HomeMy WebLinkAbout0733 ~ CONDOMINIUM RIDER ~
s.
~ THISCO~IDOMINIU41 RIDER IS R18(IC lltls 17TH day ot APRIL .
19 78 , and is incorporatcd into and shall bc dccmed to amcnd and supplemcnt a Mortgage, Dced of Trust or Dced
ta Sccure ~bi (hcr.in "security ir~strur.z.nt") dated of rven datc hercwith, Eiveo by thc undersigncd (hercin
"Borrowcr"1 ta cccure Fiorrowcr'c N~tc to
HOUSING INVESTMENT CORPORATION OF FLORIDA
(hcrcin "Lcndcr") and covcring thc Propcrt~~ dcscritkd in thc sccurit}• instrument and
located at
ROUTE 2, HIGHWAY AlA, JEi~~SEN A~ACH, FLORILIA 33457
.ove.er .e::~
Thc Property compriscs a unit in, togethcr with an undiviJed intcrest in th~ common elements of, a rnndominium
projcct known as
VILLA I?EL SOL, INC. , A CONL~OMINIUM
(Name o~ Condominium P~oject)
(hcrein "Condominium Projcct").
CONOOMINIUM COVENANTS. ~O addition to the covcnants and a~recments made in the securih~ instrument,
Borrowcr and Lendcr furthcr covcnant and agrcc as follows:
A. Assessments. &~rrowcr shall promptly pa}~. w'hcn duc, all asscssmcnts impc~scd bv the Owncrs Association
or ott?cr governing bcxly of thc Conc~ominium Project (hcrei~ "Owners Association") pursuant to the pro~•isions of thc
declaration, by-law~, axie of rcgulations or othcr constituent dncument of the Condominium Project.
B. H~rd lnsur~nce. So long ac the Owners Assc~iatian maintains a"master" or "blanket" policy on the
Condominium Project which prc~vidcs insurance ccn•rrage agsinst fire, hazarJs included a~ithin the term "extended
covcragc: ' and such othcr hazarJs as Lcndcr may rcquirc, and in such amaunts :~nd for ~uch pcriocis as Lcndcr may
rcquirc, thcn_
(i) Lcndcr waivcs thc pmvision in Uniform Cc?vcnant 2 for thc monthl~~ payment to Lcndcr of onc-twclfth
of thc premium installmcnts for hazard insurancc on thc Propcrt~;
(ii) &?rrowcr's c~bligation undcr Uniform ('ovrnant 5 to maintain fiazard insurancc co~•cragc an thc
Propcrty ic dccmcd satisficd: and
(iii) thc pru~•ision~ in Unifc?rm Cc~~~cnant 5 rcg~rding applicati~m ~~f hazard insurance procccds shall bc
supcrscdcd b~~ an~ prc~visions ~?f thc Jcclaration, b~-law~, cod~ c~f rcgulati~~ns or othcr constitucnt dc~cumcnt of thc
Conduminium Projrct :?r of applicablc law to thc vxtcnt ncccssary to aroid a rnnflict bctwccn such provisions anc?
thc pmvicions of l:niform Cuvcnant 5. For any pcri~xl of timc during v?~hich ~uch hazard inwrance covrragc is n~t
maintaincd, thc immrJiatcly pmccding scntcncc ~hall tx~ Jccmcd_to ha~~c no f~?rcc or eBcct. Bc~rr~~w~cr shall givc '
Lcndcr prompt nutirc of any I~psc in such ha~ard in~uranrc cuvcragc.
~ In thc cvcnt c~f a distrihutiun of hazard insurancc' pmccrds in licu uf rcxtoration or rcpair following a losc tc~
? thc Propcrh~, whcthrr tu thc unit ~~r to c~~mmc?n clcmrntti, any such procccds pa~~ablc to Borrowcr arc hcrcb~~ ascigncd
and thall bc paid t~~ Lrndcr hir applicatiun t~~ thc .umc cccurcd b~~ thr x•curit~• instrument, with thc cxccss, if any.
4 paid to Borrowcr.
~ C. Lendcrs Prior Consent. B~~rrowcr shatl nut. rxrcpt aftcr noticc tu Lcndcr and with Lcndcr'. pric~r writtcn
~ cc~nscnt, partiti~m or subciividc thc Pro~xrty or rnnscnt ti~:
~ (i) thc ~bandcmmcnt c~r tcrminatian af thr ('~~nd~~minium Pmjcct, cxccpt for abandonmrnt c~r t~rminati~n
~ providcd by law in thc case c~f ~ubstantial d~structi~~n b~• tirc ~~r ~rthrr casualt}• or in thc casc of a taking b~ conJcmnatic~n
" or cmincnt dumain;
~ (ii) am~ matcrial am~nJmcnt to thr dcclaration, by-laws or cocic c?f rcgulations of thc Ow~ncrs Ass~~ciation,
~ ~~r eyuivalent ce~nstiturnt dcxumcnt of thc Cond~~minium Projcct, including, hut nut limited to, am amcndment which
; v?~~,u1J changc th~ ~rcrntagc intcrc~ts af thc unit owncr. in thc Condominium Projcct: or
~ liii) thc cfTcctuati~?n ~~f an~~ d~cisi~m hc thc nwncrc Asscxiati~~n tc? tcrminatc profrssional managcmcnt and
a.sumc sclf-mana~~mcm of thr C~~nd~~minium Pmjrct.
~ D. Remedies. If Borrow~er breachec Rorrow~e~'~ covenants and aRreemenls hereunder. indudin~; the covenant
to pa~~ v~hen due condominium asce~.cmentc, Ihen I.ender m9~• invoke am remedies pro~ided under Ihe securit~~
~ in~trument, includin~;, but not limitcd to~ those pro~-ided under Uniform Covenant 7.
1~ WiTCVess WFiFRFOF. Borrow~rr has cxccuteJ thi. Con~ominium Ridcr.
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- Np ftECOR~E ~ ~Ol~i'.~ -
f A C011M~Y f~ ~
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~ " aoc~~a ponR ~~~RT -eo..~~,
~.E aK ~~:~cwt ~ U~ ALD E. GARR
.;rr ctF.~
g 59 AM~~~' ELIZA ,TH M. GARR -B~~r~~
MAY ~
S3
CONDOMlNIUM RIDER-i to a c~,~iy-s ~s-~NM~IFNIMC UNIFORM INSTRUMENT
co¦so~~o~*co ws~ress •ow~rs. ~rc.
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