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q 84 ....... CONDOMINIUM RIDER 006848 TIllS CONDOMINIUM RIDER is made Ihis .........~~.............. dlIyof ..................~~............:.;........,. i~..~.., and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed ofTrustorSe!...urity~{t~! ~~~'.'~~~:~~"'~~=!j~::~~~~T~;'~~!.FY.. ~.~~.~:.~.~~.~.~~~.~~~8ft~.~~~~.~~_~i~.~.~=~~.....~.............~........u.....,..,.. . [ J ... ... '.. ..,."..."..i)). The Property includes a unit in. togetber wilh an undivided interest in the common elCl.llents. of,a condom~~ ' known as: . . .......................................................,..................~n!-~tum~~m.~..............,.................................................... (the "Condominium Project"). If the owners association or other entity whicbacts for the Condominium Project (die ''Owners Association") holds title to property for the benefit or use of its members or sharebokiers.theiPropenYallo includes Borrower's interest in the Owners Association and the uses. proceeds and benefits of Borrower's interest. CoNOOMINtUM COVENANTS. In addition to the covenants and agreements made in tbe Security Instrument, Borrower and Lender further covenlll1t and agree as follows: A. CoHcHniai_ Obligations. Borrower shall perfonn all of Borrower's obligations. under the COndominium Project'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; lll1d (iv) other equivalent documents. Borrower .hall promptly pay. when due. all dues and assessments imposed purs\llll1t to the Con.~tituent Documents. B. Huttnl IBSUI'ltlICe. 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 insurarICC coverage in the amounts, for the periods. and against the hazards Lender requires, inciuding fire and hazards included within the tenn "extended coverage," then: (i) Lender waives the provision in Unifonn Covenlll1t 2 for the monthly payment to Lender of onc-twelfth of (ii) Borrower's obligalion under Unifonn Covenlll1t 5 to maintain hazard insurance coverage on lhe Property is deemed satisfied 10 the extent that the required coverage is provided by the Owners Association policy. Borrower shall give Lender prompt notice of any lapse in required hllZ8rd insurance coverage. In the eyent of II distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to the Property. whether to the unit or to common elements, any proceeds payable to Borrower are hereby assigned and shall be paid 10 Lender for lIpp1ication to Ihe sums secured by the Security Instrument. wilh lll1Y excess paid to Borrower. C. PuIIIic: LiMiliCy I___e. Borrower shall lake such actions as may be reasonllble to insure thaI Ibe Owners Association maintains a public liabilily insurlll1ce policy acceptable in fonn, amount, and extent of coverage to Lender. D. Cadl..ldolI. The proceeds of any aWllrd or claim for damages, direct or consequenlial. payable to Borrower in connection wilh any condemnation or olher 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 sIlaIl be IIpplied by Lender to the sums secured by the Security Instrument lIS provided in Unifonn Covenant 9. E. ......... Prier eo-t. Borrower shall not. except after notice to Lender and wilh Lender's prior written consent, eilher partition or subdivide the Property or consent to: (i) the aban<:onment or termination of the Condominium Project, excepl for abandonmenl or lenninlltion required by law in the case of subslantial destruction by fire or other clISualty or in the case of a taking by condemnalion or _inent domain; (ii) any amendmenlto any provision of the Constituent Documents if the provision is for the express benefil of Lender; (iii) lennination of professional management and assumption of self-mllnagement of the Owners Associalion; or (iv) any action which would have the eft'ec:t of rendering the public liability insurance coverage maintllined by tItc 0w8cn Aaocia1ion unacaptable to Lender, P. IIlilA.IIIII.If Borrower doelI not pay condominium dues and assessments when due. then Lender may pay them. Aay llIIWIdI6buned by I..ender under this P41l'llIraph F shall become additional debl of Borrower secured by the Security ~. UnIas Borrower and Lender agree 10 other terms of paymenl. these amounts shall bear inlerest from the dale of '!lhrsg..... at the Note ralund shall be payable, wilh inlerest. upon notice from Lender to Borrower requesting payment, BY SIGNING Baww. Borrower a<:<:eplS and agrees to Ihe lenns and provisions contained in this Condominium Rider, ~..~.....~.~.........(..." LiuTy L. CallenllOtfOWm ",',.,......""..",.,.."""..",.."".."...""..,.."..,.....,",....,',ii<\.~~ ""ISTAU COMOMlIMUM mDlR~fttle rlllJ1j',...fHMA/'HLMC UWOMtl INSTRUMENT 1m.., 1140 11lU ..J