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CONDOMINIUM RIDER
'I'Ftis Coxuoruc.iu~t Rta~tc is madc this.T.~i i t.f 1 t!? . . ~3 4~~. . . . .day of . . ~•.t' t 6.Q ~ . . . . . .
19.~Jb. and is incorporated into and shali i~x dccmcd to umen~l a~~J ~uppieiiticnt a;~i~rigaga. Dc:c~f of Trust or Decd
to Secure Dcbt (her~in "sccurity instrumcnt' dated of even date herewith g~~ven b~y ihc undersigned (hercin
•'I3orrower" ) ro secur~ Borrower's Note to. . ~~.ATE . Fr\'TERI?RISI:S. r1UR'rtaAGE. (.'(.).RPOItATIOtV, . , , , , , , , , ,
.(herein "l.ender") anJ covering thc Pro~rty described in the sccurity instrument and
located at. .OC~.~NA A~. 504 .9710, AlA, .Jensen Beach,, Florida, . 33457 , , , , , , , , , , , , , , , , , , ,
tProaeny ~aa.ess)
'fhe Prop:rty compn es a unit in ta eth~ w~~~h n un~d vide int~rest in the c~~mmon elementc of, a condominium
projcct known as. ~~IA OCF.AI~'~RO,~ CO?~'1~O1~~IN~l~1 ~\'E . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(Nsme of Condominium Project)
. . . . . . . . . . . . . . . . (hcrein "Cundaminium Project").
CONpp~TIN1UA1 COYENANTS. IIl addition to the covenant~ and agreements made in the security instrument.
Borrow~ r and Lcndcr further covcnant and agrcc as follows:
A. Assessments. Barrawer shall promptly pay, K•hen due. all assessments imposed by the Owners Association
nr n~hrr onvrrnino hcx~v nf the C'~ndnminium Proiect (herein "Owners Association") oucsuant to the provisions of the
o v - - - -
declaration, by-laws, code of regulations or other constituent document of the Condominium Project.
B. Hazard lnsurance. So long as thc Owncrs Association maintains a"mastcr" or "blanket" policy on the
Condominium Project which provides insurance coverage against 6re. hazards included within the term "extended
coverage; ' and such other hazards as Lencfer may require, and in such amounts and for such periods as L.ender may
require, then: ~
(i) Lender waives the provision in Uniform Covenant 2 for the monthly payment to Lender of one-twelfth
of the premium installments for hazard insurance on the Property; -
(ii) 13orrower's obligation und~r Uniform Covena~t 5 to maintain hazard insurance coverage on the
Property is deemed satisfied; and
(iii) the pr~~visions in venant 5 regarding applicatian of hazard insurance proceeds shall be
superscded by an~~ provisions =,th~ ~de`.Cla~stt. , b~~-laws, code of re~ulations or other constituent document of the
Condominium Projrct or o[ a :W~,law;~ the extent necessary to a~~aid a conflict between such provisions anci
the provisions of Uniform Covcn any pcricxf of time during which wch hazard insurance coverage is not
maintained, the immediately prece ing sentence shall be deemed to have no force or eftect. Borrower shall gi~e
Lendrr prompt notice of any lapse in such hazard insurance coverage.
ln the event of a distribution of hazard insurance prcxceds in lieu of restoration or repair following a loss to
the Pro}k.rty, whether to the unit or ta common clements, an~• cuch proceeds pa~~able to Borrower are hereby assigned
and shall be paid to Lender for application to the sums secured by the security instrument, with the excess, if any,
paid to Borrower.
C. Lender's Prior Consent. Borrower ~hall not, except after notice to Lender and with Lender's prior written
conscnt, partition or subdivide the Property or consent to:
~ (i) the abandonment or termination of the C~ndominium Projcct, cxccpt for abandonment or termination
~ provided by law in the case of substantial dcstruction by fire or other casualty or in the case of a taking by condemnation
I or cmincnt domain;
i - (ii) an~ material amendment to the declaration, by-laws or code of regulations of the Owners Association,
~ or equivalent constituent document of the Condominium Project, including, but not limited ta, any amendment which
~ woul~ change the percentage interests of the unit owners in the Condominium Project; or
(iii) the effectuation of any decision by the Owners Association to terminate professional management and
assume sclf-management of the Condominium Project.
D. Remedies. If Borrower breaches BoROwer's covenants and agreements 6ereunder, incloding the covenant
to pa~• when due condominium assessments, then Lender ma~ invoke any remedies prorided under the security
instrument, includinR, but not limited to, those provided under Lniform Covenant 7.
IN WITNESS WNF.REOF, Borrower has exccuted this Condominium Rider.
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