HomeMy WebLinkAbout0834 l~ D U~~1 I I~ I t~ ~-1 1~ I 1) E l~
THl3 CONDOMINIUM RIUER 1B IriA(~@ f,I118 ~ a e ~y of October
19 and is incorporated into and shall be deemed to amend and supplement a Mortgage. Deed ot
Trust or Deed to Secure Debt (herein security instrument ) dated of even date herewith. given by the
undersigned (herein "Borrower") to .gecure Bonower's Note to FIRST FEDERAL SAVINGS AND
LOAN ASSOCIATION OF MARTIN COUNTY (herein "Lender") and covering the Property described .
in the security inatrument and located at _10102 A-1-At Apt._ ~604-A, Jensen_Beaeh, _Fla. _3345? ,
(Property Addrew)
The Property comprisea a unit in~ together with an undivided interest in the common elements of, a '
ATLANTIS CONDOMINIUM ~
condominium project known as - - - _ -
' (Name oi Condominium Project)
_ _ _ (herein "Condominium Project"). ~
COI~DOMiN1UM Covstvniv~rs. In addition to the covenants and agreements made in the security `
instrument, Borrower and Lender further covenant and agree as follows:
A. Assessments. Borrower shall promptly pay. when due, all assessments imposed by the Owners
Association or other governing body of the Condominium Project (herein "Owners Association") pursu-
ant to the provisions of the declaration, by-laws~ code of regulations or other constituent document of
the Condo~ninium Project.
B. Nazard lnsurance. So long as the Owners Association maintaina a"master" or "blanket" policy
on the Condominium Project which provides insurance coverage against fire, hazards included within the
trrm "extended coverage," and such other hazards as Lender may require, and in such amounts and for
such periods as Lender may require, then:
( i 1 Lender waives the provision in Uniform Covenant 2 for the monthly payment to Lender of
one-twelfth of the premium installments for hazard insurance on the Property;
(ii? Bormwer's obligation under Uniform Covenant 5 to maintain hazard insurance coverage on ~
the Frope~ty is deemed satisfied; and i
(iii) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds
shall be superseded by any pmvisions of the declaration~ by-laws, code of regulations or other constituent :
document of the Condominium Project or ot applicable law to the eztent necessary to avoid a conflict
between s~ich provisions and the provisions of .Uniform Covenant 5. For any period of time during which
such hazard insurance coverage is not maintained, the immediately preceding sentence ahall be doomed
to have no force or e6ect. Borrower shall give Lender prompt notice. of any lapse in such hazard insur-
ance coverage. -
~
' In t?~e event of a distribution of hazard insurance proceeds in lieu of restoration or repair following
i
~ a loss to the Property, whether to the unit or to common elements, any such proceeds payable to ~ Bor-
° rower are herehy assigned and shatl be paid to Lender for application to the sums secured by the secu-
~ rity instrumcnt, with the excess, if any, paid to Borrower.
I
~ C. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior
~ written consent. partition or subdivide the Property or consent to:
° ~ (i) the abandonment or termination oi the Condominium Proiect, except for abandonment or ~
termination provided by law in the case of substantial destruction by fire or other casualty or in the
~ case of a taking by condemnation or eminent domain;
(ii) any material amendment to the declaration, by-laws or code of regulations of the Owners
~ A.ssociation, or equivalent constituent. document of the Condominium Project, including, but not limited
~ to, any amendment which would change the percentage interests of the unit owners in the Condominium
~ Project; or
; (iii) the eHectuation of any decision by the Owners Association to terminate professional man-
~
agement and assume self-management of the Condominium Project.
D. Remcdies. If Burro~~•er breaches Borrower's covenants and agreements hereunder, including the cov-
~ enant to ~~a}~ when due condominium assessments, then l.ender may invoke any remedies provided under
thc security instrument, including, but not limited to, those provided under Uniform Covenant 7_
~
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IK i'4'1TNESS WHERFAF, Borrower has executed this Condominium Rider.
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RCGER MITIIAS ~ ~ - ~
CIEItRCt4~UtTC04~T , Paul N. i~Tottin 3TT1 -$orrower 1
:s ~EGItO vER~FtEi _M~T
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~ ~ Mar~ori J. N titlgham - _gorroM,e~
~
~ to~~ PArE ~1 _
CONDOMINIUM RIDER-1 to 4 Fomily-6/75-fNMA/FHLMC UNIFORM INSTRUMENT '
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A-302 9/J6
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