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( CONDOMINIUM RIDER 87%.Ww 106257 THIS CONDOMINIUM RION R Is made thI4 day of _ por and is incorated into and stall be deemed to amend and supplement the Mortgage, Dead of 'Trust or Security David (the 111courity instrument ") of the some dote Oven by the underslgrnod (the "Borrower ") to secure Sorrower'a Note to . We "Lendef ") of the sane date and covering the Property dosediii in the Security Instrument and Ideated etc 1418 STALLEY PARK CIRCLE, GRAND ISLAND, NEBRASKA 68803 The Property Includes a unit In, together with an undivided Interest in the common elementsof, a condominium project known as: PARK GARDEN DEVELOPMENT OWNERS ASSOCIATION of Condam=ffi r (Ow "Condominium Project "). If the owners association or other entity which acts for the Cohdomin1cm 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. CONDOWNIUM COVENANTS, In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree se follows: A. Condominium Obligations. Borrower shall perform all of Borrower's obligations under the Condominium Projsct's Constituent Documents. The "Constituent Documents" are the: (1) Declaration or any other document which creates the Condominium Project; (11) by-laws; (ill) code of regulations; and (iv) other equivalent documents. Borrower shall promptly Pay, when due, NI dues and assessments imposed pursuant to the Constituent Documents. B. Howd insurace. 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, for the periods, end sgeinst the hazards Lender requires, including fire and hazards included within the term "extended ooverage," thM: (1) Lang wolves the provision in Uniform Covenant 2 for the monthly payment to Lender of one-twelfth of the yearly premium Installments for hazard insurance on the Property; and (ii) Borrovver's obligation under Uniform Covenant 6 to maintain hazard Insurance coverage on the Property is deemed satisfied to the extent that the requlrod coverage Its provided by the Owners Association policy. Borrower shall give Lender prompt notice of any lapse in required hazard insurance coverage. in the event of a distribution of hazard Insurance proceeds in lieu of restoration or repair following a foss 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, with any excess paid to Borrower. C. Public Liability Inaura w Borrower snail 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 Under. 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 Lang to the sums secured by the Security Instrument se provided in Uniform Covenant ®. 6. Leedees Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior written consent, either pattion or subdivide the Property or consent to: (1) The abandonment or termination of the Condominium Project, except for abandonment or termination required by law In the case of substantial destruction by fire crothercesudty or In the case of a taking by condemnation oreminent domain: (11) any emendmant to any provision of the Constituent Documents if the provision is for the express benefit of Lender; (ill) termination of professional management and assumption of se)f•menagament of the Owners Association; or ((v) any action which would have the effect )f rendering the public liability insurance coverage maintained by the Owners Aseoci*ton unacceptable to Under. P. Remedi+e. If Borrower does not pay condominium dun end assessments when due, then Lender may pay them. Any Amounts disbursed by Lender under this Paragraph f shell become additional debt of Borrower secured by the Security Instrument. Unese Borrower and Lender Wn to other terms of payment, this* amounts shall beer interest from the date of disbursement K the Now rote and shall be payable, with interest, upon notice from Under to Borrower requesting payment. BY SIONING BELOW, Borrower accepts and agrees to the terms and provisions contained in this Condominium Rider. Seal) •Borrower (Seal) ter (feel) (SeN) • ortewer gB Nan •- fNM/+/PMLMO Vnifemt imaument Form 3190 12/83 t* I