HomeMy WebLinkAbout0473 l.V1V LVl~'ll 1~11 V ir! itiiJt,it
27th 1)eceml~er
THIS CONQOMINIUAI RIDER IS I1131~C Ihls . . . . . . . . . . . . . . . . . . . . . . . . . .day of . . . . . . . . . . . . . . . . . . . . . . . . .
19 and is incorporated into and shatl be de.:med to amend and suppl~mznt a:~lurtgage, D~ed of Trust or D~ed
to Secure Dcbt {herein "security instrument".~ed,,a,,t,cd of e.•cn dat~ henwith, gi~en b~y the undersigned (hereio
"Borrowcr") to sccure Borrower`s Note to. .~I.ATE. .E'.~~:~RISES_ A~I'(iqGE. CURPORATIQV, . , , . _ . . , _ .
(herein "I.ender" and oove~ng tht Praperty describ~J in the security instrument and
located at. .OCGAI!VA A
_PT. .9,Q1. .9710, _Jensen Beach,. Florida. , 334S7 . . . . . . . . . . . . . . . . . . . .
cv.oo.?cr ba.ess~ . . . _ . . . . . .
The PropeNy comp
i~nit in to e h_g~ w_ilh~n 1I1~~iIlld~ed~erest in ttte common el~ments of, a candominium
projcct known as . . . . . . . . . . . . . . . . . Yl~ (u\llU~?. . . . . . . Q! . . . . . . - • - - • - - - - - . . . . . . . . . . . . . . . . . . . . . . . . . .
(NSrne M Condpn~mum Pro~Kt1
• . . . . . . . . . . . . . . . (herein "Condominium Project").
CON[?ObtlNlUM COV~NANTS. In addition to ihe covenant; and ags~m~nts mad~ in the security instrument,
B~rrower and Lsnder further covenant and agree as follows: •
A. Assessments. Borrower shall promptly pay, when due. alt assessm~nts imposed b} thz Owners Association
or other gaverning body of the Condominium Project (he.rcin "Orti-ners Association") pursuant 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 "blani;et" poticy on the
Condominium Project which provides insurance coverage against 6re, hazards included within the term "extertded
coverage," and such other hazards as L,ender may require, aisd in s~h amaunts and for such periods as Leader may
require, then:
(i) Lender waives the provision in Uniform Covenant 2 for the monthl} pa~~ment to Lender of one-twelfth
of the premium installments for hazard insurance on ehe Property;
(ii) Borrower s obligation under Uniform Covenant S to maintain hazard insurance coverage on the
Property is deemed satisfied; and
(iii) the provisions in Uniform Covenant S mgarding appiication of hazard insurance proceeds shall be
superseded by any provisions of the deciaration, by-laws, co~ of re€ulations or othzr ronstituent document of the
Condominium Project or of applicable law to the eatent necessar3 to avoid a conftict b~tween such provisions and ,
the provi~ions of Uniform Covenant 5. For any period of time during v?hich such hazard insarance coverage is not
maintained. the immediatety pmceding sentence shalt be deemed to have no force or efiect. Borrower shall givc
Lender prompt notice of any lapse in such hazard insurarece coverage.
In the event of a distribution of hazard insurance proceeds in li~u of restoration or repair following a loss to
the Property, whether to the unit or to common elemenu, any such prooeeds pa?able to Borrower are hereby assigned
and shall be paid to Lender for application to the sums secured b~ tt~ securit~ instrument, with the excess, if ariy.
paid to Borrower.
C. Lender's Prior Consent. Borrower shall not. eacept after noticx to l.ender and with Lender's prior written
consent; partition or subdivide the Property or,consent to:
(i) the abandonment or termination of the Condominium Projzct, except for abandonment or termination .
provided by Iaw in the ease of substantial destruction by fire or other casualty or in the case of a taking by condemnation
or eminent domain;
(ii) any material amendment to the declarauon, by-lax~s or code of regulations of the Owners Association,
or equivalent constituent document of the Condom;nium Project, including, but not limited to, any amendment which
would change the percentage interests of the unit owners ia the Condominium Project; or
(iii) the effectuation of any decision by the Owners Associatioa to terminate professional management and
assume self-management of the Condominium Project_ .
D. Remedies. If Borrower breaches Bomowe~s covenaets and ageemeots yereunder, including the covenant
to pay ~?hen due condominium assessmeats, then I.eeder ma~ imoi-.e cemedics provided under the security
instrument, including, but not limited fo, t6ose prorided nnde~ ['aito~m Coreaant 7.
IN WITNESS WHEREOF, Barrower has executed this Condominium Rider.
/ /
G. GIbBEL -eo..o,~,~.
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t1aZG~T . GI~iBEL -so..~«
fILEO ANO RECOkOEl~ .
ST.lt1ClE C~JUNTt ftA ~
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