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CONDOMINIUM RIDER ~
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'i~~iis Co~aoM~cv~u~~ RiaFR is ma~lc thi~ . . . . . . . . . . . . . . . ~.~.s. . . . . . . .day ~f. . . . . . .~ril. . . . . . . . . . . . .
19 .7.7, and is incorporatcd into and shall bz dcrmcd tc~ am~ nJ and suppicm~ nt a A1~irtga~e, [ked of Trust or D~.ed
ta Sccure Ikbt (hcrcin "sccurity instrumcnt' dat~d of c~~cn Jatc hcrc~ti•ith, ivcn b thc undcrsigncd (hcrcin
'E3~rn,~.c~" ) to sccurc Borra~~~cr's Notc to. . ~ATE . F\ fEltPRISES, ~IUFtT(~AG~, C~,RPORATIQ~. . . . . . . . . . .
.(hcrcin "lcndcr") ancl co~~cring thc Propcrt~• dcscritkd in thc sccurity in~tn~mcnt and
locace~ ac. .OC~.ANA A'1'. 1.Q0~,, ,9710. Al~, .Jensen ,Beach,. Florida. _ 33457 , , , , , , , , , , , , , , , , , , , „
. , lP•oc~•ty ~aa.cssl ;
Thc Propcrty compri r~ a un t in to c h•r ~~i h n un i~•i~c.i int~re~t in th. c~~mm~~n clcmcnts of, a condominium
prc?je:t known as.0~Fr1:VA ~CF.AI~'~\~I' C~\~0?~fI~~U,~i 0\~ . . . . . . . . . . . . . .
. • • • • • (Name o~ Condomi~ium Proje:l! '
. . . . . . . . . . . . . . . . . (hcmin "Condominium Projcct").
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CO~[)O~1INIUM CO~~FV~~TS. In a~dition ta the co~~rnants and agrc~mcnts madc in the securit~ instrument,
I3urro~~~~ r and Lendcr furthcr cavcnant and a~rcc as foll~~+~s: ~
~ssessments. Borro~•er shall promptl~• pay, ~rhen duc, all assccsments imposed M• th~ OwnerS Association
ur oth; r govcrning bod~• of th~ Condominium Project (hcrcin "UH•ucrs Auociation") pursuant to thc provisions of thc
d~~claration, by-laws. mclc of rcgulations ar othcr canstituent documcnt of thc Condominium Prajcct.
B. Nazard Insurance. So long as the Owners Associatian maintains a"master' or "blanket" palicy on the
Condominium Project ~~~hich provides insurance coverag~ again~t fire, hazarJs included within the term "extended
co~•erace." and such other- hazards as Lender may require, and in such amaunts and far such periods as Lender may
require, then:
(i) Lender waivcs the provision in Uniform Covenant 2 for the monthly payment to Lender of one-twelfth
af ~thc premium installments for hazard insurance on the Property;
(ii) Borrower s obligation undcr Uniform Covcnant 5 to maintain hazard insurance coverage on the
Prop.rt~• is deemed satisfied; and
(iii) the provisions in Uniform Covenant S regarding application of hazard insurance proceeds shall be
superseded by any pravisions of ~the declaratian, by-laws. code of regulatians or other constituent document of the
Condominium Project or of applicable law to the extent necessar~ to avoid a canflict between such provisions anci
the pro~•isions of Uniform Covenant 5. For any period of timc during which such hazard insurance coverage is not
maintained, the immediatel~ prcceding sentence shall be decmed to have no force or eBect. Borrower shall givc
Lender prompt notice of an~~ lapse in such hazard insurance cuverage.
In the e~~ent of a distribution of hazard insurance proceeds in lieu ~f restoration or repair following a loss ta
the Prupert~~, whether to the unit or to comman clements, an~~ such procceds payable to BorroH~er are hereby assigned
and shalt be paid to L.ender for application to the sums secured b} the security instrument, with the excess, if any. .
paid to Borrower.
C. Lender's Prior Consent. Borro~ver shall not, except after notice to Lender and with Lendei 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
procided by law in the case of substantial de,~struction by fire ar other casualty or in the case of a taking by condemnation
or cminent domain;
(ii) any material amendment to the declaration, by-laws or code of regulations of the Owners Association.
or equi.atent constituent document of the Condominium Project. including, but not limited to, any amendment which
~ would change the percentage interests of the unit o~vners in the Condominium Project; or ~
~ (iii) the effectuation of any decision by the Owners Association to terminate professional management and
, assume self-management of the Condaminium Project.
~ D. Remedies. If Borrower breaches Borrower's rnvenants and agreements hereander, including the covenant
E to pa~ when due condominium Assessments, tben Lender may invoke any remedies provided under the securitp
~ instrument, inctuding, but not limited to, t6ose provided under Uniform Covenant 7.
Ir WITICESS WHEREOF, Borrower has executed this Condominium Rider.
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S. I~IRPHY, III -8~~~«
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c! ` J~ ~~CC~t t~"
BARBARA B . bURPHY -8~••~e•
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~ i LEO AN~ R~COROEU
i~.IUCIE COUNTY FLA. ,
ROCER POITRAS \1 ~1?
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~ CONDOMINIUM RIDER-1 to4 familr-6/75-FNh1A/fHtMC UNIFORM INSTRUMFNT
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