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~ ~ CONDOMINIUM RIDER
T}ns Cortoo~?tuvwM Ri~~R is made this . . . . . . . . . . . . . . . . J. / . . . . . .day ot. . . . , Febniary, , . , , , , , , , , .
1977. and is incorpocated into and shall be decmed to amend and supplement a Mortgage. Iked of Tcust or Deed
tu Secu~c Ikbt (hen:in "security instrumenC' dated of cvcn datc hc~with wen b~y thc undersigned (hercin
"Bo~rawcr") to sccurc Ro~rower's Tvotc to. .~ATE,ENfERPRISES, I?jOR'~;~AGE, (URPORATIQ~11, , , , , , , , , , ,
.(hcrcin "Lcndei' and covcring the Property described in thc sccurity instrument and
located at. .OCG.~.602. . : ~ .97?~. ,Jensen Beach,, Florida, , 33457 , , , , , , , , , , , , , , , , , , ,
. . I~P~Y Addnss)
The Property comp i es un'~t_in to e~i~ wi~~i,~~n~jy~c~e~~i~terest in the common elcments of. a condominium
praject known 3s. . .lX:.. . .\il .C:(b~iW1~ 1VllJl~I.. V~ . . . .
• . . . • • • (tisme of co+,eon»niwn P.o;.cq
. . . . . . . . . . . . . . . . (hcrcin "Condominium Project").
CONDO1~lIN1U~1 COVENANTS. In addition to the covenantc and ag~eements made in the secority instrument.
Borrow~: r and Lender iurther covenant and agree as follows: .
A. AuessmeAts. Borrower shall pmmptly pay, when due, all assessments imposed by the OwnerS Association
or other governing body of the Condominium Project (herein "Owners Assc~ciation") pursuant to the provisions of the
declaration, by-laws, code of regulations or other constituent documcnt of the Condominium Project.
B. Hazard Insurance. So long as the Owners Association maintains a"master" or "blanket" policy on the
Condominium Project which provides insurance coverage agai~ut fire. hazards inciuded within the ternt "extended
coverage; ' and such othe~ hazards as Lender may require, and in such amounts and for such periods as I.ertckr may
requirc. then: -
(i) L.ender waives the provision in Uniform Covenant 2 for the monthly payment to L.ender of one-twelfth
of the premium instattments for hazard insurance on the Property; .
(ii) Bonower's obligation uader Uniform Covenant S to maintain hazard insurance coverage on the
Property is deemed satis6ed; and - .
(iii) thc 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superseded by any provisions of the declaration, by-laws.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 docurnent of thc
Condominium Project or of applicable law to the extent necessary to avoid a conflict between such provisions and
the provi~ions of Uniform Covenant S. For any period of time during whic6 such hazard insurance coverage is not _
maintained. the immediatel~ preceding sentence shatl be deemed to have no force or eHect. Borrower shall give
Lender prompt notice of any lapse in such hazard insurance coverage_ _
In thc cvcnt of a distribution of ha~ard irtsurancc proceeds ia lieu of restoration or repair foliowing a loss to
the Propcrt~. whether to the unit or to common elemenis. any such proceeds payable to Borrower are hereby assigned
and shall be paid to L.ertder for application to the sums secured by the security instrument, v~ith the excess, if any,
Raid to Borrower. ~
C. l.ender's Prior Consent. Borrower shall not, except after notice to l.ender and w~th L.enaer s prior writiC~?
consent, partition or subdivide the Praperty or consent to:
(i) the abandonment or tcrmination of the Condominium Project, except for abandonment or termination
provided by law in the case oE substantial destruction by fire or other casuaity or in the case of a taking by condemnation
or cminent domain;
(ii) any material amendment to the dectaration, by-la~vs or code of regulations of the Owners Association.
or equivatent constituent document of the Cvndominium Project. including. but not limited to, any amendment which
would change the perccntage interests of ihe unit owners in the Condominium Project; or
(iii) the ef~ectuation of any decision by the Owners Association to terminate professional management and
assume self-management of the Condominium Project.
D. Remedies. If Borrower breaches Bomower's covenants and agreements hereunder, including the corenant
to pay when due condominium assessments, then l.ender may inroke any remedies provided under 16e security
instrument, includiag. but not limited to, those provided under Uniform Covenant 7.
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IN WITNESS WHEREOF, Borrowcr has executed this Condominium Rider.
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WII.I.IAM 1Q.I -Bo~rower
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