80005596 - Laserfiche WebLink

Browse

so--nc~55ss CONDOMINIUM RIDER 1. The Borrower shall promptly deliver to Lender; and in the case of a Deed cf Trust, both to Lender and Trustee, a true and correct copy of each and every notice of default received by Borrower with respect to ary obligation of the Borrower under the provisions of the Condominium Property Act of the State of Nebraska ("Condominium Property Act"), the master deed creating the condominium property regime of which the above Property is a part ("Master Deed"), the rules ar_d regulations ("Rules and Regulations") and the bylaws ("Bylaws") adopted by the association. 2. The Borrower shall not, except with the prior written consent of the 'Lender: a. institute ary action or proceeding for partition of the property of which the Property is a part; b. vote for or consent to any modification of, amendment to or relaxation in the enforcement of any provision of the Master Deed, Rules and Regulations or Bylaws; and c. in the event of damage to or destruction of the property of which the Property is a part, vote in opposition to a motion to repair, restore or rebuild. 3. In each and eve=ry case in which, under the previsions of the Master Deed, Rules and Regu.lert:i.ons, Bylaws or Condominium Property Act, the unanimous consent ar the unanimous vote of the owners of units is required, or thr:: number of votes required is in excess of a simple majority, the Borrower shall not so vote or give such consent without, in each and every case, the prior written consent of the Lender. 9. It shall constitute a default under this Mortgage or Deed of Trust entitling the Lender, at its option, to accelerate the entire unpaid balance of the indebtedness secured hereby if the board of directors or other governing body of the associa- tion fails or refuses to maintain in full force and effect a policy or policies of fire insurance with extended coverage, vandalism and malicious mischief ende~rsemen*_s, for the full insurable replacement value of the common E+iements, and having firm ar contingent or conditional endorsements covering the replacement value of the units to provide for restoration thereof to tenantable condition in the event of damac7e. Such policy or policies shall. be ~+'ritten in the name of, and the proceeds thereof stall be. payable to, the board of directors or other governing body, for the benefit of each of tine unit owners in the percentages established in rile Master Deed and to the respective mortgagees, trustees or beneficiaries of the unit owners as their interests may appear. Such volicv_ or policies shall orovi.de for separate protection for~each unit and its attached, bui.l.t-in or installed fixtures and