HomeMy WebLinkAbout0736 : ~ ~ - CONDOMINIUM RIDER -
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TNIS COA~DOMIJJIUM RIDER is made tbis ~ 27th day ot September .19 78 . and ia incorpo~atrd inb
,end shall be deeme,d b amend ind aupplement a MoKgage, Deed ot 1lrusl or Deed Lo Sceure Debt (herein "securl:y ins~rument")
d,ted of eveA date herewltL. aiven by ihe undersigned (bereiu "Bortoww•) to seeure gurrower•s Note tt?
N~IUGHAN ~ CX~9PANY~ 11~~. (hvein "Leadet') aod coverina . tbe property descr~'bcd ia the security -
instrument ind focated at 3200 North AlA, Uriit No. 803 • Ft. Pi,er~e, Florida 33450
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The Properly comprises a unit iA. tog~ther ~iritb sA uadivided interest ia lhe common elements ot, a eondomiaium project known as
S,FA PII~S ZORn1Qt C70I~DC~TIL~! ~ • ' ~ . • ~ - : , (1~erein "Condominiucn Pmjcet"),
CONDOIdINIUM COVFNAT?TS: Ia additioa to the oovenants aad agrcements made in the secnrity inslrameaf~ Borrowcr
a nd Lender further covenant aad agree as tolbwx ~
A. Auu~~~- ~a~+'u sb:ll prompslJ? Piy. *?bea due, all assessmenis imposed by lhe Ownen Association or other
governins bod7 of ihe CondoAeiwum Projed. (besein "Ow?Aers Association'~ pursuant to the provisions of the decLratioq by-1aw;
code o! re~ulations or other constiteent doenment ot the Condomioium Prajee~ ~
g, I~~ird Insuraoce. So bna as tbe Owners Association mainiaias a"austu` or "blanket" policy on the Condominium
Projecl wbirh provides iusunnee ooverage against ftre. ?iazzrds iaeludcd within the term "exteaded coverage." and sucb other
h~z.ards u Lcndet msy re9u'~*e. and in sueb amounts and for such periods as Lcnder mar rcquire, then: '
I.eader v~raives tbe provisioa ~n Uniform Oovenant 2!o~ the~monthly payment to I.e~der of oae-tweltth of the ~
premium i~stallmentt for hazard insunnce on the Properiy;
(u) Borrower's obligatioa under UnJorm Covenant 5 to maiatain hztard i~surance coverage on the Property is deemed
satisGcd: and
(iii) the provisions in Uniform Covenant 5 regarding application of haurd insurance proceeds shail be superseded by any
prov~sions of the declaration. by-laws. code oT regulations or other constituent document of the Condom~nium Project or o! app)ia _
n ble law to the extent necessary to svoid a conflitt between sucl~ provisions and tht provisians c;i Uaitor.n Covenan! S. For any
period of time during which such hazard insuranee coverage is not msintained. the immediately preceding sentence shaU be
deemed to have no lorce ar effect. Borrower shall give Lender prompt noLice ot any lapse in such hzzird insurance coverage,
In the event of a distr3ul'eon oi haurd insurance proceeds in Iieu of restoration or repair following a loss to the Property,
v.~hether to the unit or to common eltmenis, any sucb proceeds payable b Bonower are hereby assigned and shall be paid to
L.endcr for apPlication to tbe sums secured b~? thr security insUumeni, witb the excess. it any. paid to Borrower.
C, 1,eader
s Prior Concwt. Borrower a~ull aot, exeept after notice to Lender and with Lender's prior writte~ consent~.
Fartition or subdivide the Property or consent toc . _
(i) tbe sbandonmenl or termination o! the Condominium project~ cxcept !or abandonment or termination provided by '
ln w in the nse of substantial destruction by fire or other u'sualty or in ihe cast of a bkiog bp condemhatioA or eminent domain;
(ii) ~ any maLerial amendment to the declara~ion. by-laws or code of regulations o! the Owners Association, or equivalent -
cr~nstituent document of lhe Condominium Projecf. including. but noi limited to. any amendment which woold change the per- ~
centa6e interests of tht unit ownen in the Condominium Projeci,; or
(iii) the effectualion otany decision by the Owners Association to terminate professional managemenl and assume sel!-
managemeni of tbe Condominiusn Projeet. ' -
D. NOTICE. Any potice_ from Borrower- to Lender required in the Condamininm Ridez shall
be mailed to Lender b~r_certified mai~_ to Lender's address' stated in the -Mortgage or at such ~
address as Lender may designate to Borrower by certified m~ail to the Property ~.ddress .stated i
abQye. AnY sucb notice from 7.ender to Borrower shall be given in the mannez prov3ded under :
Uniform Covenant 14 of the Mortgage. : .
IN ~11TNESS WHEREOF, Borrower has. execut is Condo Rid ~r i
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' _ . WARREI~ E . MI LLIGAN - $orrower ;
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