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<br /> � � 'fEIIS CONDOMINIUM R1DER is made this ZbTH day of FEBRUARY,1998.and is incoiporated into and shall be . �f � �� � •
<br /> � ' =`- �'- �tc sm�d�Qm�+lemens the Mon¢ase.D�ed of Trust or Secarity Deed([he'Securiry Instrument')of the same -.-;.. - ".�
<br /> u � - ��,-`. . date given by the undcisigned (the 'Borrower') [o secuce Borrower's Note to PHH MOR'fGAGE s��i�� -- -
<br /> � � �� `� . CORPORATION t�e "lender')of the same date aad oovering the Pmpertg described in the Securiry instrumene and • �
<br /> • . ";�.-, located at: ,r; .. .
<br />-�` >--� -•==�>� t413 STAGECOACH RUAD,GRAND ISLAND.NE 68801 .
<br /> '` ' � � .�. �rropenynca�sl �'r`,�;`
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<br /> • _ , • 'The Property includes a unit in,together with aa undivided interest in the common elements of,a condomini�un project
<br /> :�i �`�-. •- lmown as: FAIRWAY VILLAS . " - .�"``'4�
<br /> . , [Name of CondomiaiumProleal ., �s -�_
<br />�' . • (the 'Condominium Project"). If the owners assaciazion or other enrity wdich acts far the Condominium Project(ttie `. 4 .. _,�.'j_.
<br /> <`.` ' • ^pwners Assaciation")holds ritle to property for the benefit or use of iu utembers or shareholders, the Property alsu t:� :. _ ._
<br /> �•{', • . incfudes Bonower's interest in the Owneis Associatioa and the uses,Proceeds and benefits of Borrawer's interest. �,;°:,. __
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<br /> ti� .. • ". Condominiam Covenan4s. In addition to the covenants and agreements made in the Secarity Insuument.Borrower
<br /> " � and L�euder further covenant aud agree as follows: : .
<br /> :;� � . - A. Condominium 06�.3gatlons. Borrower sball perfotm all of Borrower's obligarions under the Condomiaium �:,
<br /> �1: • . ..�. :. Project's Constituent Documents. The 'Consrituent Documeats' aze the: (i) Declaiation or a�r other document whicb ,,�,, �
<br /> . , 4 � , :_;�, creates the f,ondominium Project; (ii)by-laws;(iii)cade of regulations; and(iv)otber equivalent dacumenu. Borrower _�
<br /> �'- • - shall promP�Y PaY.whea due.all dues and assessments imposed puisaant to the Constituent Documents. : -
<br /> f' : B. Aa�acd Insarance. So long as the Owuer's A$saciation maintains.witb a generalty accepted iasurance carrier,a _..
<br /> �`•��� �. = •master"or"blankeC policy on the Candotninium Project which is satisfactory.to Leader and which provides insarauce ,;�--.-�
<br /> �r: ' ' covenge in the amounu, for the riods, and a ainst the hazards Lender reqwres, inctuding fire and ha7ards included �. �s:::.a;
<br /> . withia thc term"eatended coverage�then: � �� �'k-�,
<br /> r;`: " .� ....':_� (i) Lender cvaives the provision in Uniform Coveu�wt 2 for the uwntNy payment to Lender of one-twelfth of the _:;�
<br /> • yearly premium installmeats for hazard insurance on t�e Property;and : � ,_'•`�`
<br /> "= (u) Banower's obligation under Uniform Coveaant 5 to ma;�rAin kayard insurance coverage on the Propercy is �,.
