Loading...
HomeMy WebLinkAbout0113 ~ . . CONDOMINIUM RID~R 'Iw~s CotvootNiNiuM Rta~R is made this 31 ST da~r of QCTOBER ~ 19 7Z and is incorporated into ::~d shall bc decmccf to amcnd and supplemcnt a Mongage. Dced of Trust orDced to Sccure Qcbt (hercin "security instrumcnt") datcd of even datc hercwith. given by thc undcrsigned (herein "Borrowcr") to securc Borrowrrs Notc to HOUSING INVESTM~NT CORPORATION OF FLORIPA (hcrein "Lender') and ca~~ering the Prop~:~ty describcd in the sccurity instrument and locate„ at ROUTE 2, HIGHWAY A1A, J~ SE ~E~~H, FLORII~A 33457 Thc Pmperty comprises a unit in, togethcr with an undivided intcrest in thc common elemcnts oi, a condaminium project known az . ~ VILLA DEL SO4, INC. , A COkL10iiINIUM (irsene pf COOdominiwn ProjKt) (herein "Condominium Project"). _ CONDOMINIUM COVENANTS. IO BddIt10D i0 the covenants and agreements made in the security instrament. Borrowcr and Lender further covcnant and agree az follows: ' A. ~cse~peats. Borrowcr shall promptly pay, when due, all asscssments imposcd by the OwncrS Association or othcr governing body of thc Condominium Project (hcrein "Owncrs Association") pursuant to the provisions of thc declaration. by-~aws, code.c~f regulations or other constituent document of the Condominium Project. B. H~ezard Insurance. So long as the OKmers Association maintains a"master' or "blanket" poiicy on the Condominium Project which provides insurance caverage against fire. hazards included within the term "extended coverage," and cuch oiher hazards as Lender may require, and in such amounts and for such periods as Lender may require. then: (i) t.cnder waives the provision in Uniform Covenant 2 for the monthly payment fo L.ender of one-twelfth of the premium installmer~ts for hazard insurance on the Property; (ii) Borrower s obligation under Uniform Covenant S to maintain hazard insurance coverage on the Property is decmed satisficd; and (iii) th:, provisions in Uniform Covenant S regarding application of hazard insurance proceeds shal! be supersecied by any provisions of the declaration, by-laws, codc of regulations or e~ther censtituent document of the - Conduminium Project or of applicable law to the extent necessary to avoid a conflict between such provisions aRCi the prc~visions of Uniform-Covenant 5. For any periai of time during which suc!! hazard insurance caverage is not maintaineci, the immc.'diately preceding sentence shall be deemed to have no force or eBect. Borrower shall gi~e ~ ~ l.ender prompt notice of any lapse in such hazard insurance coverage. ~ In the event of a distri6ution of hazard insurance proceeds in lieu of restoration or repair foilowing a loss to ~ the Propert~, whether to t}ec unit or to common rlements, any such pmceeds payable to Bonower are iiereby assigned ~ and shall be paid to L.ender for application to the sums secured by t!~ security instrument, with the excess, if any. ~ paid to Borrowcr. C. [.ender's Prior Consent. Borrower ~hall not, except after notice to Lender and with l.ender's prior written consent, pactition or subdivide the Property or consent to= (i) the abandonment or tern~inatian of the Condominium Project, except for abandonme:it or termination provided by law in the case of substantial destruction by fire or othcr casualty or in the case of a taking b} condemnation -or eminent domain; (ii) any material amendment to the declaration, by-laws or code c~f 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 o( the unit owners in the Condominium Projec:; or (iii) the efiectuation of any decision by the Owners Association to terminate professional management and assurne xlf-managrment of the Condominium Project. _ _ D. Remedies. If Borrower bre~ches Borro~ver's corenaats aad a~;reemeafs 6ereuoder, includiog t6e cove~wef to pa~ w~hen dne rnndomininm assessments, then Lender may iavoke any remedies provided ander tt~e securitv e i~utn~meat. incjading, bnt not limifed to, those pmvided oader Uniform Coveeant 7. IN WITNESS WHEREOF, Borrower has exccuted this Gondominium Rider. 0 \ fi1~0 ~'~~C~~~~ - a~•~~ ER Pa~?~S a~ , ~ ,c1.`~=p f EO~~ -ewro..e. ROBERT G. MENNIS ~_r 318P~~~~ - Hov 9 ~84a~2p ` ~ SQIlDOMINIUM RIDER-1 to ~ Famil~-6l75-FNMAIFHtMC UNIFQRII Il~TRUMENT ~~~yyy~~~yyy - ~ COf1lOl~DAT[6 ~YS~1~E5S IOAMl. iMC. l ~ ~A , Buu + v ~ ~ .