84006769 - Laserfiche WebLink

Browse

l CONDOMINIUM RIDER 84 -006769 THIS CONDOMINIUM RIDER is made this ............}.?~.......... day of .............~............................ 19..~.... and i.s incorporated into and shaII be dccmc:d to emend and supplement the Mortpae, Deed of Trust or Security Deed (the "Security Instrument") of the same date given by the undeniped (the "Borrower") to secure Borrower's Note to ................ ..................~~..~.~..~..~................................................................................... (the"LcncIcr") of the same date aad covering the Property described in the Security Instrument and located at: ..........................................t5.04.:...lO.9..lbrtb.~~;....G1;anci..llW\nd.,...~....,B8Al............... TIle Property includes a unit in. together with an undivided interest in the common elements of. a condominium ~ known as: THE YNlCEf ~IDM .............................................................................[Neme..Oi..~..Pro;e.:il............................................................................. (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 Borrowet'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. Cundollli__ OWipdou. Borrower shall perform all of Borrower's obligations under the Condominium Project's Constituent Documents. The "Constiluent Documents" are the: (i) Declaration or any other document which creates the Condominium Project: (ii) by-laws; (iii) code of regulations; and (iv) other equivalent documents. Borrower shall promptly pa)'. when due, all dues and assessments imposed pursuant to the Constituent Documents. B. H...... I-..ee. So long as the Owncrs Association maintains, with a generally accePted insurance carrier. a "master" or "blanket" policy on the Condominium Project which is satisfactory 10 Lender and which provides insurance covel'lllt in the amounts, for the periods. and against the hazards Lender requires. including fire and hazards included "'llhin the term "extended coverage." then: (i) Lender wai\'es the provision in Uniform Covenant Z for lhe monthly payment to Lender of one.twelfth of the yearly premium installments for hazard insurance on the Property; and is dccmc:d s&listied to the extent that the required coverage is 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 nf hazard insurance proceeds in lieu nf restoration or repair following a loss to the Property. whetber 10 the unil or to common elements. any' proceeds payable 10 Borrower are hereby a.~signed and shall be paid to lender for applicallon 10 lhe sums secured by the Security Instrumcnt. with any excess paid tn Borrower. C. PuWic: LiaIriIity l-..ce. Borrower shall take such actions as may be reasonable to msure [hat the Owners Associalion mainlains a public liability insurancc policy acceptable In form. amount. lUld eXlent of coverage 10 Lender. D. eond._nation. The proceeds of any award or claim for damascs. direct or con!'oequential. payable to Borrowcr in connection with any condemnation or other taking of all nr an)' part nf Ihe Property. whelher of Ihe unit ru- of tile common elemenls. or for any conveyance in lieu of condemnation. are hereby assIgned and shall be paid to Lender. Such proceedli shall be applied by Lender to the sums secured by the Security Instrument as prOVIded In lJnifof'm Covenant q. Eo I..e8da"s Prior C_t. Borrower shall not, cxcept after notice to Lender and with lender's pnor '\'rillen consent. cilber partilion or subdivide the Property or consent to: (i) lhe abandonment or termination of the Condomimum PrOJCCl. except fo! allandonlllent or termination required by law III the case of substantial destruction by fire or nther .:.asualty o! m the case of a lakmg by .:ondemnation or -ment domaift; (ii) any amendment 10 an)' provision of the Constiluent Documents If Ihe pro'lslon is f()r the express benefit of Lender; 0") termination of professIOnal management and assumptiOo of self-management of I he Owners As!>OCiation; or (iv, any action which would have Ihe elfect of rendenng the public liability Illsurance coverage maintained by lhe Oamen AssocIAtion unacceptable to Lender. F. R_uliu.lfBorrower docs not pay condominium dues and a.UOliments when dllC. then lender mil) pay them. Any _nts ~ by Lender under Ihis paragraph F shall bel;ome additional debt of Borrower secured by the Security Instrument. Unlali Borrower and Lender agree tOolher terms ofpaymcnl, thelie amounts shall bear mleresl from the dille of ~ at the Note rate and shall be payable. with interesl. upon notice from Lender 10 Borrower requesting paymenl. BY !ikJNlN(jBu.Ow. Borrower accepts and agrCC5to lhe terms and provisions L'Onlamed In IhlS Condomimum Rider. ~tfl' /1 .' . I ./ . .. i I' , 'H./. .kt'c6~tl;~~~ ... .......(Seal) Qo"OwtW / "t i .' - -'_'. ,,I 1.1 ,-', -----' {:::~-l__"t " j_,/I...c~{. .:/.> / h'1..~'.e..Hf.ll41.6.... ..rL ~ r.. . 3chonberqer J .. (Seal) fk>>1"()'N@f MUtTIITATI COMOOMIMUM RtOlR-~ '-'v.'NMA/FHlMt UftlfORM INSTftUMfNT '.um l140 I;'!/IU .~ ~A.: M!!ttt:M!8 A,.t~ fi().ftMWI I'Hi(At~<t"l ij -.J