HomeMy WebLinkAbout0294 ~ ~~~~~l~ C4NDQMINIUM RIDER ~
THIS CONDOMIMUM RIDER is made thL day ot MNY ~ .19 7$and is Iucorpocsted inw
aad shall be deemet! to amend and suppkmeaL a Mortgage, Deed ot Trwl oe Dcad to Secuse Debt lherein "securit~ instruraent")
dated ot evea date berewith, givea b~ tbe ue~rslgaed lheceiw "Borro~ver") to secure Fiorrowee's Note to FIRST FEDERAL
SAVINGS AND LOAN AS30CIATlON OF 11~IAMI Ihece~n "Leader") apd oovering the property described in the security-
-~oested:t--fdif@-1t1~t-- - - -
.lEtiSEN BFJI~CH~ Ft.aRIDJ1.
The Property compriaes a unit ia. together with an undivided iaterest iA lhe comaron elemanta of. a eondominium project knowa as
F~lTC~11 NSON 1 SLMO Cld~ ~'O0~'~ 1 N I lM (herein "Condominium Project").
COND0141INIUM COVENAMfS. In additaon to the coveaaats and agceementa made in the security instrumen~ Borrower
and Lender further ooyenant snd agree aa followa: . _ '
A. Assesementa. Borwwer sball promptly pay. whea du~, all assessments impased by the Owners Association or otber
governing body ot the Condominium Projeet (berein "Owaera Associatioa") pur;~uaat to the provisions ot the declaration. by-lawa.
code ot regulalions or other eoastiluent document ot the Coadomiaium Project. _
B. Harar~ lawranee. So long as tAe Owners Aasociatioa maintains a"maater" or "blsnket" policy on the Condomiaium
Projecl 'which provides insurance coverage against C~re. t~aaatds iacluded within the?lerm "extende~ coversge." and such other ~
haurds.as Lendcr may requ've. and in such amounts and for suc~ periods as I.ender may require. then:
(i) Lender waives the provision in Uaitorm Covenant 2 for the monthly payment to Lender ot one-twelith of the
premium instaliments (or hazard insurance on the Property:
(u) $orrower s obligation under Uniform Coveoant 5 to maintain ha~ard insurance coverage oa the Property is deemed
salisfied: and , ~ .
Iiri1 the,provisions in Uniform Covenant S.regardirtg application of hazard insurance proceeds shall be superseded by any
provisions of the declaration, by-laws, code o! regulations or other constitue:it documenl ot the Coadominium Project or of applic-
able !aw to the extent necessary to avoid a conflict between such provisions and the provisions of Uaiform Covenaat 5. For any .
period of time during whfch such hazard insuraace coverage is aot maintained. the immediately preceding sentence shaU be ~
deemed to have no force or etfect. Borrower shall give Lender prompt aotice ot aay lapse in such hazard insuraace coverage. _
In the event ot a disiribution o[ hazard insurance proceeds in lieu oi restoration or repair tolbwing a lass to the Property,
v?hether to the uoit or lo cor~emon elements. any such proceeds payabie to Borrower are hereby assigned and shatl be paid to
l.ender for application to the sums secured by the secucity instrument, with the excess.~ it any. paid to Borrower.
C. Leoder's Prfor Coaseat. Borrower shall not, except atter not;ce io Lender and with Lender's prior written consenl,
partition ur subdi~ide the Property or consent to: _ ' .
(i) the a'bar~donment or termination ot the Condominium Yroject. except for abandonment or termination provided by
law in the case of substantial destruction by Ctre or other casuaity or in the case oi a taking by condemnation or eminent domain:
1 ii) any material amendment to the ~eclaration, by-laws or code ot regulations of the Owners Association, or ~quivalent
constituenl document of the Condominium Project. including, but not limited to, any amendment whici~ would change the per-
centaKe interests of the unit owners in the Conilominium Project; or
liii) the etfeetuation of any decision by the Owners Association to terminate professional management and assame seli-
management of t6e Condominium Project. ~ '
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D. Remsdiea. lt Borrower breac6es Borrower's oovenants and agreements hereunder. ineludins tbe eovenaat to pay ~r6en
'I diu eondomiaium assessments, t6eo l.ender may invol•e my remediea provided under We sec~rity instrument, ineludins, but not
~ Umitad to. t6ose provided uader Unliorm Covenaat 7.
Ih WITNESS WHEREOF, Borrower has executed this Condominium Rider. ~
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~ EOGK 2U9 PAGE
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~ . CONDOMINIUM RIDER~1 to 4 Family-8/75-FNMA/FHLMC UNIFORM INSTRUMENT (~v 1/76)
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