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HomeMy WebLinkAbout0611 1 ~1- 45Gti i NtEST ' CONDOMINIUM RIDER TH1S CONDOMINIUM RIDER is ~aade tbis~ 19~~ day of .19r1`1 . aad is incorporated iato and shaU be deemed to ~mead and supplemeM a Mortgage. Deed ot T~uat or Deed to 3ecur~ Debt (bereia "security instrument") dated of eve~ date herewith. givea by the undersigaed Iherein "Bon'ower") to secure Borrower s Note to FIIiST FEDERAL . SAVINGS AND LOAN ASSOCIATION OF MIAMI (hereia "I.ender") and covering tbe pmperty describe~ ia lhe aecurity ins~rumen~ and located at UNIT 1904+ '10410 A~A JE~lSEN BEACH~ FLt~RIDA . The Property comprises a unit in. togetber wit6 aa undivided iateresl in the commoa elements of. a condominium pmject known u HUTCHINSON ISLAND CLUB ~ A CONDOMINIUM (herein "Coadomiaium Prnject"). CONDOMINIUM COVENANTS. In addition to the coveaaats aad agreemeats made in the securily instruraea~ Borrower and Lender [urther cavenant and agree as foUowa; ~ p, qsoeasments, Borrower shall promptly pay. whea due. all assessments imposed by the Owaers Associatioa or other governing body of the Condominium P~oject (hereiu "Owners Associataa") p~suant to tbe prnvisions of the declarstion. bylaws. code of regulations or other constituent documeat ot the Condominium Projeet. . . B, Haurd lasuranee. So long as the Ownecs Association mainUuns a"master" or "blanket" policy on the Condominium . Project which provides insurance coverage aRainst fire. hazards included withia the term "exteaded coverage." and such other ha7ards as Lender may require. and in such amounts and for such periods as I.ender may require. then: !i) Lender waives the provision in Uniform Covenaat 2 tor the monthly paymeat to Lender ot one-twelfth ot the pmmium installments for hazard insurance on the Property: . . Iii1 Borcower's obligation under Unitorm Covenant 5 to maintain tu?zard insuranse coveragc on the Froperly is deemed satistied; and - ~ Iiii) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds shall be superseded by any provisions of the declaration, by-laws.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 regulalions or other constituent document ot the Condominium Prnject or of applic- able law to the extent necessary to avoid a conIIict between such provisions and the provisions ot Uniform Covenant 5. For any period of time duriag which such hazard insucance coverage is not maintained. ~the immediately preceding sentence shaU be deemed to have no force or ef[eet. ~Bonower shall give I.ender prompt notice of any lapse in such hazard insuraace rnverage. In the event of a distribution ot hazard insurance proceeds in lieu of restoration or repau following a loss to the Property. whether to the unit or to common elemenls, any such proceeds payable to Borrower gre hereby assigaed and shall be paid to l.ender for application to the sums secured by the sec+~rity instrumeat, with the excess, if any. paid to Borrower. C. Lender's Prior Consent. Borrower shall not, exeept aiter notice lo Lender and wit6 Lender's prior written consent. partition or subdivide the Property or consent to: li) the abandonmenl or termination ot the Condominium Project. except for abandoament or termination provided by lav?~ in the case of substantial destruction by Cre or other casualty oc in the case ot a taking by rnndemnation or eminent domaim, 1ii1 any material amendment to the declaration, by-laws or code of regulations of the Ow ners Association, or equivalent ~ constituent document of the Condominium Project, including, but not limited to, any amendment which would change the per- centage interesLs of the unit owners in the Condominium Project; or ~ iii) the etfectuation of any ~ecision by the Owners Association to terminate professional management and assume self- management ot the Condominium Project. f D. Kemedies. U Borrower breaehes Bosrower's covenants an+! sareements hereunder. induding t6e covenant to pay w6en j dae condominium assessments. then Lender may iovoke any remedies provided under the security instrumeat. includis~g. bnt not ~ limited to. t6ose provided under tinii~m Coveoaot 7. ~ IN WITNESS WHEREOF, Bonower has executed this Condominium Rider. _ ~ - C~ - Borrower . zK A. EuwSF~=~R , . /Q.f. - - Borrower _ A ~<<.~SHi_4 ~ ~FD : •;C ~iECOROED' - . ~ : ^U'iT~,. FL~. . , _ ~ - Borrower 4~;~~~~ ~ ~79 L 5 f,9 2. 3 3 - Borrower _J_~ s ' - Borrower f ` 1 ~ F. F~" i: ' . ~ _ i i ; . ~ - Borrower ~ - ~ ~ ~ ~ - ~ ~ ~ BflCK PACE V~ CONDOMINlUM RiDER-1 to 4 Family-6/?5-FNMA/FHLMC UNIFOBM INSTRUMENT I~v 1/76? - - - - ~ ~ ~ - - - - - ~"~~k~~ - ~ ~ _ .