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'~ CONDOMINIUM RIDER 94--" 006844 Ttus CONDOMINIUM RIDER is made this "....~"...."......... day of .".....".......~."......."".,,;....;,19;at,(.. and is i~flIled into and shall be deemed to amend and suppJement the Mortgage, Deed ofTfU$t or SecmitY/lleIld(~~ "Security Instrument") of the same date given by the undersigned (the "Borrower") to secure Borrower's Notct~..;;...:........' ....."................,. ,...."mE.O'mlUm"NATI<Ji4L..BANK.!r..GRAND...LSLAlI).,.......,..."...,,,..................,,. (ther~Gi ~.~~.~~~~.~.~~.r.~~~~ii..~~.i.~~.~r~:n~~.~~........................".;.~j'....;. TIle Property includes a unit in. together with an undivided interest in the common elcment~ of, acondomiftiU1h~ kllOWlllL~: . .......,.....,.........'......,."..,.."..................,....,.....,...~..y.~~.!,,'~..~~~~..............,......,........."......"...................".. [Name of Condominium Pro~ll (the "Condominium Project"). If the owners association or other entity which acts for the Condominium <Project (the "Owners AstIociation") holds title 10 property for the benefit or use of its members or shareholders, theP~ also includes Borrower's interest in the Owners Association and the uses. proceeds and benefits of Borrower'sinlCl'est. CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the' Security Instrument. Borrower and Lender further covenant and agree as follows: A. CGItdonrilIium ObIilllltions. Borrower shall perform all of Borrower's oblilllltions under the Condominium Project's Constituent Documents. The "Constituenl Documents" are the: (i) Declaration or any other document which creates the Condominium Project: (ii) by-laws; (Hi) code of regulations: and (iv) other equivalent documents. Borrower shall promptly P41y, when due. all dues and assessments imposed pursuant to the Constituent Documents. B. HulInI luunmc:e. So long as the Owners Association mamtains. 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. and against the hazards Lender requires, including fire and hazards included within the term "extended coverage," then: (i) Lender waives the provision in Uniform Covenant 2 for the monlhly payment to Lender of one-twelfth of the yearly premium installments for hazard insurance on the Property; and (II) Borrower's obligation under Umform Covenant 5 to mamtam hazard insurance coverage on Ihe Property is deemed satisfied 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 covef1lge. In the went of a distribution of hazard insurance proceeds in lieu of restoralion or repair following a loss 10 lhe Property, whether to the unit or to common elements, any proceeds payable to Borrower are hereby assigned and shall be paid to Lender for appliclltion to the sums secured by the Security Instrument, wilh any excess paid to Borrower, C. PuIIIie UalNIi1y lasuruee. Borrower shall take such aClions as may be reasonable to insure that the Owners A5SOCiation maintains a public Iiabilily insurance policy acceptable in form. amounl. and extent of coverage to Lender. D. ~. The proceeds of any award or claim for damages, direct or consequential, payable to Borrower in coonection wuh any condemnation or other taking of all or any part of the Property, whether of the unil 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 lIpp1ied by Lender to the sums secured by the Security Instrument as provided in Uniform Covenant 9. E. LcIIIIer's Prior COlIlICnt. Borrower shall not, except after notice to Lender and with Lender's prior written consent, c:jther partition or subdivide the Property or consent to: (i) the abandonment or termination of the Condominium Project. except for abandonment or termination required by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or eminent domain; (ii) any amendment 10 any provision of the Constituent Documents if the provision is for the express benefit of Lender: (iii) termination of profesSional management and assumption of self-management of the Owners Association: or (iv) any action which would have the elfect ofrendering Ihe public liability insurance coverage maintained by the Owners ASIOc:iation unacceptable to LendeT. F. A...di... If Borrower does not pay condonullIum dues and assessments when due, then Lender may pay them. Afty amounts disbunod by Lender under this paragraph F shall become additionlll debl of Borrower secured by the SecurilY IMtl'WllGltt. Unlcs& Borrower and Lender agree to other terms of payment. the5e amounts shall bear interesl from the date of .tiIlltl.ncment at the Note rale and shall be payable, with mterest. upon notice from Lender to Borrower requesling payment. BY SIOMtNG BELOW. Borrower accepts lIfld agrees to Ihe terms and proviSIons conlained in this Condominium Rider, " rt ) "', . j~';>:;";;:"''-4.')J.>:!':::~. . / ~/ ..,.....(SCal) ll6r_ L ....'''TATl CONOOMINtUM l'ttOlUt-'iI..... j """!<t-fNMA/fHUtC IIN1fOftM IH1illWMfNl '"'''' 1140 IJill} !i~~!J .-I