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~ CONDOMINIUM RIDER
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'('i~is CoNOOtitiN~unt R~nFR is made tl~is. . . . . . . . . . . . . . . . . . . . .da ot. . . . . . . . . . . . . . . . . .
l9 and is ihcor~rated into and shall be Jt~mcd to am~nd and supplemcnt a`lc~rtgagc, Dced o! Tirust or Dced
tc~ Secure Dcbt (herein "sccurit~~ instrument" datcd ot c~~cn datc hcrcwith, ~~~en b the unJcrsigned (hercin
"Aorro~~~cr") to cccurc Barrow~r's Note to. .~A'TE,ITTERPRISFS, I?10RT(~t1GF. (~,RPORATION, _ , , , , , , . , ,
. . . . . . . . . . . (herein "I.e~dei'? a~nd co~•ering the Praperty dcscribcd in the security instrument and
loca~cd at. .OC~AIV,~ A
_P'1'. .1. . ~ .9710 AlA, ,Jensen Be~ch,, Florida, _ 33457 , , , , , , , , , , , , , , , , , , ,
. . . . . . . . (Property Address) . -
Thc Propcrty comp i rs a unit i~ t
~c1h w~iih1~ n~~ ~f~ i~~t~rest in th: rumm~n cl~mcnts ot. a condominium
projcct knowa as. OCF.AI`'r1~\~ C(~,\'I7U,~1~~I~1 ~\'E . . . . . . . . . . . . : . . . . . . . . . . . . . . . . . . . . . . . . . .
• . . . . • . • . . • . • . • . . (N~me o1 Condominium Proiect) '
. . . . . . . . . . . . . . . . (hcrcin "Condominium Projcct"). -
.
Co~ao~?t~tviun~t CovEtv~r?TS. In addition to the cov~nants and agreemcnts madc in the sccurity instrument,
Borrowcr and [.endrr furthcr co~•cnant and agrec as fo11~~H~s: _
A. Assessments. Borrower shall promptl~• pa~•, ~~~hen duc, all assessments impc~sed by the Owners Association
or othr~ govcrning bod~• of thc Condominium Project (hcrein "O~•ners Assc~ciation") pursuant to the provisions of thc
declaration, by-laws. code of regulations or other cons:ituent document of the Condominium Project.
B. Hezard Insursnce. So long as th~. Owners Association maintains a"master' or "blanket" policy on the
Condominium Project which provides i~sur~nce coverage again~t Cre. hazards included within the term "extended
ca~erage: ' and such other hazards as Lender may require, and in such amounts and for such periods as Lender ma~•
requirc, then:
(i) l.ender waives the provision in Uniform Covenant 2 for the monthly.payment to Lender of one-twelfth ~
of the premium installments for hazard insurance on the Property;
(ii) Borrower s obligation under Uniform Covenant S to maintain hazard insurance rnverage on the
Property is deemed satisfieJ; and
(iii) the provisions in Uniform Covenant 5 regarding application of hazard insurance procceds shall be
superseded by any provisions of the declaration. by-laws, code of regulations or other constituent document of the
Condominium Project or of applicable law to the extent necessary to avoid a conflict between such provisions anct
the provisions of Uniform Covenant S. For any period of time during which such hazard insurance coverage is not
maintained. the immediately preceding sentence shall be deemed to have no force or efiect. Borrower shall givc
Lendrr prompt notice of any lapse in such hazard insurance co~erage.
ln the event o[ a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to
the Property, whether to the unit or to cammon elements, any such proceeds payable to Borrower are hereby assigned
and shall be paid to l.ender for application to the sums securcd b~ the security instrument, with the excess, if any,
paid to Borrower.
C. Lende~s Prior Consent. Borrower shall not. except after notice 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 termination
pro~•ided by law in the case of substantial destruction by 6re or other casualty or in the case of a taking by condemnation !
or cminent domain;
(ii) any material amendment to th~ declaration. by-laws or code of regulations of the Owners Association. ;
~ or equivalent constituent document of the Condominium Project. including, but not limited to. any amendment which
would change the percentage interests Qf the unit ownen in the Condominium Project; or
~ (iii) the effcctuation of any dccision b~ the Owners Assoc~at~on to terminate professional management and
~ assume self-management of the Condominium Project. ~ ,
~ D. Remedies. If Borrower brcaches Borrowe~s covenants snd agreements Ixnunder, including tbe corenant ;
to pa~ when due condominium assessments, t6en I.ender may invoke sny remedia provided nnder the security
instrument, including, but not limited to, those pmvided under lIniform Covenant 7.
IN WITNESS WHEREOF, Borrowcr has executed this Condominium Rider.
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~ 368211
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CONDOM~NIUM RIDER-1 to 4 Funily-6/75-fN61AlFHlMC UNIFORM INSTRUMENT
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