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HomeMy WebLinkAbout0889 ii- 766/OAKLA CONDOMINIUM RIDER TIiIS CONDOMINIU~ RIDER is aude this 25th ~y °i Auq llst • 19 ~g . and is ineorpwated into ~ and shaU be deemed to ameod aad supplement a Mortgage. Deed of 7~usl or beed to Secure Debt {herein "security inslrument"1 dated ot even date herewith. given by'the undersigned (hereia "Borrower") to secuce Borrower's Note to FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF MIAMI (herein "I.ender"1 artd covering the pmperty described in the securily inslrument and located at 1A410 AlAs UNIT 404 JEN~I BE~ACH+ FLORIDA The Property comprises a unit in, toget er w~t aa undivided interest in the eommon etements o!. a condominium project known as HUTCHINSON ISLAND CLUB ~ a Condominium (hereia "Condomi~iurri Project"?. CONDOMINIUM COVENANTS. In addition to the rnvenants and agreements made in the security instrument, Borrower and l.ender turther covenant and agree as tollows: A. Assessa~ents. Borrower shall promptly pay. when due. atl assessments imposed by the Owners Association or other Koverning body ot the Condominium Project (herein "Owners Association") pursuant to the provisions of the declaration, by-laws, cr?de oi regulations or oiher conslituent document of the Condominium Project. B. Haurd Ineurance. So long as the Owners Associatioa maintains a"master' or "blanket" policy on the Condominium I'roject which provides insurance rnverage against fire, hazards iacluded within ihe term "extended coverage;' and such other hazards as t.ender may require. and ia such amounts and for such periods as Lender may require. then: Iil I.ender waives the pro~ision in Unitorm Co~enanl 2 for the monthly payment lo I.ender of onetweltth oi the . premium inslallments for hazard insurance on the Property: i ii) F3orrow•er s obligation under Uniiorm Covenant 5 to maintain hazard insurance rnverage on the Property is deemed salisfied; and (iiil the provisions in Uniform Coyenant S regarding application of hazard insurance proceeds shall bc superseded b~• any pro~•isions o[ the declaration, by-laws, code of regutations or other constituent document of the Condominium Project or oi applic- able taw to the extent necessary to avoid a conflict beiween such provisions and the provisions ot Unitorm Covenant 5. For any period ot time during which such hazard inserance coverage is not maintained, the immediately preceding senlence shall be deemed to have no force or eftect. Borrower shall give Lender prompt notice-of any lapse in such haaard insurance coverege. ln the evenl of a distribution of haaard insurance proceeds in lieu oi restoralion or repair following a loss to the Property, w•hether to the unit or to common elements, any such proceeds payable to Borrower are hereby assigned and shall be paid to Ixnder for application to the sums secured by the security instrument, with the excess, if any, paid to Borrower. ~ C. Lendet's Prior Consent. E3orrower shalt not, except after nolice to Lender and with Lender's prior written consent, partition or subdi~•ide the Property or consent ta til the abandonment or termination of the Condominium Project, except for abandonmenl or termination provided b~• !aa• in the case of substantia! dest ~uction by ~re or other casualty or in the case ot a taking by condemnation or eminent domain; 1 ii) an~ material amendment to the deelaration, by-laws or code oi regulations o[ the.Owners Associztion, or rc{ui~•alt•nt c•unstituent document uf the Condominium Yroject, including, but not limited to, any amendment which would change the per ~entage interests of the unit owners in the Condominium Project: or liiil fhe etfectualion of any decision by the Owners Association to terminate professional management and assume self- management of lhe Condominium Prt~ject. ~ D. Remedies. II Borrower breaches Borrower's covenants aad agreements he~euade~. induding the covenant to pap when due eo4dominium assessments, t6en.l,ender may invoke any remedies provided under the security inatrumeot, including, but not timited to. t6ose provided uader t;niform Caveaat~t 7. IN WITNESS WNEREOF, Borrower has execuled this Condominium Rider. ~ - Borrower tt K L KONI6SEDE - iT. LUC E COUMTr Fii?. F4CER PSItR~4 ~ -Borrov?er ~iF~~t r,::-:Lll~~ ~~~,~q ~ JEANNE 7 KONIGSEaER ~ . y:r c~cp AUr 12 ns PM -f3orrower - -E3orrovrer - Ebrrowet - Borrower , - ~ i . $ O ~ ' t d~ ~ ~ ~ 4 4 CONDO:N(NtU14 RIDER-1 to 4 Family-6,'75-FN?HA/F HI.MC UNIFOBM INSTRUMENT IRev 1~761 ~ t} f ~ ' ~l~ ~ . _ ' ' ~ . _ . - sX ~ Oi. ~i'E. "~+e~-~ ~+r.^~ 'Yr.~aS!'~.z"~"'a-~ ~`aKa* "C Y ~ "'~,e ~,.5 ~X r _ Kx+-g +~L~F~~ ~ p _w.L. ~ . i ~ e~ 'pbe$.S_.p.£4:X'a.~+`*.. .