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Home My WebLink About0030 ~ r7L CONDOMINIUM RIDER TH~sCoNOOMiN~u~~ Rt~eR is maJe this . . . . . . . . . . . . . 30th . . . . . .~ay of. , November . . . _ . . . 19.~.~ and is incorporated into and shall bc decmed to amcnd and supplemcnt a Mortgage~ Dced of Trust or Deed to Sccure Debt (hcmin "security instrument") datcd oI cven date hercwith. given by thc undersigned (herein "Bo«awcr") to srcurc Bo~rowcr's Notc to. . MaR~GAG~ . II~IV~&TNi~NT. ~ECURITI~S.. . ~.NC.. . . . . . . .(herein "Lende~') and covering the Propcrty described in the security instrument and locaccdat....$03.Hy~C~I~n~Qn..~$~~n4~..Glu~?~..~44~4.~3~9hW~Y .A~,~1.. J~I~~~n..~~~1C~}~... ~ Florida -33457 fProp~rtYAddnss) Thc Property compriscs a unit in. togethcr with an undi~~idcd intcrest in t6c common elements of, a condominium projcct known as.....HUTCHINSON, ISLAND CLUB (Nama ol Condominium Project) . . . . . . . . . . . . . . . . (hcrein "Londominium Projcct"). Cotv~o~~tx~u~~ CoveN~?~rs. In addition to the cavcnants and agreements made in the security instrument, Borrower aod Lendrr further covcnant and agree as follows: A. Assessmeats. Borrower shali promptly pay, ~~•hcn due. all assessments imposed by the Owners Auociation or othcr governing body of th~ Condominium Project (hrrein "Owners Ac.ociation") pursuant to the provisions of the declaration, by-laws. code of regulations or other constituent document of the Condominium Project. B. Hazard losurance. So long as the Owners Association maintains a"master" or "blankeY' policy on the Condominium Project which provides insurance co~•erage acainst fire, hazards included within the term "extended cover3ge;' and such other hazards as Lender may requir~, and in such amounts and for such periods as Lender may require, then: . (i) Lender waives the provision in Uniform Covcnant 2 for thc monthly payment to L.ender of one-twelfth of the premium installments for hazard insurance on the Property; (ii) Borrower's obligation undcr Uniform Covenant 5 to maintain hazard insurance coverage on the Property is deemed satisfied; 2nd . (iii) the provisions in Uniform Co~•cnant 5 re~arding application of hazard insurance proceeds sha11 be superseded b~ an~ provisions of the decfaration, by-la~~•s, code of regulations or other constituent document of the Condominium Pre~ject or of applicable law to the extent n~cessan~ to a.-~~id a conllict between such provisions and the psovisions of Unifarm Co~enant S. For any pericxi of time during ~~~hich such t~azard insurance coverage is not maintained, the immediatcl~• prcceding sentence shall be deemed to ha~•c no force or efiect. Borrower shall gi~•e Lender prompt notice of an~• lapse in such hazard insurancc coverag~. In the event of a distribution of hazard insurancc prc~ceeds in lieu uf restoration or repair following a loss to the Property, w•hether ta the unit or to common elements, an~° such procecds pa~abic to Borrowe.r are hereby assigned and chall be paid to Lender for applicatinn tc~ the sums secured h~ the securit}' instrument, with the cxcess, if an~-. paid to Borrower_ C. Lender's Prior Consent. Borrow•er shall nut, except after notice t~ Lender and,with Lender's prior written ; consent, partition or subdivide the Propert~• or consent to: j (i) thr abandonment or tcrmination of the C~nJuminium Pru}ect,.exccpt for abandonment or termination ~ provided b~~ law in the cas~ of substantial destruction b~~ firz or othcr casualt~~ or in the case of a taking b}~ condemnation ~ or cminent domain; ~ (ii) any material am~ndment to the declaration, by-laws or code of regulations af the Owners Association, ~ or cyuivalent c~nstiwent document of the Condominium Project, includin~, but not limited to, any amendment which ~ would change the percentage interests of the unit owners in the Condominium Project; or s (iii) thc efiectuation of an~~ dreision b}' the O~?~ners A~saciation t~ terminate professional management and ~ assame self-management of the Condominium Project. ~ D. Remedies. lf Borrower breaches IIorrower's covenants and agreements hereunder, including the covenaat _ to pay when due condominium assessments, then Lender mav invoke anv remedies prorided under ihe securit~ ~ instrument~ including, but not limited to, those provided under Uniform Covenant 7. ~ (v WiTN~tis WtiFRFOf, Borro~~•cr has ex~cuted this C~:idominium Rider. ~ ~ f LEO 4N~ RECORDEO ~ S~. LUCIE COUMTY F~A. . ~ ROCER POITRAS ~ ` ~ ~•1 ~ C~ERK CIRCUIT COUR~ 1~.~.f,~ ~ Yk~'ilEO~ - -eorrower William E. Gurnack ~ OEC I 10 29 AM'71 ; - % ~ _ t ~ (t i..~~ ~_~;c~r-.~~=-< JC ' Gurnack -eo?roW~. 3 Wi~l iam J . , ; ;~~1~2 ~ ~ ~ ~ CO~iDOMINiUM RIDER-i t~ 4 frsm~ly-6 7~-FNMA!FHIMC UNIFORM INSTRUMEHT ~ ~ ~ $t1:1K~ ~ ~ ~ ~ . , : - _ - - _ - - . _ , w_M,.,~ _ _