HomeMy WebLinkAbout0760 !
CONDOMINIU ~~IDElt ?
,
~I~IIS CONDOMINIUM RIDER IS f118dC tlli5 l~th • day of Povember ,
197q . snd is incorporatcd into and shall bc decmed to amcnd ar~d supplemcnt a Mongdge. Dced ot Tcust or Deed
to Sccure Dcbt (hercin "security instrumcnt") datccl of cvcn datc hercwith. given by tbc undersigned (herein
•'Bonowcr") to sccure Borrowcis 1~fotc co gousing Investment Corporation of Florida
(hcr+~in "[.ender") artd covcring the PropcAy dcscribcd in the sccurity instrument and
Iocated at Rt. ~2 H~ry. Ala Jensen Beach, Florida 33~+57
tvrov.•tr ~aenss~
T6c Propetty compriscs a unit in; togothcr with an undivided intcrcst in thc ccimmon elements of. a condominium
projcct knovm as Villa Del Sol, Inc.
tN,ine a conawniniwn Pw;ecU
(hcrcin "Condominium Projcct"). -
Corroout~N~~n~t CovEH~NTS. ln addition to thc co.vcnants and agrecmcn[s madc in the sccurity instrument.
Borrowcr and Lendcr further covcnant and agrec at tollow3: -
A. ~ents. Borrowcr shall promptly pay, when duc. all assessments imposed by the OwnerS Association
or othcr governing body of thc Condominium Projcct (hcrein "Owncrs Association") pursuant to the provisions of the
dcclaration. by-laws, cadc of rcgulations ~r other constitucnt document of thc Condominium Project.
B. Hmrd Issrnsce. Sc~ long as thc Owncrs Association maintains a"master" or "blanket° policy on the
Condominium Pmjcct which pmvidcs ins~rancc rnvcragc against fire, hazards includcd within the term "extended
covcragc;' and such other hazards as Lcndcr may rcquirc, and in such amounts and for such periods as L.ender may
requirc, then:
(i) Lcndcr waivcs thc pmvision en Uniform Covcnant -2 for thc monthly payment to Lcnder of onc-twelfth
c~f the premium installments far hazard insurancc on thc Prapcrty: '
(ii) Borrowcr s obligatian undc: UniEorm Cuvcnant- 5 ta maintain hazard insurance covcrage on the ~
Property is decmcd satisficd; and :
- (iii) thc provisians in Uni~orm Covcnant S rcgarding application of hazard insurance procceds shall be
supcrscdcd by any pmvisions ui thc dcclaratian, by-laws, ccdc c~f regulations or othcr c~nstitucnt documcnt of thc
~ Condaminium Pmjcct ~r of applicablc law to thc cxtcnt nccessary tu avoid a rnnflict betwcen such provisions and
thc pmvisions af URiform Covrnant S. For any pcrioc! of timc during vrhich such hazard insurance covcragc is not
maintaincd, thc immccliatcly prcccding scntcncc shall bc ciecmcd to ha~c no forcc ot etfect. Bormwcr shall givc
l.cndcr prompt noticc of any lapsc in such hazard insurancc covcragc.
In thc cvcnt of a distribution of hazard insurancc pmcceds in licu i~f restoratian or rcpair following a loss to .
Ehe Propen~, whether to thc unit or to common ckmcnts, sny such procecds payable to Borrower are hzrcby as~igned
and chall be paid to Lender f~x applicatiun to the ~um~ secured by the security instrument, with the execss. if any,
paid to Borrowcr. - `
C. Lcwder's Priar Coaseat. Borrciwer shall not, cxcept after notice to Lcnder and with Lender s prior written i
~
conscnt, partiti~m or subdividc thc Pmpcrty or conxnt to:
(i) the abandonmcnt ar termination of the Candominium Project, except for abandonment or termination
provided by law in thc casc of substantial d~~struction by firc or othrr casualty or in the casc of a taking b~ condcmnatian
or cmincnt damain;
(ii) any ~atcrial amcodmcnt to thc dcclaration, by-laws or cadc c~f rcgulations of the Owncrs Association,
or cquivalcnt constitucnt documcnt of thc Condominiam Projcct, including, but not limited to, any amcnJmcnt v?hich y
wuuld changc thc perccntagc intcrests of thc urit owncrs in thc Condominium Projcct: or ~
~ (iii) thc cHcctuation ~~f any Jccision t~} thc Owncrs Association to tcrminatc profcssional managcmcnt and _ t
~
acsumc sclf-managcmcnt ~~f thc Cunck~mini~im Psi~scct.
D. Remediec. If Borrower brcs~cbes Borrower's coren~ets aad agreemeats 6ereande~, ~uc~udio~ tbe caveaaet
to ~a~ M'ben dne rnndomiai~m assessmests, thea i.ender eaav iavolce aav rea~edies p:avided ueder the secorifr
i~trrmepf. incl~nR, M~t oot limited to, t6ose providcd ns~Zr Undoret Coveoawt 7.
IA1 WITNE55 WHEREOF. Borrower has executed this Conclominium Rider. - ~
i
~
~ t~
Geor Dus reor~~ ~
.~~/J~ ~
~L '
_ -so.roa«
- _ Pearl M. D~, his viYe
~
COMOOMINIUM RIDER-i to~ Fam~iy-6!IS-FNMA/FNIMC YNIfO~M iNSTRINIEMT ~
COOIfOl/0At(O ~YlIMCf! ?OAYl. IAC. - O ~ ~