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HomeMy WebLinkAbout0419 ~ _ { CONDOMINIUM RIDER , THIS CONDOMINIUM RIDER is made this f 21st day of November .1978 .and is Incorporated inb i and shall be deemed b amend and suppkmsnt a Mortgage. Deed oft Trust oe Deed b Secure Debt (herein "security Instrument") f dated of even date herewith. given by the underslgped (berain "Borrnwer"1 b sseure Tiorrow~ a Note b FIIiBT FEDERAL t SAVINGS AND LOAN ASSOCIATION OF MIAMI (herein "Lender") and covering the property described in the security instrument and located at 10410 AlA Mi02 The Property comprises a unit in. wi~ an~uadifi?vded interest in the common elements of. a condominium project known as HUTCHINSON ISLAND CLUB , A Condominium (berein "Condominium Project"1• CONDOMINIUM COVENANTS. In addition b the covenants and agreements made in the security instrument. Borrower and Lender further covenant and agree as tolbwx A. Aweawoeats. Borrower'shall promptly pay. when due. all assessments imposed by the Owners Association or other governing body of the Condominium Project (herein "Owners Association") pursuant b the provisions of the declaration. by-laws. code of regulations or other rnnstituent document of the Condominium Project. B. Harard Insurance. So long as the Owners Association maintains a "master" or "blanket" policy on the Condominium Project which provides insurance coverage against fire. hazards included within the term "extended coverage," and such other hazards as bender may require. and is such amounts and for such periods ss Lender may require. then: f i1 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: i (ii) Borrower s obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the Property is deemed satisfied: and (iii) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds shall be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent document of the Condominium ProjeM or of applic- able law to the extent necessary to avoid s confliM between such 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 shall be deemed to have no force or effect. Borrower shall give Lender prompt notice of any (apse in such hazard insurance rnverage. In the event of a distribution of hazard insurance prceeeds in lieu of restoration or repair following a loss to the Property. 1 whether to the unit or to common elements. any such proceeds payable to Borrower are hereby assigned and shall be paid to Lender [or application to the sums secured by the security instrument, with the excess, if any. paid to Borrower. ! C. Leader 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 of the Condominium Project. except for abandonment or termination provided by -law in the case o[ substantial destruction by fire or other casualty or in the case of a taking by condemnation or eminent domain; t (ii) any material amendment to the declaration. by-laws or code of regulations of the Owners Association, or equivalent constituent document of the Condominium Project. including. but not limited t0. any amendment which would change the per- , centage interests of the unit owners in the Condominium Project: or (iii) the effectuation o[ any decision by the Owners Association to terminate pro[essioaal management and assume self- i ~ management of the Condominium Project. f D. Remedies. If Borrower breaches Borrower's covenants and agreements hereunder. induding the covenant to pay when due eondomiuium assessments, then Lender may involve any remedies provided under the security instrument, including. but not limited to. those provided under Uniform Covenant Z IN WITNESS WHEREOF. Borrower has executed this Condominium Rider. -Borrower (FNJCaO F. RIEBE • r -Borrower 1•;-•~ r - -Borrower f . ~ n-- 20 P.1 ~ = t13 A - -Borrower ~1`~ - - _ -Borrower -Borrower i aoac 3~0 PAGE 419 ~ CONDOMINIUM RIDER-1 to ~ Family-6/75-FNMA/FHLMC UNIFORM INSTRUMENT :(Rev 1/76)