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HomeMy WebLinkAbout0382 - 4 CONDOMI.NIUM ItIDER Tf~~s Co~ao~tiy~u`t RiaFR is madr this . . . . . . . . . . . . . . . . . . . . . . . . . .day of. . . . November . . . . . . . . 1 y. TG.. and is incorporat~•d into and shal) be deemed to amend and supplement a Martgage. Dced of Tnut or Deed to Securc D~bt (hcrcin ''security instrument' datcd at even date herewith ~ven b~y the undersigned (hercin •'eor~owrr") to secur~ Aorrower's Note to. . ~ATE, FNTERPRISES, I~R'~AGE, UORPORATIQV. , , , , , , , , , , . . . . . . . . . . . . . . . (herein "Lcnder") a~nd covcring the Praperty described in the security instrument and ; located at. .OC~A.~~'.1002. .9710, AlA: ,Jensen Beach,, Florida. , 33457 , , , , , , , , , , , , , , , , , , , „ ' . . . . . . . . (propatr Addnssl - Thc Pro ert rnm ~~ees~~ ~unit i t~ ~e~h~g~ w~iI~R ty~ 1_v!d.ed ntcrest in the common elements o[. a condominium project known as P~~~iMA OC~RL~Yl" (.UVD~,11~11~?f. Ol~~ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (Nam~ ol Condom~nium Proj~cq . . . . . . . . . . . . . . . . (hcrein "Condominium Project"). ` ~ - Co~no~~iriuAt Co~'ENANTS. in addition to the covenants and agreements madc in the security instcument, Borrower and Lender.further covenant and agree as follows: A. Assessments. Borrower shall promptly pay. when due, all assessments imposed by the OwnerS Association oc othcr governing bod~ of the Condominium Project (herein "Owners Association") pursuant to the provisions of the declaration, by-laws, code of regulations or other constituent document of the Condominium Project. B. Hazard Insurance. So lo~g as the Ow~ers Association maintains a"master" or "blanket" policy on the Condominium Project which provides insurance coverage against fire, hazards included within the term "extended coverage; ' and such other hazards as Lender may requin~ and in such amounts and for such periods as Le~de~ may . require. then: (i) Lender waives the provision in Unifortn Covenant 2 for the monthly payment to Lender of one-twelfth of the premium installments for hazard insurance on the Property; (ii) 8orrower s obligation under Uniform Covenant S to maintain hazard insurance coverage on the Propeny is deemed satisfied; and (iii) the provisions in Uniform Covenant S regarding application of hazard insurance proceeds shall be superseded by any provisions of the deciaration, by-iaws. code of reguiations or other constituent document of thc Condominium Project or of applicable law to the extent necessary to avoid a conflict between such provisions and the provisions of l.'niform Covcnant S. For any period of time during which such hazard insutance coverage is not maintained. the immediately preceding sentence shall be deemed to have no force or efiect. Botrower shall give Lender prompt notice of any lapse in such 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 such proceeds payable to Borrower are hereby assigned and shall be paid to Ixnder for application to the sums secured bp the security instrument, with the excess, if any, paid to Borrowcr. . C. Lender's Prior Consent. Borrower shall not~ except after notice to Lender and with Lender's prior written consent, partition or subdivide the Property or consent to: (i) the abandonment or termination of the Condominium Project, except for abandonment or termination - '~I provided by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or eminent domain: 4 (ii) any material amendment to the declaration. by-laws or code of regulations of the Owners Association, ~ or cqui~~alent constituent document of the Condominium Project. including, but not limited to. any amendment which would change the percentage interests of the unit owners in the Condominium Project; or (iii) _ the et~ectuation ~f any decision by the Owners Association to terminate professional management and assume self-management of the Condominium Project. D. Remedies. If lzorrower brenches Borrawer's covenants and agnemeats 6ereunder, including the eoveoant to pay when due condominium assessments, then Lender may invoke sny remedia provided under the secarity instrumcnt~ including. but not limited fo, ttase provided under Uniform Covtaant 7. IIV WITNESS ~VHEREOF, Borrower has exccuted this CQndominium Rider. - . ' - ~ / ' _ - _ ~ ~iJ~a ~ a DUANE L. SOREN.SFN -so.?ower c ~ ~ 1.. 0 ~ ~ u . f-~LIN T . SORENSEN -eor?~• iiLE~ ~MU P oA0E0 ST.IUCtE C~~ F~A. Ii6CER POtTRAS CLERR C~ItCtlIT CQUtIT CONDOMINIUM RIDER-1 to 4 family-6/15-iMMA/FHLMC UNIiOtIM IMSTaUMEN1 Rf.CORD YER~iIEJ..~...~~ Dic I~! 12 PM'?6 ioo+c PacE ~ :35~3, _ _ _ ~ . ;