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Home My WebLink About0559 ~~-~25~~~~~ CONDOMINIUM RIDER TH1S CONDOMINIUM RIDER is made this 3RD day o[ APR~ L, . 19 78 , and is incorporated into and shall be deemed to amend a~d supplemeat a Mortgage. Deed ot ltirust or Deed to Secure Debt (hereia "security instrument"1 dated ot eve~ dale herewilh, givea by the underaigned lhereia "Borrower") to secure Borrower's Note to FIRST FEUERAL SAYINGS AND LOAN ASSOCIATION OF MIAMI (herein "I.ender") and covering the pmperty described in the security instrume~l and located ut ~py~p A~~-t~(x1~NSON ISUWD .1?-80iA . .1~SEtr eE11CN. F1aR I DA. The Property comprises a unit in, together with an undivided ieterest in the common elemenls o[, a condominium project known as ~~$q~ ~$~Ip al~ ~I~OOM I N I lM~ ( herein "Condominium Project"1. CONDOM[NIUM COVENANTS. ln addition to the covenants and agreemenls made in the security instrument, Borrower and I.ender turther rnvenant and agree as follows: A. Asaessments. Borrower shal) promptly pay. when due, aU assessments imposed by t6e Owners Association or other go~•erning body otthe Condominium Project Iherein "Owners Assdciation"1 pursuant lo the provisions o[ the declaration,.by-laws, code of regulations or other constituent documenl of the Condominium Project. ~ B. Hazard insuranee. So long-as the Owners Association maintains a"master' or "blankei" policy on the Condominium f'roject which_provides insurance coverage against fire, hazards inciuded within the term "extended coverage:' and such other haiards as l.ender may require, and in such amounts and for such'periods as Lender may require, then: ji1 l.ender waives the provision in Unitorm Covenant 2 for the monthly payment to Lender of one-twelfth oi thr prcmium installments for hazard insurance on the Property: • • ' ~ lii? Borrower's obligation under L'niform Covenant 5 to maintain hazard insurance coverage on the Yroperty is deemed sati~fic~; and iiiil the provisions in liniform Co~~enant 5 regarding application of hazard insurance proceeds shall be superseded b}~ any pro~•isions ot the declaralion, by-laws,-c«1e of regulations or other constituent document of the Condominium Project or o( applic- able laN to ihe extent neces.sary to a~~oid a contlict between such provisions and the provisions o[ Lniform Covenant 5. For an3• period of time during which such hazard insurance coverage is not mainlained, the immediately preceding sentence shall be deemed to have no forrn or ei[ect. E3orrower shaU give Lender prompt notice of any (apse in such hazard insurance coverage. In the eve~nt of a distribution oi hazard insurance proceeds in lieu o[ restoration or repair tollow ing a loss to the Properl~•, whether to 3he unit or 1o common elements, any such proceeds payable to Borrower are hereby assigned and shall !?e paid to l.ender f~?r application to the sums se.u~ed by the security instrumenf, with the excess, if an}•, paid to E3orrow•er. C. I.eader's ('rar Consent. f3orrower shall not, except after notice to Lender and with I.ender's prior writtt~n consent, ~artitiun or subdivide the Properly or consent to: ;i) theabandonment or termination of the Condominium Yroject, excepl for abandonmenL or termination pro~~idE~ t~~• ~aw• in the c~se of substantial destruction by fire or other casually or in the case of a taking by condemnation or eminent domain; ~ iil anv material amendment to the declaration, b}•-laws or code of regulations ot the Ow•ners Assceiatiun, or equi~alent constituent document of the Gondominium Yroject, including, but not limited to, any amendment which would chanKe the E~cr- i centagc interests of the unit owners ia the Condominium Froject; or (iiit the eftectuati~n of any decision by the Owners Assa~iation to terminate professional managcment and assume seif ~ ; management of the Condominium Project. - i D. Remedies. It Borrower breaches Borrower a covenants aad aareemeets hereunder, induding the covenant to pay when ~ due condominium assessmeats, Ehen Lender may invoke any rem~es provided under the security instrument, includiog, but not ~ limited to. those provided under Unitorm Covenant 7. . ~ - ~ IN WIT\ESS WHEREOF. Borrower has executed this Co j min'um Rider. ~ ./f ' ~ ~y ~`~v-~~ , JkSSIE G. W~YIbVO• A I~{ARRIE WO~MN -~rrower / , fTu CE~'p M~~s lA - ~ ~~5~ - E3~rrower "•ICRK CtR~~IT C{'uRT/~ . -n,r;cr,_,,,.~L'~, ~P~ I~ 48 p11 ~'Ip - f3~rrower - u ri ~ ~ ~ ~w/a~ AI'y ~ - BorroK er , v~r~.~ ~ ~ - ~ t,; - Eiorrow•er ~ ~ K~ ~ ~ - Borrnwer ~ ~ ~ ~ ~ ~ K ~ ~ii a3~L~ ~ ~ GONDON111L'M RIDER-1 to 4 Family-6/75-FNMA/FH[.h1C UNIFORM INSTRUM~IVT (Rev 1/?61 ~ ~ ~