HUD-96029 Condominium Rider

OMB Approval No. XXXX-XXXX

CONDOMINIUM RIDER
U.S. Department of Housing and Urban Development
Office of Housing
Public Reporting Burden for this collection of information is estimated to average 6 minutes per response, including the time for reviewing
instructions, searching existing data sources, gathering and maintaining the data needed, and completing and reviewing the collection of
information. This information collection is required to obtain or retain benefits. Send comments regarding this burden estimate or any other
aspect of this collection of information, including suggestions for reducing this burden, to the Reports Management Officer, Office of the Chief
Information Officer, U.S. Department of Housing and Urban Development, 451 7th Street, SW, Washington, DC 20410-3600 and to the Office of
Management and Budget, Paperwork Reduction Project (OMB Number: 2502-0610) Washington, DC 20503. Do not send this completed form to
either of the above addresses.

THIS CONDOMINIUM RIDER is made this _______________ day of _____________, 20__, and is incorporated
into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Security Deed ("Security
Instrument") of the same date given by the undersigned ("Borrower") to secure Borrower's Note ("Note") to
________________________________ ("Lender") of the same date and covering the Property described in the
Security Instrument and located at:
[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 Project]
("Condominium Project"). If the owners association or other entity which acts for the Condominium Project
("Owners Association") holds 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:
A. So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or
"blanket" policy insuring all property subject to the condominium documents, including all improvements now
existing or hereafter erected on the Property, and such policy is satisfactory to Lender and provides insurance
coverage in the amounts, for the periods, and against the hazards lender requires, including fire and other hazards
included within the term "extended coverage," and loss by flood, to the extent required by the Secretary, then: (i)
Lender waives the provision in Paragraph 3 of this Security Instrument for the monthly payment to Lender of onetwelfth of the yearly premium installments for hazard insurance on the Property, and (ii) Borrower's obligation
under Paragraph 5 of this Security Instrument 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. Borrower shall give
Lender prompt notice of any lapse in required hazard insurance coverage and of any loss occurring from a hazard.
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Form HUD-XXXX (01/XX)

OMB Approval No. XXXX-XXXX

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 condominium unit or to the common elements, any proceeds payable to Borrower are
hereby assigned and shall be paid to Lender for application to the sums secured by this Security Instrument, with
any excess paid to the entity legally entitled thereto.
B. Borrower promises to pay all dues and assessments imposed pursuant to the legal instruments creating and
governing the Condominium Project.

C. If Borrower does not pay condominium dues and assessments when due, then Lender may pay them. Any
amounts disbursed by Lender under this paragraph C 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 provisions contained in this
Condominium Rider.

_________________________ (SEAL)
Borrower

_________________________ (SEAL)
Borrower

[ADD ANY NECESSARY ACKNOWLEDGEMENT PROVISIONS.]

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Form HUD-XXXX (01/XX)