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l CONDOMINIUM RIDER '84-006780 THIs CoNDOMINIUM RIDER is made this ...........??~............ day of ........~................................. 19.~.~.... and is incorporated into and shaI1 be deemed to amend and supplement the MongllJe. Deed of Trust or Security Deed (the ~~~T~~~n~~t~~~~.~~.~.~.~~~~.::~~~~'.'!..~~.~.~.~~.~:~~.~:~.~~t~~~ .:~::) of~~dllUland~nl the Property described in the Secu!!.t)! Instrument and located at: UIU.t t70l. 109 NO. Wclist Grand Island, NeOraska 68801 .......,.........................................................r....................I~..~r..................................................................................... The Propeny includes a unit in. together with an undivided interest in the common elements of. a condominium project known as: .... ..........................'J.'he..Xancy,..~'arN.im.i..OI..COiidOt.,iln1t.m.Pmi8Cij..... ..... .... ....... ........... ......... ....... ..... ..... ..... .............. (the "Condominium Project"). If the owners association or other entity which lsCtS for the Condominium Project (the "Owners Association") holds title to propeny for the benefit or use of its members or shareholders. the Propeny also includes Borrower's interest in the Owners Association and the uses. proceeds and benefits of Borrower's interest. CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the Security Ins!rument, Borrower and Lender funher covenant and lIJl'ee as follows: A. CoadoaIiniuIn OItIillltiou, Borrower shall perfonn all of Borrower's obligations under the Condominium Projel;t's Constituent Documents. The "Constituent 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 pay. when due, all dues and assessments imposed pursuant to the ConstilUenl Documents. B. HaunlIMUI1IIICe. So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy on the Condominium Project which IS lilItisfactory to Lender and which provides insurance coverqe in the amounts. for the periods, and against the hazards Lender requires, including fire and hazards included " 'thin the tenn "extended coverage," then: (i) Lender waives the provision in Unifonn Covenant 2 for thc monthly pa)'mentto Lender of one-twelfth of 1M Y'.'ftrly pl'("ftlil'''' il!~ll'''f(1eJlt~ for h1l711r!iirwml.ru:~mL!Ju:~rty~J!mL.'"_.____._....._.._.._________ (ii) Borrower's obligation under Unifonn Covenant 5 to maintain hazard insurance coverage on the Propeny is deemed satisfied to the extent that the required coverage is provided by the Owncrs 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 loss to the Propeny, whether to the unit or to common elements, any proceeds payable 10 Borrower are hereby assigned llnd shall be paid to Lender for application to the sums secured by the Security Instrument. with any excess paid to Borrower, C. PUlic LialliHty 1IIIUI'lIIICe, Borrower shall take such actions as may be reasonable to insure Ihat the Owners Association maintains a public liability insurance policy acceptable in form. amount. and elltent of coverage to Lender. D. C.ntle1l"ltaUoll. The proceeds nf any award or claim for damages. direct or consequential, payable to Borrower in coonection with any condemnation or other taking of all or any part of the Propeny, whether of the unit or orthe common clements, or for any coovcyancc in lieu of condemnation. are hereby assigned and shall be paid to Lendcr. Such proceeds shall be applied by lender 10 the sums secured by the Security Instrument as provided in Unifonn Covenant 9. E. Leader's Prior C_t. Borrower shall not, cxcept after notice to Lender and with Lender's prior wriltcn consent. either panltion or subdivide the Property or consent to: (i) the abandonment or lermination of the Condominium Project. except for abandonmenl or termination required by law in the case of substantial destructioo by fire or other casualty or in the case of lltllking by condemnlltioo or ~t 00main; (ii) any amendment 10 any provision of the Constituent Documents if the provision is for the cllpress benefit of Lender: (iii) terminalion of professional manqement and assumption of sclf-managcment of Ihc Owners Association; or (iv) MY action which would have the eKect of rendering the public liability insurance coverage maintained by IheOwners Association unacceptable to Lender. F. ....dia. If Borrower does nix pay condominium dues and assessments when due, then Lender may pay them. Any amouDtS di!lbuned by Lender under Ihis paragraph F shall become additional debt of Borrower secured by the Security IllI4fl1mCRt. Unlesl; Borrower and Lender qrcc to other tenns of payment, theie amounts shall bear interest from the date of ~lcnt at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower .equesting plIymcnt. BY SlaNtNa Bnow, Borrower a.;cepts and ~lIrees to the terms and provisions contained in this Condominium Rider, ~ ~- ,"/ ) . /;/ "J' .P L ~ / /',1 ~ ......-;:".-:-'. ..z:.;:,:!~.~.. /.::' / ?fff.~4... ..{Seal) 1\ustin R. Way ( ) tlOrr_ ...]1<~..... ... . t /t)"t"- Mary E. Way; ! I . (SclIn lI<\o.~ 1IiMA,,.STATI C~ ItK)fR--$<<,p ;~fNMAlfmMC lIttIf(lftM IN$TIWMliNT ,...n. JI<lQ 12IIIJ 'lWM !11M' tj'faH'tlttgj. A"U 1"0""1/. !:t4I('MlO 11 ..J