<br /> µ `• , � , deemed satisfied to the extent that the req n i r e d covetage is provided by the Owners Association policy. ;,..`�;r,�,;'._:;--
<br /> ` � � Bormw e r s h a l l g i v e L e n d e r p r o m p t n o t i c e o f a a y l a p s e�n r e Q u i r e d hazard iusurance c°verage. <<�,:. .T%� �_
<br /> �.:>.: �.:'•.� � ' n �;:;�,... :�.,,._._-
<br /> : ; ;':,y:�;'. '� . In the eveat of a distn'bution of hazard insurance procceds in lieu of restoration or repa�r following a loss to the ,;;���1`,.:..;,_
<br /> y..'•; . ' ' .°' p[ppCTty.whether to the unit or to cammon elemenu.any praceeds payabte to Bonrower are hereby assigned and shall be . ____�
<br /> ' ; . � ' � paid to Lender for applicatioa to the sums secured by the Security Insuument,with anY excess Paia to Bonower. ,.•,�.� :��_
<br /> . C. PubUc LIa6iliEy Insw�nce. Borrower shall take such acdans as may be reasonable to insure that the Owners ' :1,��_
<br /> � " Association maiatains a public liability insurance pollcy acceptable in form,amount,aad extent of coverage to Leader. •<< '• _
<br /> �.;. � � ' D. Coademnatton. T[ie pmceeds of any awazd or cla�m for damages,direct or conseyuentiai,payable to Borrower _-
<br /> � .'- ' �'" ' '� " ''`:�� in connection with any wn demna don or o t her t a k i n$af all or an y part of the Pro p e n y, whether of the uni[or of the �,. T„�
<br /> � � common elementa.or for any conveyance in lieu of condemnation,are h ere by assiga e d an d s h a ll be paid to Lender. Such ��. -_.��,_
<br /> � , proceeds shall be applied by lxnder to the sums secured by the Securiry Instrument as prov�ded in Uniform Covenaat 10. �'`. � :-
<br /> �•'' � E. Lender's P►�tor CoRSen� Borrower shaU not, eacept after notice to Lender and with Lender's prior written �� '
<br />� .s : •- • � consent,either partitiaa or subdivide the Property or consent to: •' ��•`
<br /> : .•.? �� il�� _._
<br />-- . (i) the abandonment ar termination of the Condominium Project. except for abandonment or termir►- ation .:::n . _
<br /> ' . ; required hy law in the case o€substantial destruction by fire or other casualty or in the case of a taicing by condemnation or ` ;;�;; r,_:•;�
<br /> y��,`': ' eminrat domain; �_�-�
<br /> �A:,. : . (ii) any amendment to any provision of tbe Constituent Documenu if the provision is for the e�cpress benefit of
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<br /> � l.ender;
<br /> � � �. (iii)termination of professional management and assumption of seif-management of the Owners Associadon;or
<br />_ ------- (iv)any action which woWd have[he effect of rendering the public liability insurance wverage maintained by the
<br /> - . � � �wnets Associanon unacceptable to I.ender. :`�. ,-
<br /> � F. Remedies. If Boaower does not pay Condominium dues and assessments when due,the Lender may pay them. , _: ,
<br /> � , � My amounts disbursed by Lender under tbis paragraph F s6a11 become additional debt of Borrower secured by the •
<br /> ` Secunry Insnument. Unless Bonower and Leader agree to other terau of payment,these amount shall bear interest from .
<br /> � � � •� the date of disbursemeat at the Note rate and sha11 be payable, with interest. upon notice from LendQr to Borrower •
<br /> ;•.",. " requesting paymeat. • ,
<br /> ,��''� • BY SIGNING BELOW.Borrower accepts and agrees co the t rms and provisi cor.tained this Condominium Rider. ,�:`,+i�'�
<br />-• . ' Witnesses: • �,�Q .. . .
<br /> ��V (Seap
<br /> � • ) H.WAL R •Borrower ,
<br />-.���. : - � �Q.CiI � �•..f'I�QNwL(JJ �$C8I) .. � ..
<br /> DEEANN R.WALKER •Borrower
<br /> ' (SeaU � �
<br /> •• ' •suaower
<br /> � . • I (Seal) • .
<br /> •Burrower
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