87103008 - Laserfiche WebLink

Browse

CONDOMINIUM RIDER p _ if�3'� j8 THIS CONDOMINIUM HIDER Is meta taut 11th day of May 87 , a7 iB , and it htoorperated into and danced shall sea d to amend and supplement the Man", Deed of Trust or Security dad (the "Security Instrum"V11 of to tarn dew Swan by the undersigned (the "Borrower ") to secure Borrower's Note to NORW):ST BANK NEBRASKA N.A./GRAND ISLAND (the "Lerner ") of the arm deter and csverina this property described in the Security Instrument and coated et: 2615 South August, Grand Island, Nebraska 68801 The Property Includes a unit In, together with an undivided interest M the common alementsof, a condominium project known as: Unit B -1 in the Riverdale Hamlet Condominium Property Regime 01 CondemrrMiuxt (the "Condomktium 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 antasat in she Owners Association and this fines, premeds and bensfits of Borrower's interest, CONOOfMN1UM COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and age a follows: A. Condominium Obtigaidem. Borrower shall perform ell of Borrower's obligations under the Condominium Project's Comttttant Documents, The "Constituent Documents" are the; (1) Declaration or any other document which creates the Condominium Project; Jill bydews; (IiI) code of regulations; and (1v) other equivalent documents. Borrower shall promptly Pay- WIM due, ell duos Std eseaenants imposed Pursuant to the Constituent Documents. B. FM ud Iran"". SO long a the Owners Association maintains, with a generally accepted insurance carrier, ■ "muter" or blanket' policy an eta Condominium Project which Is satisfactory to Lender and which provides insurance coverage In the amounts, for the pasiock and peinst the he" Lender requires, including fire and hazards included within the term "extended osverage " gim : (I) Lander waives the provision In Uniform Covenant 2 for the monthly payment to Lander of ona.twelfth of the yearly P+emium if»talftmnts for hazard insurance on the Property; end (ii) Borrower's obl*tlom under Uniform Covenant B to maintain hazard insurance coverage on the Property is deemed atisfied to tea extent that the required coverage is provided by the Owners Association policy. Bwrowa shall give Lender Prompt notes of env lapse in required hazard insurance coverage. In the want of a distribution of heeard Insurance proceeds in lieu of restoration at repair following a lose to the Property, vvhetha to the unit or to common elanKrtts, any proceeds payable to Borrower are hereby assigned and shall be piio to Lender for application to to ems secured by eta Security Instrument, with any excess paid to Borrower. C. ►vrRs LW401ty aneurafea. Borrower, shell take such actions as may he reasonable to insure thotYhe Owners Association maintains a publie liability insurance Policy acceptable in form, amount, and extent of coverage to Lender. D. COMemnaton. The proceeds of env award or claim for damages, direct or consequential, payable to Borrower in cotueaton with any condemnation or other taking of all of any part of the Property, whetter of the unit or of the common ehtnentts, or for any conveyance In lift of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds shall be 8001(ed by Lends to the sums woured by the Security Instrument as provided in Uniform Covenant 0. I. Lan/er'a POW Consent. Borrower stall not, except after notice to Lender and with Lender's prior written consent, either partition or subdivide the Proi»rty or consent to: (1) The aban mont or termination of the Condominium Project, except for fba idonment or termination required by law in the CM of substantial destruction by fire or other casualty at in the am of a takingby condemnation oreminent domain; (11) any amendment to any provision of the Conotituent Documents if the provision It for the express benefit of Lender; fill) termination of proffselonal management and assumption of aslf•manaypment of the Owners Association; or (iv) any action which would he" the affect of rendering the Public liability insurance coverage maintained by the Owen Atwo(aton unacceptable to Lender. F. FMWdife, if Borrower does not pay Condominium duos end asessements when due, then Lender may Pay them. Any Amounts disbursed by Lender under this Paragoph F stele become additional debt of Borrower secured by the Security Instrument, Unlae Borrower and Lender Woe to odor terms of payment, then amounts shall bear interest from the data of disbursement at On Nato rote and "I be payable, with interest, upon notice from Lender to Borrower requesting payment. BY SIGNING BEL r, agrrowor accepts and agrees to the terms and provisions contained in this Condominium Rider. (Sal) ISeal) John A. H rring on fSeal) fSaai! rem (goal) ... Irervar aitaLt*rATB CONDOMtMPJM AIDGR-Wrnhe Panay- FNMAlPNLMC Unufom I nhrwnene Po— 3140 12 /63 "OWL 00#14 to e111n41 e