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0020028123 - CONDOMINIUM RIDER ;�� 98..-��2�s4 THIS CONDOMINIUM RIDER is made this 31 ST day of MARCH 1998 � 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 The Eguitable Building and Loan Association of Grand Island, Nebraska, A Federal Savings Bank (the "Lender") of the same date and covering the Property described in the Security Instrument and located at: 2753 LAKEWOOD DR GRAND ISLAND, NEBRASKA 68801 [Property Address] The Property includes a unit in, together with an undivided interest in the common elements of, a condominium project known as: [Name of Condominium ProjectJ (the "Condominium Project"). If the owners association or other entity which acts for the Condominium Project (the "Owners Association") holds title to property for the benefit or use of its members or shareholders, the Property also includes Bonower's interest in the Owners Association and the uses, proceeds and benefits of Bonower's interest. CONDOMIr1IUM COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. Condominium Obligations. Borrower shall perform 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; and (iv) other equivalent documents. Bonower shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Documents. B. Hazard Insurance. So long as the Owners Association maintains, with a generally accepted insurance canier, 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 monthly payment to Lender of the yearly premium installments for hazard insurance on the Property; and (ii) Borrower's obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the Property is deemed satisfied to the extent that the required coverage is provided by the Owners Association policy. Bonower shall give Lender prompt notice of any lapse in required hazard insurance coverage. In the event of a 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 to Lender for application to the sums secured by the Security Instrument, with any excess paid to Borrower. C. Public Liability Insurance. Borrower shall take such actions as may be reasonable to insure that the Owners Association maintains a public liability insurance policy acceptable in form, amount, and extent of coverageto Lender. MULTISTATE CONDOMINIUM RIDER-Single Family-Fannie Mee/Freddie Mac UNIFORM INSTRUMENT Form 3140 9/90 � -8 191081 VMP MORTGAGE FORMS-(3131293-8100-(80015 21-7 2 91 � �