HomeMy WebLinkAbout0884 ~~~-4~~~~~~ CONDOMINIUM RIDER
THIS CONDOMIMUM RIDER is made this 2~ day oI A~'gt . 19 78 , and is incorporaled into
and shall be deemed to amend and supplement a]ldortgage. De~d ot'I~ust or Deed to Secure Debt Iherein "security i~strumenl")
dated o[ even dste herewith. given by ~the undersigned (herein "$orrower") to secure Borrower s Note Go FIRST FEDERAL
SAVINGS AND LOAN ASSOCIATION OF MIAMI iherein "l.ender") and covering the property described in the security
instrument and localed at ~ p410 AIA UNIT 100~
. J~N5~N li~Jl~tl, FLdFti[3~.
The Property comprises a unit in. together with an undivided interest in the common elements of. a condominium project known as
i~lTGiIN$ON ISLAPD CLiB CON001"IINIUM Iherei~"CondominiumYroject").
CONnOMINIUb'I COVENANTS. In addition tu the covenants and agrcements made in the security instrument, Borrawer -
and Ixnder turther cuvenant and a~e as follows: -
A. Asseasmeots. Borrowcr shall promptly pay, Khen due. all assessments impo.9ed bv the Owners Association or othrr
Ku~•crning body ot lhe Condominium Projecl (herein "Owners Association") pursua~t to the provisions of the dectaration, by-taws,
~•ode ut regulations or other constitueiit docnment of the Condominium Project.
B. Naurd Insurance. So long as the Owaers Association maiatains a"master' or "blanket" policy on the Condominium
!'ruject K•hich provides insuraucr coverage against Cre, hazards included within lhe term "extended coverage;' and such other
haz:ird, zs I,ender ntay require, and in such amounts and tor such periods as I.ender may reyuire. then:
Iil l.ender waives the provision in Unitorm Covenant 2 for the monthly paymenl to Lender of one-twelith of ihe
pr~•mium inst:?ilmrnts tor hazard insu~ance on the Property:
lii) liurrower's obligation under tlni[orm Covenant 5 to maintain ha7ard insurance coverage un the Property is dermed
.atisii~Y1; and
Iiii1 the pro~•isions in Unitorm Covenant 5 regarding applicatiun of hazard insura~ce pron.~eds shal! be supersedrd by an}•
pru~•ision~ of t he dectaration, by-!aws, code of regulations or other constituenl da~ument of the Condominium Yroject or of appli~_
.ibie laK to the extent necess:ir~• to avoid a ronilict betweren such provisions and the provisions of Uniform Covenant 5. For any
E,rrioci of time during w•hieh such ha~rd insurance coverage is not maintained, the immediately preceding sentenm shall be
+!~•~med to havr no torce or effect_ Sorrower shall give Lender prompt notice of any lapse in such hazard insurance coverage.
In the event of a distrihution oE hazard insurance proceeds in lieu of restoration or repair fullowinK a loss to the Propert}•,
H~hethcr to the unit or to common elemcnts, sny such proceeds payable to Borrower are hereby assigned and shall be paid tu
~.~•n~lrr for apptication to the sums secured by the securit}• instrument, with the excess, if an}•, paid to 8orroK•er.
C. Lender's Prior Conseat. Borrower ~6ail not, except after notice to Lender and w•ith I.ender's prior writlen consrnt,
partition or suMiivide the Property or consrnt ta
ii1 the sbandunment or terminatiun of the Condominium Project, except tor abandonmenl or terminxtion pro~•iJed by
law~ in th~• cast• uf sub~tantiat destruction by fire or other casudlty or in thr case of a taking b~~ condemnation ur eminc•nt don?ain;
~ ii) any material amendment to the declaratiun, by Isws o: codr of regulatians of the Ou•ners As,ociaiion, or eyuiti•alrnt
r~,nslituent d~xum~nt oE the Condnminium Yruject, including, but n~t timited to, any amendment which would ~•h:snKe the prr-
~~entaKe interests of thN unit owners in the Coodominium Project; or ,
ii~i) thr effectuation of any decision by the Owners Assuciation to terminate profcssionai management and assume setf
n:xnaKrment ot the Condominium Project.
D. Remedies, Borrower breaches Borrower's rnveaaats:ad agreements hereunder, including t6e covenant to pay w•fien
due condominium usessmeats, thea I.ender may invoke any remedies provided under the securit}• instrument. includi:ig, but not .
limited to. those provided uader l,~niform Covenanl 7. •
Iti 1~'ITtiESS WHEREOF. E3orrower has executed this Gondominium Rider.
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41531~ - ~rrower
- Borrower
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CONDOMItiIUM RIUEA-1 to 4 Family-6%75--F1`MAiFHL!1iC UNIFORM IN~TRUMENT IRev 1/76)
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