HomeMy WebLinkAbout0036 COI~I)n~IINiI; ~~1 RIDER
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THiS CONDOMlN1UM RIDBR 18 Illac~6 tI11s ' ~ day of December
19 and ia incorporated into and shall be deemed to amend and supplement a Mortgage~ Deed ot
Trust or D~ed to Secure Debt (herein "security instrument") dated of even date herewith. given by the
underaigned (herein "Borrower") to gecure Borrower's Note to FIRST FEDERAL SAVINGS AND
LOAN ASSOCIATION OF N[ARTIN COUNTY (herein "Lender") and covering the Property described
A-1-A Hutchinson Island, Jensen Beach, Florida 33457 '
in the security instrument and located at - - - - t
(Property Addrew)
The Property comprises a unit in. together with an undivided interest in the common elements of. a _ t
• VILLA DEL SOL :
condominium project known as - - - - - - - - - ~
(Name o[ Condominium Project)
- _ ( herein "Condominium Project" ) . ~
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CONDOMINIUM COVBNANT3. In addition to the covenants and agreements made in the security
instrument, Borrower and Lender further covenant and agree as follows: ~
A. Assessments. Borrower shall promptly pay. when due, all as.gessments imposed by the Owners r
Association or other governing body of the ~ondominium Project (herein "Owners A.gsociation") pursu-
ant to the provisions of the declaration, by-laws, code of regulations or other constituent document of
the Condominium Project.
B. Hazard Insurance. So long as the Owners Association maintains a"master" or "blanket" policy
on the Condominium Project which provides insurance coverage against fire, hazards included within the
term "extended coverage," and such other hazards as Lender may require, and in such amounts.and for
such periods as Lender may require, then:
(i) Lender waive~ the provision in Uniform Covenant 2 for the monthly payment to Lender of
one-twelfth of the premium installments for hazard insurance on the Property;
(ii) Borrower's obligation under Uniform Covenant 5 to maintain hazard insurance coverage on
the Propert~• is deemed satisfied; and
(iii) the provisions in Uniform Covenant 5 regarding applicat.ion of hazard insurance proceeds ;
shall be superseded by any pmvisions of the declaration, by-laws, code of regulations or other con.stituent
document of the Condominium Project or of applicable law to the extent necessary to aqoid a conflict
between ~uch provisions and the provisions of Uniform Covenant 5. For any period of time during which
such hazard insurance coverage ic not maintained, the immediately preceding sentence shall be doomed
to have no force or eHect. Borrower shall give Lender prompt notice of any lapse in such hazard insur-
ance coverage. -
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` In tl~e evsnt of a distribution of hazard insurance proceeds in lieu of restoration or repair following
a loss to tFe Propert.y, whether to the unit or to common elements, any such proceeds payable to Bor-
. rower are hereby assigned and shall be paid to Lender for application to the sums secured by the secu-
rity instn:ment, with the eacess, if any, paid to Borrower.
C. Lender's Priar Consent. Borrower shall not, eacept after notice to Lender and with Lender s prior
written consent, partition or subdivide the Property or consent to: ~
(i} the abandonment or termination of the Condominium Project, except for abandonment or ~
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 eminent domain;
(ii) any materia! amendment to the declaration, by-laws or code of regulations of the Owmers _
A~SOCiation, or equivalent constituent document. of the Condominium Project, including, but not limited
to, any amendment which would change the percentage interests of the unit ow~ners in the Condominium
Project; or
(iii) the eHectuation of any decision by the Owners As.4ociation to terminate professional man-
agement and assume self-management of the Condominium Project.
~ D. Remedies. If Borrow•er breaches Borrower's cuvenants and agreements hereunder, including the cov-
~ cnant tu pay when Jue condominium assessments, then L.ender n~ay invoke any remedies provided under
the securicy instrument, includii~g; but~not.~imited to, those provided under Uniform Covenant 7.
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IN WITNESS ~HEHEOF, Boirowgs has eaecuted this Condominium Rider.
FILE0I~M~ aECORUEO , : _
ST.lUC1E COUN~Y Fl~• ~ ~ ~ ~ ;,L `~c~ < r~
ROCER PO~TRAS _ : _ , -
CIEFK C~RCUIT CO R~ jHE L. Z GER ` /-Borrower
r.-,.~. ;~_a~c1ED ,
_ ~ + ~ J ' ~ ~
DEC 20 2 Zs P~I 1
C ARLES R. Z AG _Borrower
BG~x 279 ~~E ~
CONDOMINIUM RIDER-1 to 4 Fomily-6/75-fNMA/FHLMC UNIFORM INSTRUMENT ~
A-302 9/76 ~