HomeMy WebLinkAbout0661 CONDOMI~NIUM RIDER
_ Tti~s Cor?ootH~H~uH RiuER is madc thix 10 TH day of NOVEI~fRER .
19 77and is incorporated into and shall bc dccmcd ta amcnd and s~pplemcnt a Martgage, D~:ed of Trust or Dced
to Sccure Debt (hercin "security instrumcnt") datcd of even date herewith, givcn by thc undersigncd (herein •
"Borrowcr" ) ta sccurc Borrowrr's No1c to
HOUSING INVESTM~N7 CORPORATION OF FLORIIiA
(hcrcin "l.ender") and covering the Prop~:rty descritxd in the security instrument and
located at
ROUTE 2. HIGHWAY AlA. JF~~V~~~~CH, FI.ORII~A ~34~7
The Property rnmprises a unii in, together W7th an undivided intrrest in thc common elcments df, a condominium
praject known as
VILLA I~EL SOL, INC.
(NSm! O1 Condominium Projetq
(hcrcin "Condaminium Projcct").
Corrno~titv~utH CovFN~rsTS. In addition to the covcnants and agrerments madc in the security instrument,
Borrowcr and Lcndcr furthcr covcnant and agrcc as follows:
A. Assessments. Borcowcr shatl promptly pay, whcn duc, alt asscssmcnts imposcd by the OwnerS Association
or othrr govcrning t~i~~ of thc Condominium Project (hcrein "Owners Au~:iation") pursuant to the provisions of thc
dcclaration, by-laws, ccxlc of rcgulations or othcr constitucnt documcnt of thc Condominium Projcct.
B. Hazard Insurnnre. So long as the Owners Association maintains a"master" or "blanket" policy on the
Condominium Project which pmvides insurance co~•erage against fire, hazards included w~ithin the term "extended
cover~ge; ' and such other hazards as Lender may require, and in such amaunts :~nd for such periocls as Lender ma~~
rcquirc, thcn:
(i) Lcndcr w~aivcs thc provision in Uniform Covcnant 2 for thc monthly papment to Lcndcr of onc-twclfth
of the premium installments for hazard insurance on thc Propcrty: -
(ii) Burmwcr's obligation undcr U~iform Covcnant S to maintain t~azard insurancc crn~cragc on ihc
Property is deemed satisfiecl: and ~
(iii) thc provisions in Uniform Co~•cnant S rc,arding application of hazard insurancc procecds chall bc
super.~eckd b~~ am provisions of the declaration, by-laws, cixie of regulations ar other constituent document of the
G~nd~~minium Pr~ject or of applicable law t~? the cxtent neccssary to avoid a conflict between such provisions anci
thc provisions of l;nifarm Covrnant S. For an~~ pcriod o[ timc during w~hich such hazard incurance cov~ragc i` not
maintaincd, the immediatcly preceding sentence shall be deemcd to have no force or efTect. Borrower s6a11 give
Lcndcr prompt nMicc ~~f an~• lapsc in such ha~ard insurance covcragc..
!n the evcnt of a distribution of hazard insurancc proceeds in lieu uf restoration c~r repair Follow•ing a loss to
the Propert~~, w•hether to t6e unit or to common etements, an}• such prc~c~eds payable to Borrower are hereby assigned
and shait be paid [o Lender for applic~tiem to the sums secured b~~ thr securit~~ instrument, with the excess, if am-.
paid to Borrowcr.
C. Lender's Prior Concent. &~rmw~cr shall not, rxccpt aftcr notirc to Lcndcr and with Lcndcr's prior writtcn
consent, partition or subdividc thc Prope.rty or consent to:
(i) the abandunmrnt or tcrminati~n c~f thc Cundominium Project, cxccpt for abandanmcnt-~~r tcrmination
providcd by law in thr casc of substantial d~struction by firc or othcr casualty or in thc cas~ of a taking br~ condcmnati~~n
ur emincnt domain:
(ii) an~ matcrial amrn~imcnt to thc dcclaration. by-iaH~s or ccxie c~f regulations of thc Owncrs Association,
or cquivalcnt cc~nstitucnt d~~cumcnt of thc Condominium Prc~jcct. including, bui not limitec~ to, am~ amcndmcnt u~hich
woutd changc thc perccntagc intcrests of thc unit «wncrs in thr Condominium Projcct; or
f iii) thc cflcctuation .of an~~ dreision by the (hvncrs Assc~ciation to tcrminatc profcssional managcmcnt and
a.sumc ~clf-managcmcnt of thc Condominium Pr~?jcct.
D. Remedies. lt Borrow~er breacl~es Borrower's covenants and agreements hereunder. inclu~3it~g the covenant
to pa~~ when due condominium assessments, tfien Lender ma~~ im•oke any remedies provided under the securit~•
instrument. includinR. but nol limited to; those provided under Uniform Covenant 7.
IN WITNESS WlIF.REOF, Borrow~cr has exrcutcd this Condominium Ridcr.
3~~6 ~
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~~~ti~~~,s R ~ PAUL E~RITTON -e~~ef
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COHQ~MI~IUM RIDER-l to 4 family-6l75-FIlMA/FHIMC UNIFORM INSTRUMENT Bp~~~ ~
COMSOI~DATEO ~US~ME!! IOIIMl. ~4C. ~ ~Cr
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