HomeMy WebLinkAbout0015 ~ ~ CONDOMINIUM RIDER ~
TN1S CONDOMINIUM R1DER is made lAis 1'Lth d~y ot October ~~g 78 ~ and is incorporated into
a nd sAaU be deemed ~o amend and supplement a Morlgage. Deed o! 1lrust or Deed to Secure Debt lherein "aeturitr instrument'1
dited ot evea d~te herewilh. given by tAe undersigned ~hereio "Borrower") to secure Borrowers Note !o
hSc(:,11UC~N NrJR'I~C~ ar7PANY• INC• lhereio "Lender") and covering.the property deacribed In the sccurity
instrumeol and locnted at 3200 North AlA~ Unit l~b. 806 ~ Ft. Pierce, Floricta 33950
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The Property comprises a unit ia. together wjth aa undivided interest in the cammon elements of. ~ condominium project known as
SEA PINFS ZO4~R 170I~IDON~I[I~i ' . ~ ~ - : _ (herein °Condominium Project").
CONDOMINIUM COVENANTS. In addiiion to the covenanls and agreements made in the security instrument, Borrower
: nd Lendcr !ur?her covenant and sgree as lollows:
A. Asieiiments. Borrower shaU prampUy pay. w~hen due. a11 asscssments imposed by the Owners Aasoeiation or other
go~erning body o! the Conda,ninium Projeet (hvein "OWDlTS ASSOGit10O~) pursuant Lo the provuions oi the declaration, bylaws.
codr oi regulations or othcr constituent document of the Condominium Projeet.
B. Haurd Iu~ur.ace. So long as tl~e :lwaers Assoc3ation maintaies a"master' or "blanket" policy on the Condominium
Projecl which pre~idts insurar,ce coverage against fire. haurds included within the term "e:lended covsrage; and such other
hazards as Lender tnay rcquire. ±au =~~~h amUUnts and !or such periods as Lender may require, t6en: ~
(i) I.ender wsives the provision in TJniform Covenant 2 for the ~monthly payment to Lender o! one-twelltb of the •
premium installments !or hazard insurance on the Propertp;
(u) Borrower
s obtigation under Uniform Covenant 5 to maintain hazard insuraoce coverage on the Property is deemed
satisficd; ~nd
(iiij tbe provisions in Uniform Covenant 5 reg~rding application of hatard insurance proceeds shall bt supe~seded by any
j~rovisions of the declaration, by-Iaws, code of regulations or other constituent document of the Condom*nium Projecl or of applic-
a bte taw to the extent necessary to svoid a con(lict between aueh provisions snd lhe provisions of Uniform Covenant 5. For any
F;eriod ol time during which such hsrard insurance coveragt ia not maintained, the immediately preceding sentence shaU be
deemed to have no lorce or effecl. Borrower shall give Lender prompt notite o! any lapst in such baurd insera~ce coverage.
]n lhe event of a distribulion oi haurd insurance proceeds in lieu of resloralion or repair lollowing a loss to the Property.
~ hether Lo the unil or to common elements. any such proceeds payable Lo Borrower are hereby assigned and shail be paid to
L,endrr for appl~~tion lo the sums aecured by the security instrumcnt, with the excess. i! any~ paid to 8orrower.
C. Lcoder
s Prior Consen~ Borrower shall not, excepi after notice to Lender and with I.ender's prior written consent,.
partition or subdivide the Property or consent la ~ ~
(i) the ab:ndonment or lermination ot the Condominiurr~ Project, exccpt !or abandonment or lermination provided by
ln w in the nse of substantia) destruciion by fre or oiher casualty or in L}?e case of a Lking by condcmnation or eminent domain;
(iij any materul amendment io the deelara~ion, by-laws or codc oi regulations of the Owners Associalion. or equivalent
constituent document af ihe Condominium Projeet, including. but not limited to, any amendment which woutd change the per-
centage interesls ol the unit owners in the Condominium Projecl; or
(iii) the eitecluaiion of any decision by the Owners Association to lerminaie professional m~nagement and assume seU-
mznagcment of the Condominium Project. -
D. NOTICE. Ariy notice_from Borrower to Lendex required 3n thg Condominium Rider shall _
be mailed to I.ender by_certified mail_ to Lender's addre~s'~stated in the Mortgage or at such
addrees as LendeY may designate to Borrover by certified mail to the Property Address etated°
abo~e. AnY such notice from Lender to Borrower shall be given in the manner provided under
ll:~iforn Covenant 14 of the Mortgage. _
IN WITNESS WHEREOF~ Borzower has executed'this/~ondnmini Rider.
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