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CONDOMINIUM RIDER
THISCONDOMINIU~iRIDERtSIilBdCtlliS ~Oth..,,,.dayof....July,,,,,,,,,,,,,,,,,~
19.~ ~ and is incorporatcd into and shall bc decmed tc a~;.:^~ ar.t! sapplemcnt a Mortgage, Deed of Trust or Deed ;
to Secure Drbt (henein "securitv instrument") dated of cven date hercwith, rven by the undecsigned (hercin ;
"Borrower') to securc Bonowcr's Note to. , MORTGAGE, INV,F.!$~~F~V,T, ,$~~V~~~~~$.. .~~1~.. . . . . . . . ;
(herein "Lender') and covering the Pro cty dacribed in the seCurity instrument and
locaced ac. .3U2 S , Hutchinson, ,Island, ,Club,, 10410, ~igh~ray, ,AlA, , J~~~~~, ,$~~~~i,. , „
Florida 33457~ ~ twoo..errwa?.:s~ '
' Thc Pmperty comprises a unit in to ether with an undivided interest in thc common etements of, a condominium
projcct known as. . .HUTCHIN~O~ ISLAND C~,UB . . . . . . . . . . . . . . . . . . . . . . . . . .
• (Nsm~ of Condominium ProjKt) ~
. . . . . . . . . . . . . . . . (hemin "Condominium Project").
CoNDONtIN~UM COVENaNTS. In addition to the covenants and agreements made in the security instrument,
Borrower and Lender funher covenant and agree as folto~vs:
A. Assessments. Bormwer shall promptly pay, when due, al! assessments imposed by the Ownec~ Association ;
or other goveming body of the Condominium Pmject (herein "Owncrs Association") pursuant to the provisions of the
declaration, by-laws. code of regulations or other constituent document of the Condominium Project.
B. 1lazard lnsurance. So long as the Owners Association maintains a"master" or "blankeY' policy on the
Condominium Project which provides insurance coveraoe against fire, hazards included within the term "extended
~ coverage;' ai~u suc~ c: !:azards as Lender may require, and in such amounts and for such periods as Lender may
require, then: '
(i) L.cnder waives the provision in Uniform Covenant 2 for the monthly pa~meni to I.endc~ of one-twelfth j
of the premium installments for hazard insurance on thc Praprrty;
(ii) Borrower's obligation undcr Uniform Co~~enant 5 to maintain hazard insurance covcrage on the
Property is deemed satisfied; and i
(iii) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds shall be ;
~ superseded b~~ any provisions of the declaration, b~-la~rs, code of regulations or other constituent document of the i
Condominium Project or of applicable la~~ to the extent necessary• to avoid a conflict between such provisions and
the provisions of Uniform Covenant 5. For any period of timc during w~hich such hazard insurance coverage is not
maintained, the immediatcly preceding sentence shall tx deemed to have no force or effect. Borrower shall give ;
,
l.ender prompt notice of any lapse in such hazard insurance coverage. ~
In the event ot a distribution oE hazard insurance praceeds in li~u of restoration or repair following a loss to `
the Propert~, whether to the unit or to common elements. am such proceeds payable to Bonower are hereby assigntd #
and shall be paid to Lender for application to the sums s~:cured b~~ the security instrument, with thc excess, if an~, ~
, paid to Borrower. ~
; C. Lende~'s Prior Consent. Borrouer shall not, ercept after notice to l.ender and with Lender s prior written ~
~ consent, partition or subdivide the Property or consent to: ~
i (i) the abandonment or termination of thc C~~ndominium Project, except for abandonment or termination ;
~ provided by law in the case of substantial dcswction b~~ fire or other casualt} or in the case of a taking by condemnation ;
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~ or emincnt domain;
~ (ii) any material amendment to the declaration, b~•-laws or cod~ of regulations of the Owners Association,
or equivalent constituent document of the Condominium Project, including, but not limited to, any amendment which
{ v?ould change the percentage interests of the unit owners in th~ Condominium Project; or
~ (iii) the efTectuation of an~ decision by the O»•ners Association to terminate professional management and
assume self-management of the Condominium Project.
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1 D. Remedies. If•Borrower breaches Borrower's co~enants and agreements hereunder, including the corenant
to pa~ when due condominium assessments, then Lender ma~ in~~oke anv remedies provided under the serurity
instrument, including. but not limited to, those provided under Uniform Co~enant 7.
~ j ~Y ~YITNF:SS Wt1EREOF, Borro~ti~er has executed this Con~ominium Rid.r.
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~ CONDOMINIUM RIOER-t toa Fart?~~r-6~75-FNMAIFHLMC UNIfORM INSTRUMENT ~
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