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Home My WebLink About0554 , ~ CONDOMINIUM RIDER . , ~ ' ~ c c~ ~-t ~c T~ns Covno:?trviuH IttaFR is made this. . . , :~~.c G . .f . . . . . . . . .day o(. . . . . . . . . . . . rl . . . . . 19.?.7, and is incorporated into and shall be deemed to amrnd a~d suppleme~t a Mq~rtgage. Deed of Ttust or Deed to Sccure Ih:bt (hercin "security instrument" dated of even date herewith wen b`~ the undersigned (herein "Borrowcr") to cccurc Rorrowrr's Notc to. ,~A'TE,II~TERPRISES, i~IORIC~,'AGE. (.URPORATIO~V, , _ , , , , , , , , . . . . . . . . . . . (herein "I.endei') and cavering the Property describzd in the security instrument and located at. .OC~ANd~. 7A9 . .9710. A1A, _Jensen Beach,. Florida. , 33457 , , , , , , , , , , , , , , , , , , , . • . . . . . . . . (Prope?ty IWdress) Th~ Property comp ises ~a~unit i to e~i~ wi1~i~~~~d~~ie~~erest in thc common elcments of. a condominium projcct known as iVt (iI?~iw~~. lv................................................ (Nsme of Condominium Projecl? . . . . . . . . . . . . . . . . (herein "Condominium Project"). CO~IOO~ilNIUl~1 COVErIANTS. I1l BddIt10D t0 the COVe113t1tS aDd ag~CC111Ct1IS mad~ in the security instrumrnt. Borrowcr and L.endcr fu~ther covenant and agree as follaws: A. Assessments. Bor~ower shall promptly pay. when due. all assessmcnts imposed by tfie Owner$ Association or oth~r governing body of the Condaminium Project (h<<ein "Owners Assoc+ation") pursusnt to the provisions of the declaration, by-laws. caie of regulations or other constituent document of the Condominium Project. B. tlazard lnsurance. So long as the Owners Association maintains a"master' ar "blanket" pc~licy on the Condominium Project which provides insurance coverage against fire. haza~ds iRCluded within the term "extended coverage;' and such other hazards as Lender may rcquire, and in such amounts and-for such periods as Lender may require,then: (i) Lender waives the provision in Uniform Cvvenant 2 for the monthly payment to Lender of one-iwelfth of the premium installments for hazard insurance on the Property; (ii) Borrower's obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the Property is deemed satisfied; and ~ (iii) t~ie pravisions in Uniform Covenant 5 rega~di~g agplication of hatard insurance proceeds shall be superseded by any provisions of the declaration, by-laws, code of regulations ar othe~ constituent document of the Condominium Project or of appficab)e law to the.cxt~nt necessary tu avoid a conflict between such provisions anct thc pra~i~ions of Uniform Covenant 5. For any period of time during which such hazard insurance coverage is not maintained. the immediately preceding sente~~e shall be deemed to have no force or effect. Bonower shall givc Lender prompl 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 Lender for application to the sums secured b~ the security instrnment. with the excess, it any, paid to Borrower. . C. I,ende~'s Prior Consent. Borrower.shall not, excePt after notice to L.ender and with Lender's prior written consent, partition or subdivide the Pr~perty or consent to: - (i) the abandonment or termination of the Condominium Project, except for abandonment or termination provided by law in the case of substantial destruction by fire or other casualty or in the caze of a taking by condemnation ar eminent domain; (ii) any material amendment to the declaration, by-laws or code of regulations of the Owners Association, or equivalent constituent document ot the Condominium Project. including, but not limited to, any amendment which would change the Qercentage interests of the unit owners in the Condominium Project; or (iii) the effectuation of any decision by the Owners Association to terminate professionat management and assume self-management of the Condominium Project. D. Remedies. I[ Borrower breaches Borrower's covenants and agseements hereunder, including the covenant to pay when due condominium assessments, Ihen Lender may invoke any remedies grorided under the security instrument, inciudinR, but not limited to, those pmvided under Uniform Covenant 7. IN WITNESS WHEREOF, Borrowcr has executed this Condominium Rider. ~ _ ~ ~ GCC-~~~~~r ~ y ss1/~s°'z' ` ' HJ GRAIvS - ~ J'~ "DYr~• : • , ~C~ ~ -LEA G~flIVSKOG -eo?~owe~ i i~~~~l~ ~Q1t~1~~ f ~A D~t K C1RCQt~~~ 1?~t CQNDOMINIVM R{D~R-l to 4 family-6t75-FNMA/FHI1~1C UNIFORII INtTRUMENT R[CORT 1~R~t1 Q~,..,.,,,,... , 3 aK~,~ eooK 26~ ~acE 5~ 3561~8 .