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Home My WebLink About0392 CON DOM I N I U M R 1 DER - I8 COND01/INIUM RIDSR is ~Tldd@ tI118 . . - - - - 3OLI1 _ _ _ d8y of _Ma~r _ 19 and ia incorporated into and shaU be deemed to amend and supplement a Mortgage, Deed of 'ISrust or Deed to Secure Debt (herein "security instrument") dated of even date herewith~ Siven by the . undersigned (herein "Borrower") to secure Borrower's Note to FIRST FEDERAL SAVINGS AND LOAN A3SOCIATION OF MARTIN COUNTY (herein "Lender") and covE~ring the Praperty de8cribed in the security instrument and locsted at villa Del Sol 4-H, Route ~ 2, Jensen Beach, Florida IPooperty Addrea) 33457 The Property comprises a unit in, together with an undivided interest in the common elements of, a condominium project known as _~LLA DEL SOL (Name ot Condominium Project) . (herein "Condominiutn Project"). - COI`DOMiNIUM Covstv~+ivrs. In addition to the covenants and agreements made in the securaty instrument~ Borrower and Lender furtheX rnvenant and agree as follows: • A. Assessments. Borrawer shall promptly pay, when due, all assessments impo~ed by the Owners Association or other governing body of the Condominium- Project (herein "Owners Association") pursu- ant to the provisions of the declaration, by-laws, code of regulati~ns 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 Condbminium 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 waives the provision in Utuforai Covenant 2 for the monthly payment to Lender of one-twelfth of the premium installments for hazard insurance on the Property; (u) Borrower's obligation under Uniform Covenant 5 to maintain hazard insurance coverage on ~ the Property is deemed satisfied; and (iii) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds shall be superseded by any pmvisions of the declaration, by-laws, code of regulations or other oonstituent document of the Condominium Project or of applicable law to the eztent necessary to avoid a con8ict between such provisions and the provisions of Uniform Covenant 5. For any period of time during which such hazard insurance coverage is not maintained, the immediately prECeding sentence shall be doomed • IT' T'__'_"__ L~1~ T .1.. L f.~:....~ l ~es~e.a ~ o.•n{a {~evss~ un~~r_ . ? _ . . _ ' ~ ~.~...r.w w w ww•• ta n~ve r,o IUit`~ Ui eticiL. GUi[U"vtci btiwit ~i'vc tw:aiuist y;uaaiyi i~~Ji1G.G u: c?:a3 :u~.:.~. S:a .:a.a.:~ - - ance coverage. - In the event of a distribution of hazard. insurance proceeds in lieu of restoration or repair follawing a loss t,o the Property, whether to the unit or to common elements, any such proceeda payable to Bor- rower are hereby.a.gsigned and shall be paid to Lender for application to the sums secured by the secu- ~ rity instrument, with the eacess, if any, paid to Borrower. ~ C. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with I.ander's prior . written consent, partition or subdivide the Property or consent to: ~ (i) the abandonment or termination of the Condominium Proiect, eacept for abandonment or temnination provided by law in the case of substantial destruction by Rre or other casualty or in the case of a taking by condemnation or eminent domain; (ii) any material amendment to the declaration, by-laws or code of regulations of the Owners ~ - Association, or equivalent constituent 'document of the Condominium Project, including. but not limited to~ any amendment which would change the percentage interests of the unit owners in the Condominium Pmject; or . (ai) the e$ectuation of any decision by the dwners Association to terminate professional man- agement and asaume self-management of the Condominium Project. D. Remedies. If Borrower breaches Borrower's covenants and ag~reements hereunder, including the cor•- enant to pay when due condominium assessments, then I.ender may invoke any remedies provided under the security instrument, including, but not limited to, those provided under Uniform Covenant 7. ~ Itv WITNESS WHBRROF, Borrower has ezecuted this Condominium Rider. . 4~`~'~ - Fl0£V - - ~ `~1~0 ED p~p ovNtr F~~' A e E. Schaerer -Bor~er - st ~~~~La ta~~~ . c O'~ ~ `,~~~f,0 ~ . 39QN+1~ Ing . Schaerer -sor~~er ~Utl 1 3 60GK 288 P~ ~ CONDOMINIUM RIDER--1 to 4 Family-6/75-FNMA/FHLMC UNIfORM INSTRUMENT A-~02 9/~6 - - - - - ~ ~.rni=.'~.a ` '•i "+rA a,N- _ . . ' xz s,~..s'£r.Y~~ . . _