HomeMy WebLinkAbout2643 :1-4490/WES'
CONDOMINIUM RIDER
THIS CONDOMINIUM RIDER is made this ? q~ day of ? . 19 ~ .and is incorporated into
and shall be deemed to amend and supplement a Mortgage. Deed of Trust or Deed to Secure Debt (herein "security instrument")
dated of even date herewith. given by the undersigned therein "Borrower") to secure Borrowers Note to FIRST FEDERAL
SAVINGS AND LOAN ASSOCIATION OF MIAMI (herein "Lender') and rnvering the property described in the security
instrument and located at !04'10 AlfEa UN:'~~9C5~~~~ pp -
The Property comprises a unit in.~oge~6ei wtthAan
undivi~edinterest in the common elements of. a condominium project known as
r1UTCHINSN ISLAtvD CLi~E+ A Ci?Npc?~INIUM therein"CondominiumProject").
CONDOMINIUM COVENANTS. 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") pursuant to the provisions of the declaration, by-laws,
code of regulations or other constituent documetnl of the Condominium Project.
B. Hazard Insurance. So long as the Owners Association maintains a "master" or "blanker" policy on the_Condominium
Project which provides insurance coverage against Ctre, hazards included within the term "extended coverage," and such other
hazards as Lender may require, and in such amounts and [or such periods as Lender may require, then:
ail Lender waives the provision in Uniform Covenant 2 for the monthly payment to Lender done-twelfth of the
premium installments for hazard insurance on the Property; ~ •
{ii) Borrower's obligation under Uni[orm Covenant 5 to maintain hazard insurance coverage on the Property is deemed
satisfied; and •
liiil the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds shall be supersctled by any
provisions of the declaration, by-laws, code of regulations or other constituent document of the Condominium Project or of applic-
able law to the extent necessary to avoid a conflict 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. Borrcwer shall give lender prompt notice of any lapse in such hazard insurance coverage.
In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to the Property,
whether to the unit or to common elements, any such proceeds payable to Borrower are hereby assigned and shall be paid to
Lender for application to the sums secured by the security instrument. with the excess, if any, paid to Borrower.
C. Lender's I~rior Consent. Borrower shall not, except after notice to Lender and with Lender's prior written consent,
partition or subdivide the Property or consent to:
ill the abandonment or termination of the Condominium Project, except for abandonment or termination provided h}•
lav?• in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or eminent domain;
~iit any material amendment to the declaration, by-laws or code of regulations of the Owners Association. or equivalent
constituent doKument of the Condominium Project, including, but not limited to, any amendment which e•ould change the per-
centage interests of the unit owners in the Condominium Project: or
iiiil the effectuation o[any decision b}• the Owners Association to terminate professional management and assume self- -
management of the Condominium Project.
D. Remedies. If Borrower breaches Borrower's covenants and agreements hereunder, including the rnvenant to pay when
due condominium assessments, then Lender may invoke any remedies provided under the security instrument, including. but not
limited to. those provided under Uniform Covenant 7.
IN WITNESS WHEREOF, Borrower has executed this Condominium Rider.
3
d T~ -Borrower
Rober Baesel artner -Borrower
Rob 't P . R Partner - Borr°wer
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+ ~ ~ • ~U I~t•{ S 9 ge; , Schur n . Partner- Borrower
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e L. SCht11tZ , ~ Borrower
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8211 Ce K . Kuhn -Borrower
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s CONI)ONINICM RIDER-1 to 4 Family-6.75-FNNA!FHL~1C UNIFORM fNS1'RUIIENT (Rev 1/761
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