnation. The l?roceeds of any award or claim for damages, direct or consequential,
<br />payable to Borrower in connection With any condemnation or other taking of all or any part of the Property,
<br />whether of the unit or of the common elements, or for any conveyance in lieu of condemnation, are hereby
<br />assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to the sums secured by the
<br />Security Instrument as provided in Section 11.
<br />E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with
<br />Lender's prior written consent, either partition or subdivide the Property or consent to: (i) the abandonment
<br />or termination ofthe Condominium Project, except for abandonment or termination required by law in the
<br />case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or
<br />eminent domain; (ii) any amendment to any provision of the Constituent Documents ifthe provision is for
<br />the express benefit of Lender; (iii) termmation of professional management and assumption of self-
<br />management of the Owners Association; or (iv) any action which would have the effect of rendering the
<br />public liability insurance coverage maintained by the Owners Association unacceptable to Lender.
<br />F. Remedies. If Borrower does not pay condominium dues and assessments when due, then
<br />Lender may pay them. Any amounts disbursed by Lender under this paragraph F shall become additional
<br />debt of Borrower secured by the Security Instrument. Unless Borrower and Lender agree to other terms of
<br />payment, these amounts shall bear interest from the date of disbursement at the Note rate and shall be
<br />payable, with interest, upon notice from Lender to Borrower requesting payment.
<br />BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Condominium
<br />Rider.
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<br />Borro~9~ON
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<br />--
<br />
<br />(Seal)
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<br />c ~~ ~~ k ~b~ ~_. (Seal)
<br />Borrower CELESTE K JOHN SO
<br />
<br />(Seal)
<br />
<br />Borrower
<br />
<br />(Seal)
<br />
<br />Borrower
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<br />MUL"OSTATE CONDOMINRlM RIDER,.Single Family-Fannie Mae/Freddie Mae UNIFORM INSTRUMENT
<br />9917,CV (12/05) RL7278
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<br />Fonn 3140 1/01
<br />(page I (!f I pllKes)
<br />Creative Thinking, Inc.
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<br />GOTO(0005b2fb)
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