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<br />.eONOOMINIUM RIDER
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<br />84~ 006791.
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<br />THtSCONDOMtNtUM RlDER is made this ........,?~th...........,.. day of ....................~....................., 19..Jl4.,
<br />and is incorporated into and shall be deemed to amend and supplement the Mortpgc, Deed of Trust or Security Deed (the
<br />"Security Instrument") of the same date ~ the undersiped (the "Borrower") to secure Borrower's Note to ...............,
<br />
<br />.........................~~X...~..~................~y............................................................................. (the "Lcmder'.')
<br />
<br />ofthesamedateandcove-rO~!hi~~~"ttt;~ty I~~~~~at~aska 68801
<br />................ '........ ...........J.,..................,...........................IP...;jNi1)...~I......' ....... ........... .,t............. ...........,.................................
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<br />The Property includes a unit in, togeth1=r with an undivided interest in the common elements of, a condominium project
<br />known as:
<br />
<br />.............................................................................tName~~.~...............,..............................,..............
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<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 USCi, proceeds and benefits of Borrower's interest.
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<br />CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the Security Instrument,
<br />Borrower and Lender further covenant and agree as follows:
<br />A. COIIdomialum OItIlgatilms. Borrower shall perform all of Borrower's obliptions under the Condominium
<br />Project's Constituent Documents. The "Constituent Documents" are the: (i) Declaration or any other document which
<br />creates the Condominium Project; (ii) by-laws; (Hi) code of regulations; and (iv) other equivalent documents. Borrower shall
<br />promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Documents.
<br />&. HIWII'd (__nee. So long as the Owners Association maintains. with a generally accepted insurance carrier, a
<br />"master" or "blanket" policy on the Condominium Project which is satisfactory to lende.. and which provides insurance
<br />coverage in the amounts, for the periods, and against the hazards Lender requires, including fire and hlWlrds incluc:led
<br />within the term "extended coverage;' then:
<br />(i) lender waives the provision in Uniform Covenant 2 for the monthly payment to Lender of one-twelfth of
<br />the yearly premium installments for hazard insurance on the Property; and
<br />--'-'--.--.-'---------.-"(Ii1.-00ffowef'S.ooligiifionuiiaer'UliilOfIDCOvenant51omillmainiiiizaiairtsurancecow:l'iteOllW Propcny ." ....-
<br />is deemed satisfied to the extent t hat the required coverage is provided by the Owners Association policy.
<br />Borrower shall give lender prompt notice of any lapse in required hazard insurance coverage.
<br />In lhe event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a I~ to the
<br />Propeny, whether to the unit or to common elements, any proceeds payable to Borrower are hereby llS50igned and shall be
<br />paid to lender for application to the sums secured by the Security Instrument, with any excess paid to Borrower
<br />C. PuItIic Liability Insurance. Borrower shall take such actions a.s may be reasonable to insure that the Owners
<br />Association maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to lender,
<br />D. Condemnation. The proceeds of any award or claim for damages. direct or consequential, payable to Borrower m
<br />connectl<JO with any condemnation or other taking of all or any part of the Property. whether of the unit or (lfthe common
<br />clements, or for any conveyance in lieu of condemnation, are hereby assigned and shall be paid to lender. Such proceeds
<br />shall be applied by lender to the sums S\."Cured by the Security Instrument as provided in Uniform Covenanl 9.
<br />Eo Le....'s Prior Consent. Borrower shall not, except after notice to lender and with Lender's prior wntten
<br />consent, either partition or subdivide the Propeny or consent to:
<br />(i) the abandonment or lermination of the Condomimum Project, except for abandonment or termination
<br />required by law in the case of substantial destruction by fire or other casualty or in the case of a takmg by condemnation or
<br />eminent domain;
<br />(ii) any amendment to any proviSIOn of the Constituent Documents if the provision is for tlie e1\pros benefit of
<br />
<br />lemkr;
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<br />(iii) termination of profaslonal management and a.'ilIumplion of self-management of the Owners As.....lCiation;
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<br />or
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<br />(iv) any action which would have the efect of rendering the public liability insurance coverage maintained by
<br />the Owners Association unacceptable to lender.
<br />F. A._llilll. If Borrower does not pay condominium dues and assessments when due, then lender may pay them,
<br />Any _nb disbursed by lender under this paragraph F shall become additional debt of Borrower secured by the Secunty
<br />Irmrument. Unlas Borrower and Lc~nder agree to other terms of payment, these amounts shall bear interest fmm the date of
<br />~t at the Note rate and shall be payable, with interest. upon flotice from Lender to Borrower requestmj; payment,
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<br />8'1' SIONING BEl-OW, Borrower IIcceptulId lI11rees to the terms and provisions contained in this {'llllduminium Rider,
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