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200903637 CONDOMINIUM RIDER THIS CONDOMINIUM RIDER is made this 22nd day of_____----April~ 2009 and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of the same date given by the undersigned (the "Borrower") to secure Borrower's Note to Pinnacle Bank (the "Lender") of the same date and covering the Property described in the Security Instrument and located at: 3114 West 14th Street #4 Grand Island, NE 68803 [Property Address] The Property includes a unit in, together with an undivided interest in the common elements of, a condominium project known as: Raven Oaks Homeowners Association _ [Name of Condominium Project] (the "Condominium Project"). If the owners association or other entity which acts for the Condominium Project (the "Owners Association") Molds 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 Borrower'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: j A. Condominium Obligations. Borrower shall perform all ofBorrower's obligations under the Condominium Project's Constituent Documents. The "Constituent Documents" are the: (1i) Declaration or any other document which creates the Condominium Project; (i1) by-laws; (iii) code of regulations; and (iv other equivalent documents. Borrower shall promptly pay, when due, all dues and assessments impose pursuant to the Constituent Documents. B. Property Insurance. So long as the Owners Association maintains, with a generally accepted insurance canter, a "master" or blanket" policy on the Condominium Project which is satisfactory to Lender and which provides insurance coverage to the amounts (including deductible levels), for the periods, and against loss by fire, hazards included within the tern "extended coverage," and any other hazards, including, but not limited to, earthquakes and floods, from which Lender requites insurance, then: (i) Lender waives the provision in Section 3 for the Periodic Payment to Lender of the yearly premium installments for property insurance on the Property; and (ii) Borrower's obligation under Section 5 to maintain property insurance coverage on the Property is deemed satisfied to the extent that the requited coverage is provided by the Owners Association policy. What Lender requires as a condition of this waiver can change during the term of the loan. Borrower shall give Lender prompt notice of any lapse in required property insurance coverage provided by the master or blanket policy. In the event of a distribution of property 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 to Lender for application to the sums secured by the Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. C. Public Liability Insurance. Borrower shall take such actions as maybe reasonable to insure that the Owners Association maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to Lender. D. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to Borrower in connection with any condemnation or other 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 shall be applied by Lender to the sums secured by the Security Instrument as provided in Section 11. E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior written consent, either 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 b condemnation or eminent domain; ~u) any amendment to any provision of the Constituent Documents if the provision is for the express beneYlt of Lender; (iii) termination of professional management and assumption of self- management of the Owners Association; or (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by the Owners Association unacceptable to Lender. F. Remedies. If Borrower does not pay condominium dues and assessments when due, then Lender may pay them. Any amounts disbursed by Lender under this paragraph F shall become additional debt of Borrower secured by the Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting payment. BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Condominium Rider. Borrower Diane L. Reeves ______.__.(Seal) Borrower Borrower _ (Seal) Borrower MULTISTATE CONDOMINIUM RIDER--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3140 1/01 9917.CV (8/08) 6898726040 (page i of I Pages) Creative Thinking, inc. i GOTO(00I 1844a) I