HomeMy WebLinkAbout0940 ~ ~ CONDOMINIUM RIDER
THIS CONDOMINIUM RIDER is made this 26th day o! July ,19 78 , and is incorporated into
and shaU be deemed Lo amead and aupplement a Mortgage. Deed of Trust or Deed to Seeure Debl (herein "securitr instrumeat")
datcd ot evea dal,e henwitb~ givea by the undenigaed (herein "Borrower") to sccun Horrower a Note to
Md'AUG~~] NYJiR'PGd1~ ~'IPANY, ?NC. Ihetein "Leader") and ooverin~ the propertr deacr'bed in the security.
insuument iAd located at 3200 N. AiA, Unit 1110, Ft. Pierce, Florida 33450
Thc Property comprisea a unit in. togetbar wjth an undivided intere~t ia the common elementa of. a condominium project know~a as
SFA PINFS T04~2 QOI~DC~JIi~! therein "Co~dominium Project"),
CONDOININIUM COV~NANTS. In sddition to the eovenants and agreements made ia the security instrumenl. Bornower
and Lender further eovenant and agree as folbws:
p, Asseasmeata. Borrower shaU promptly pay. w~hea due. aU assessmeats imposed by lhe Owaers Auociation or other
governina body o! the Condominium Project (herein "Owaers Associalioa") pursuant to the provisions of the declaralion. by-laws,
code of segulatior~s or other constituent document o! the Condominium Projeel.
B. Harard lasuraoce• So Iong as the Owners Association maintaias a"maater" or "blanke!" policy on the Condomiaium
project whicb provides insurance cover:ge against fire, harirda ineluded withia the term "e:tended coverage." and sucb other
haurds u I.ender may require. and in suc.h imounts aad tor such periods as Lender may require. the~:
Ii) Leader waiva the provision in Uniform O~venant 2 tor the monthly paymen! to Lender of oae-tweUth of the
prcmium instaUme~ts for barard insuraace on the Properly:
(u) Borrower
s obligation under Uaiform Covenant 5 to maintain hazard insurance eoverage on the Prnperty is deemed
satisfcd: and
(iii) the provisions in UnJorm Covenant 5 regarding spplication of hazard insurance proceeds shall be superseded by any
provisions of the declaration. by-laws. code of regulations or other constituent document of the Condom~nium Projecl or of applia
able law lo the extent necessary to avoid a conilict between auch provisions and the provisions of Uniform Covenant 5. For any
period of time du»ng which such hazard insur~nce eoverage is not maintained. the immediately preceding sentence shall be
deemed to have no (orce or effect Borrower shal! give Lender prompt notice of any lapse in sueh haurd insurance ~overage.
In the event of a distribution o! haurd insuranee proceeds in lieu of resloration or repair following a loss to the Property.
whether to the unit or to commoa elemeats. any such proeeeds payable to Borrower are hereby assigned and shali be paid to
Lender for applicition to the sums secured by the security instrumen~ with the eYCCSS, it any. paid tu Borrower. '
C, Lender's Prior Concent» Borrower shall no~ except atter nodce to I.ender and with Lender s prior written consenl..
partition or subdivide the Property~or consent to:
(i) the abandonment or terminstion of the Condominium Project. except for abandonment or termination provided by
law in ~he case oi subslanlial destruction by fire or other usualty or in the use ot a Lking by condemnation or eminent domain;
(ii) any material amendment to the declua(.ion, by-laws or code ot regulations ot the Owners Association. or equivalent
constituent doeument ot the Condominium Project. including, but not limited to. any amendment which would change the per-
centage inlerests of the unit owners in the Condominium Projecl; or .
(iii) the effectualion ot any decision by the Owners Association to terminate professional management and assume selt-
management o! the Condominium Project
I'. D, NOTICE. Any notice_from Borrower to Lender required in the Condominium Rider shall _
~ ~ae mailed to Lende~_certified mail. to_Lender's address stated in the Mortgage or at such
j address as Lender may designate to Borrower by certified mail to the Property Address stated
~ above. AuY such notice from Lender to Borrow hall be iven in the manner provided under
Lniform Covenant 14 of the ?iortgage.
E IN ~TITNESS WHEREOF, BorroWer has execut d is Con ini er.
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