HomeMy WebLinkAbout0085 . • VVIVIJV1V111V1V1Y1 1L1LL' 1y
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THIS CONDOMINIUM R1DER u mide this ~~th day. ot November ~ 19 78 . and 'u incorporaled into
and sh~1) be deemed to ~me~d and supplemenl a Mortgage. Decd oI 11-ust or Deed to Securt Debt (herein "security jnslrumenl'j
d~tcd ot evea da4 herewlib. giveA by the uodersigned (herein "Borrower") b secure Horrower
s Note to
~-,~~~p~} j~~A'l~GAC`~E ~4PANY~ INC.. (herein 'LlOdCf~) and covering.th~ property deacribed ia the security
instrumc~t aad located at 3200 North AlA, Unit 905, Ft. Pierce, Florida 33450 .
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The Property comprises a unit in, togethtr wjlh an undivided interest in the common elemenLs o!. a condominium project known ~s
S~ pj~ '!Oti'~t ~Id~C1NLII~ItP1 ~ ~ • ' ' " ~ ~ : : (herein "Condominium Project"),
CONDOMINIUM COVENANTS, In addition to the covenants and agreemenls made in the security instrument, Borrowet
a nd Lendu lurther covenant and agree ss loilowx . ~ ~ .
A, p«eisment~. Borrower shall promptiy pay. wheo due, sll assessmenls imposed by the Owner~ A~sociation or otber
governing body of the Condominium Proj~tt (herein "Owners Association") pursusnt to the provuions of the declaration, by-law~;
code of rc~laVons or other constituent document of the Condominium Projecl.
H, }~u.rd Insuraace. So )ong ss the Owners Association mainliins a rIT11SLCTw or "blankel' policy on the Condominiuro ~
Project M+hicb provides insurance coverage against t'ue. ha~rds included within lhe term "extended coverage; and such other
havrds as t.~ender may require. and in suc}~ imounis and !or such periods as Lender may rcqu've. thec~:
- (jj l.ender waivu tbt provision in UnJorm Covcnant 2!or the~monthly payment to I.ender o! onttweUth of the
prcmium installments !or ha~rd insurance on ~he Propertp; . ~
~u) Borrower's obligation under UnJorm Covenant 5 to maintain hazard insurance coverage on the Property is deemed
s~tisficd: and •
(iii) the provisions in Uniform Covenant 5 regarding applic~tion of ha~ard insurance proceeds shall be superseded by any
provisions of tfie declaration, by-1aws. code of regulations or other conslituent document of the Condomu?ium Project or of applio
abfe law to the extent necessary to avoid a conilict between sucl~ provisions and the provisions o! Uniform Covenaot 5. For any
pcriod o! time during which such hazard insurance eoverage is not maintained, the immediatel~r preceding sentence shall be
dcrmed to hsve no force or efiect_ Borrower shall give Lender prompt notice of wny tapse in such haurd insurance coverage,
In thc cvent of a distribution of havrd insurance proceeds in lieu of resloration or repair !o)lowing a Ioss lo the Property~
..~hether to lhe unil or to common elements. anp such proceeds payable !o Borrower are hereby assigned and shall be paid to
Lender for appl~cation to the sums secured by the securitp instrumerrt, with thr excess, if any, paid to Borrower.
C, Lcnder's Prior Conceat.. Borrower shaU not. excepi after notice !o I.ender and with I,ender
s prior written consent,.
parlition or subdivid~ iht Property or consent ta
(j) the abandonment or termination o! ihe Condominium Projecl, except !or abandonment or termination provided br
law in the vse of substantial desiruciion by Tre or other u'sualty or ir. ihe cast ~f a tsking by condemnation or eminent domain;
- any m:terial amendment to ihe detlara~ion, by-laws or code of regulations ot the Ownerz Association, or equivalent
constitur.nt documeni of the Condominium Projed, including, but not limi~ed to, an~r amendment which would changt the per-
centa~e intcrests of ihe unit owners in the Condominium Project; or •
(iii) the effecluation of any decision by the Owners Association to ierminate prolessional managemenl and assume seU
m~nagcmenl of the Condominium Projecl. ' '
D..N~TICE. Any notice_,from Borrower. to Lender required in the Condominium Rider shall
be mailed to _Lender by_certified .mail, to Lender's _ address' stated in the -Mortgage or at suc
addze6s es I-ender may designate to BorroWer by certified.mail to the Property Addrese.etat
above. ~Y such not~ce from Lendet to Borrover shall be g~ven in the manner provided unde
Uniform Covenant 14 of the Mortgage. _
IN NIT~ESS WHEREOF, BorroNer has executed this Condominium Rider.
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- • . . R . Q~iER~~ -Borrower
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$EATRICE M. MONTGQ''~RY -~ROwet
, • • , - Bonower
s • . • _ . _ . -BorroWtt
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