HomeMy WebLinkAbout0322 CONDOMINIUM RIDER
~IISCONDOMINIUM R1DER IS fI18dC tI11S. . llth ,dgy p[, , `7UlY
19. and is incorporated into and shall bc decmed to amend and~supplement a Mortgage, Deed of Tnut or Deed
t~ Securc I~ebt (herein "ucurity instrument"~ a~~ea o~ ~Ytn a~~e hercwitle, ven by il~e unders~gned (hercin
"Borrower") to sccure Borrower's Note to. , MORTGAGE , INVE~STI;I~I~T, ~S~~UI~~~7,~$,,, , ~j~(~, , , , , , , , , ,
(herein "Lende~" and covering the Property described in the security instnrment and
locaced at. , . Unit,~301~, 10410_ Hi~~waX . AlAr, Jensen ,Beach,,, ,Flo~ida, 3~¢ 57 , , , , , , „
, . . . . . . . . . . . . lwov«tr ~aanss~
~ The Propeny comprises a unit in to~ge ther with an u~divided interest in the common elements of, a condominium
~ projcct 3:no~vn as, , HUTCHIN~OI~T ISLAND CLUB
I . . . . . . . . . . . . . . . . . . . . . . . . . . . ~N~/M Of Condominium Pro~) . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . (hcrein "Condominium Project").
CONDOMINIUM COVENANTS. In addition to the'covena~ts and agrecments made in the security instrument.
Borrowe~ and Lcnder further rnve~ant and agrce as follows: ~
A. Assessmeats. Borrower shall promptty pay, when due. all assessments impoaed by the Owners Association
1 or othec goveming body of the Condominium Project (herein "Owners Association") pursuant to the provisions of the
, declaration, by-laws, code of regulations or other constituent document of the Condominium Project.
~ B. Hszs~rd Insurance. So long as the Owners Association maintains a"master" or "blanket" policy on the
Condominium Project which provides insurance coverage against fire, hazards included within the term "extended
coverage," and such other hazards as I.ender may require. and in such amounts and for such periods as Lender may
require, 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;
i (ii) Borrower's obligation under Uniform Covenant S to maintain hazard insurance coverage on the
; Fr~p~cty i~ d~tn~ci ~atisneci; ar~~i
I (iii) the provisions in Uniform Covenant S 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~ superseded by any provisions of the declaration.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 the
~ Condominium Project or of applicable law to the extent necessary to avoid a eonflict between such provisions and
i the provisions of Uniform Covenant S. For any period of time during which such hazard insurance coverage is not
~ maintained, the immediately prcceding sentence shall be deemed to have no forcc or efiect. Borrower shall givc
Lender prompt notice of any lapse in such hazard insurance coverage.
, In the event of a distribution of hazard insurance proceeds in lieu of nstoration or npair followiag 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 by the security instrument, with the excess, if any.
~ p:~id to Borrower.
i C. Lende~'s Prior Coasent. Borrower shall not, except after notice to Lender and with Lender's prior written
~ consent, panition or subdivide the Property 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 case of a taking by condemnadon
s or eminent domain;
(ii) any material amendment to the declaration, by-laws or.code of regulations of the Owners Association,
or equivalent constitucnt document of the Condominium Project, induding, but not limited to, any amendment which
~ ~ would change the percentage interests of the unit owners in the Condominium Pr~oject; or
(iii) the eHectuation of any decision by the Owners Association to terminate professional management and
~ j assume self-management of the Condominium Project.
D. Remedies. IE Borrower bresches Borrorrer's covenants and agreements 6erennder, includiag the covenant
to pay w6en due condominium assessments, then I.ender may invoke any remedies pmvided under the security
instnunent, inclnding, but not Umited fo, those provided under Uniform Covenant 7.
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IN WITNESS ~VHEREOF, Borrower has executed this Condominium Rider.
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CONDOMIMIUM RIDER-lto4family-6/75-FNMA/FHIMC UNIFORM INSTRUMENT JUZ IU II s~ pH~77 ;
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600K~71 PACE
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