HomeMy WebLinkAbout0209 4
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CONDOMINIUM RIDER ~
'I1His CoNOOM~Nwe~ R~nB~ is made this . . . . . . . . . . . . . . . . . . . day of . . . . .~4~r . . . . . . . . . . . . ~
19.76., and is inoorpoated into a~d shall be damed to amend and supplement s Mortgage:, Deed of Tcvst or Deed
to Secure Debt (hecein "security instruraent"~~~~,a,,t,~d,,,~o,t ~v-en date herewith ve b t undersigned (hereln
••Boaowec") to secure Borrow~er'a Note to. ?u:~:?1A44.E~fTERPRISF,~S, ND~G~, Q, ,RA'~I~1. . . . . . . . . . . '
.(here.~o "I.e~ r"~~ ~and oovering the Pr~ope~y described in the securi:y instrument and ~
located at. . .404. :a .9710, AlAi ,Jense~ 8esch~, Flo,rid~. . 33457 . . . . . . . . . . . . . ;
i?~~o•~? ~ ;
The Pt+o ct eom n t terest in the common elements of. a co~dominium ~
pmject known~asp~l~,...~..~ ~~C~~A1VFi~.O~ID.QrfINi~
(Nsn~ of Condominiwn Peoj~eU
. . . . . . . . . . . . . . . . (herein "Condominium P[ojoct").
CONDOMINIUM COVENANTS. In addition to the covena~ts and agraments made in the securit~r instrument,
Borrow~er nnd L.ender furtl~ec covensut and agroe as fdloars: _
A. A~aeub. Bonuwer shsll promptly pay, whea due, all asseasmenu impoaed by the Ownecs Associatioa
or other governing body of the Condominium Project (henin "Owners Association'~ punuant to the pc+ovisions of the
doclaration. bylaws, code of regulatioaa or othec coastituent document ot the Condominium Pcoject.
B. Hssard Ie~rauea. So long at thc Owners Assvciation maintaias a"master" or "blanket'-' policy on the
Condominium Pc~ojat which provides insurance coverage against fire, huards iacludod within the tecm "exteaded
ooverage," and.such otlKr hazards as Lender may require, and in such amounts and for such periods as I.ender may
nquic~e, then: . . ~
(i) I.eader waives the provision in Unifarm Covenant 2 tor tbe monthly paymeat to Leader of ono-twelfth ,
of the premium instatluknts for hazard inanrance on the Property; ~ -
(ii) Borrowe~'s obligatiqn wader Uniform Covenant S to maintaia harard insuraace coverage on the ~
PropertY is doemed satis6ed: and -
(iii) the provisions in Un~orm Covenaat S rega~ding application of hazard insurance proceeds ahall be _
suptseded by any provisions of the declaration, by-taws. code of regulatioas or other constituent document of the
Copdomi~ium Pr~njoct or of applicabk law to tht eateat Aecessary to avoid a oonflict betwean such provisions and _
the provisions of Uniforrti Covenant 5. For any pe~iod of time during which such hazard insurance coverage is not
maintained, the immediately preceding seateace shall be deemed to have no fora or offect. Bomower ahall give
Leader prompt notice of any ispse in such hazard insurance cove~age.
ln the eveat of a distribution of hazard insuraaoe proooods in lieu of restoration or repair following a loss to
the Property, whetber to the unit or to common eleanents. any such proceeds payabk to Borrower a~+e heraby assigned -
and shalt be paid to Lender for appiieatioa to the suma socured by the socuriry irtstrument, with the eacass, if aay, _
paid to Borrower. - -
C. I,ender's Prior Co~seN. Borrower sball.not, excxpt after noticx to Lender and with L.cnde~'s prior written
OOI15CAt, p8lilt10D OI SU~IVldC t~1C'P[OpCi~y Ot C0t13C11[ LO: ~
~ (i) the abandonu~ent or termination of the Condominium Project. except for abandonment or termination
E provided by Iaw in the c~se of substantial datnution by fin or other a~alty or in~ihe case of a taking by condem~ation
~ or eminent domain; - _
l (ii) any material amendment to the declaratioa, by-lawa or code of reguiations of the 0wners Asaociation,
~ or equivalent constituent document of the Condominium Project. including, but not limited to, aay amendmeat ahich
~ would change the perantage interests of the unit owaecs in the Condominium Pruject; or
; --(ri;) - the eHeccuation of any decision by tt~ Owners Association to tenninate professional management and ~
assume xlf-management of the CondominiumProject. - E
D. Remedies. if Borrowar ~resc6a Borrower's so~e~asts ~od ag~raa~eats Lereunder, jndudtag tb~ covewnt ~
to pay whee doe condoinidua~ ~wrab, tbe~ i.esder ~ay iaroke snp remcdies prorid~d onder the seewitp ;
i~trmueut, indrdisa, brt not I~ted to, tbo~e pro~id~d o~ Uaitorw Co~ 7. ~
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IN WITNESS WHBREOF, Borrowcr has eaecuted this Condominium Rider. ~
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. P[J(~IIRE -eo~ow•.
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IZI-I A. P[1QKIRE `eo"'01A1`-
~ 21S~N'~1
- /ILfO~1011ECOROE4 !
~t, t1CtE COItNT1f~f1A.
CONDOMi~IIUM RIDER-1 to 4 Fainih?-6»s-~u~flawc u~o~M nanu~~rr ~u~~Rro~
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