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COND011~INIUM RIDER
'I~isCo~ooM~xiuH Rt~Ea is made this. . . . . . . . . . . . . . . . . . . . .day of. , February, ,
l9 and is incorpordted into and shall be dtemed to amend and supplement a Mortgage. Deed of Trust or Deed
to Sccurc Debt (hercin "security instrument"~) ~d,,a,~,t,ed of cven datc herewit_hi gi_ven b~y thc undeaigncd (hertin
••Bormwer') to secure Borrower's Note to. .!~aIATE,INtERPRISES, MOKl~AGE, (ARPORqTIQV. . . . . . . . . . .
.(herein "L.endci ~and covering the Propc~ty dcscribed in the sccurity jnstrument and
locaeed at. .OC~AN~P..~". 6 - .9710 AU1, ,Jensen 8each,, Florida, , 334~7 . . . . . . . . . . . . . . . . . . .
. . . (Prop~rty Addnu)
The Property comp~i~~s_~ un'~t in t hgx ~iiir„~}~Sjjyl~c~~terest in the common elements of. a condominium
project known as. . ~..:r~NA.uC:. . . . . . vt UUVJUl~utVlUl~ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
^ (Nsm! Of COndOminium Proj~tt)
. . . . . . . . . . . . . . . . (hcrein "Candominium P~oj~ct").
CONDONINIUM COVENANTS. In addition to ihe covenants and agrecments made in the security instrument.
Borrow~r and L.endcr further c~oveaant and agrce as follows:
A. Assessments. Borrower shall promptly pay. whe~ due, ali assessments impcucd by the Owner$ Association
or othcr governing body oE tfie Condominium Pmject (herein "Owners Association") pursuant to the provisions of the
decla~ation, by-laws, code of regulations or other ecrostitueot document of the Condominium Project:
B. Nazard 1~uraece. So long as the Owners Association maintains a"master" or "blanket" policy on t6e
Condominium Pmject which pmvides insurance rnverage against fire, hazards included within the term "cxtended
coverage;' and such other hazards as I.endzr may require, and in suc6 amounts and for such periods as Lende~ may
requi~e. the~:
(i) Lender waives the provision in Uniform Covenant 2 for the monthly paymcnt to Lender of one-iwelftb
of the premium installments-#or hazard insurance on the Pmperty; ~
(ii) Horrower's obligation under Uniform Covenant S to maintain hazard insurance rnverage on the
Property is deemed satisfied; and
(iii) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds shall be
superseded by any provisions of the declaration. by-laws. code of regulations or other constituent document of thc
Condominium Project or of applicable law to the extent necessary to avoid a conflict bet~~een such provisions anct
the provisions of Uniform Covenant 5. For any period of time during which such hazard icsurance coverage is not
maintained. the immediately preceding senteace shali be deemed to have no force or effect. Bornower shall giv~
Lender prompt notice of any lapse in sucA hazard insurance coverage.
[n 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 clemenis. any such proceeds pa~able to Borrower are heceby assigned
and shall be paid to Lender for application to the sums secured by the security instrument, with the excess. if any,
paid i~ L'.z;.oxcr.
C, ~I.tnder's Prior Consent. Borrower shall not, except after potice 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 termiaation
provided by law in the case af substantial destruction by fire or other casualty or in the case of a taking by condemnation
or cminent domain;
(ii) any materiat amendment to the declaration. by-iaws or code of regulations of the Owners Association,
or equivaient constituent document of the Condominium Project. iRCluding, bei not limited to, any amendment which
woutd change the per~centage interests of the nnit owners in the Condominium Project; or
(iie) ttie eHectuation of any decision by the Owners Association to terminate professional management and
assume self-management of the Condominium Project.
D. Remedies. IE Borrower bresches Borrower's covenants and agreemtnts bereunder, including the co+renant
~ to pay when due condominium assessments, then Lender may invoke any remedies provided under the security
i instrumerit, including, but not limited to, those provided under Uniform Covenant 7. ~ ~
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~ IN WITNESS WHEREOfi, Bortowcr has eaecuted this Condominium Rider. ~
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CONDOMINIUM RtDER--i to ~ familr-6/7S-FN~RA/fkl~lC UNIfORM INSTRU~tfNT
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