HomeMy WebLinkAbout0094 CONDOMINIUM RIDER
Tms Cotvnot?t~KwM Rto~R is madc this. . 29th .day ot. , July
19. ~ aod is incarporated into and shall bc dermcd ta amcnd and supplcmcnt a Mortgagc. D~.~cd of Tnut or Dced
to Sccu~e Dcbt (herein ''sccurity instrumc~C' dated of cvcn datc hcrcwith ~ven b thc undersigncd (hercin
"i3orrowcr') to sccurc Borrow~r's Notc to. .~ATE.A~!TERPRISFS, hpR'~AGE, C~RPORATIAV, , , , , , , , , , ,
.~hcrein "Lcndcr' and covcring the Propchy dcscribcd in thc sccurity instrument and ;
_~ZQ4;,.J710,~, Jensen Beach,,Florida 33457 =
Incated at . .0~. . . . . . . . . . . . . . . . . . . . . . . .
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(wovM'tY Addrtss) s
The Pro rt com ~ ~un t'n t eh~r~~h n v~i e terest in the camman elements of, a condominium ~
projcct known as p~I~~JWA .~~C~~Yf OQA'1~?~~lx~~, . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . '
(N,+n. a conaonrinium Pro;.c~) ?
. . . . . . . . . . . . . . . . (hcrein "Condominium Pmject"). +
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COI~iDOMINIUM COVENANTS. ln addition to the covenants and agrccments made in the sccurity instrument, ;
~orrowcr and Lender further covenant and agree as follows: ~
A. Assessments. Borrower shall promptly pay, when duc. all asxssmcnts imposed by the Owne~ Association t
or other governing body of the Condominium Project (herein "Owners Association") pursuant to the provisions of the
dcclaration. by-laws. code of regulations or other constitucnt dacument of thc Condominium Project. ~
B. Nazard Insumnce. So long as the Owners Association maintains a•'master" or "blanket" policy on the ~
Candominium Project which provides insurance coverage against fire. hazards included within the term "extended
coverage;' and such ather hazards as L.ender may require. and in such amounts and for such periods az I.ender may `
requirc, then: t
(i) i.ender waives the provision in Uniform Covcnant 2 for the monthly payment to L.ender of one-twelfth ~
of the premium installments for hazard insurance on the Property; . ~ y
(ii) Borrower's obligation undcr Uniform Covenant S to maintain hazard insurance coverage on the
Prope~ty is deemed satisfied; a~d -
- (iii) the provisians in Uniform Covenant S mgarding application of hazard insurance proceeds shall bc
superseded by any provisions of the declaration, by-laws. code of rcgulations or othcr constituent document of thc
Condominium Pr~oject or of applicable law to the extent necessary to avoid a contlict between such provisions ancl :
the pmvisions of Uniform Covenant 5. 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 effect. Borrower shalt give ~
Lendcr prompi notice of any lapse in such hazard insurance eoverage.
In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to
the Propcrty, whethcr to thc unit or to common clements, any sucfi proceeds payable to Borrowcr are hereby assigned ~
and shall be paid to Lender for application to the sums secured by the security instrument, with the excess, if any, ;
paid to Borrower. ~
C. _ Lender's Prior Consent. Borrower shall not. except after notice to Lender and with I.ender's prior written ~
consent, partition or subdivide the Property or oonsent to: ~
(i) the abandonment or termination of thc Condominium Project, cxcept for abandonment ar termination ~
provided by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation ~
or cminent domain; ~ ~
(u) any material amendment to the dcclaration. by-laws or code of regulations of the Owners Association, ~
i or equivalent constituent document of the Condominium Project, including, but not limited to, any amendment which -
; would change the perceatage interests of the unit owners in the Condominium Project; or
j -(iiij the cffectuation of any decision by the Owners Association to terminate professionai management and b
assume self-management of the Condominium Project. .
D. Remedies. If Borrower breaches Borrowe~s coveaants and agreemenb hereunder, inclnding t6e to~enant
to pay when dne condominjum assess~neats, then Lender m~y invoke any nmedies provided uader the security
instrument, including, but not limifed to, those provided under Uniform Coven~rt 7.
~ IN WITNESS WHEREOF, Borrowcr has executed this Condominium Rider. - y
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