HomeMy WebLinkAbout0887 ~ 11-2527/WESt •
CONDOMINIUM RIDER
THIS CONDOMINIUM RIDER ia made this ? da7 ot -~i6iioi~iCr .18 7 8. and w iacorporated into
aad shaU be deemed to amead aad suppfement a Mortgsge, Deed ot Trust or Deed Lo Secure Debt (hereia "security instrument")
dated ot even date herewith. given by the undersign~d (hereia "Borrower") to secure Borrower a Note lo F1RST FEDERAL
SAYINGS AND LOAN ASSOCIATION OF MIAMI (hereia "Lender") aad_ rnvering the pmperty described in the security
instrumeat aad located at ~J~JIT S04 1p410 A1A ~
~EN~N B~ACH+ FL~~I(~A
The Propecty comprises a uait in. er wt an uad~v~ ~n erest in the common elements of. a condo~ninium project known as
HUTC.EiINSON ISLAND CLUB R A CONDOMINIUM Iherein "Condominium Projecl").
CO:~DOMINIUM COVENANTS. ln addition to the covenants and agreements made in the security instrument, Borrower
ar,d l.ender turther eoveaaat and agree as tollows: ~
A. Assea~oe~ta Borrower shall promptly pay. when due. all assessments impoBed by the Owners Association or other
gover~iag body of the Condominium Projeel (hzrein "Ow~ers Association"1 pursuant to the provisions of the declaration, by-laws,
code ot regulations or other rnastiluent documenl of the Condominium Project.
g, Hasard Insuranee. So long as the Owners Association maintains a"master" or "blanket" policy on the Condominium
Yroject which provides insu~ance coverage against fire. hazards included within the term "extended coverage: ' and such other
ha7ards as Lender may require. and in such amounts and for such periods as I.ender may require, then:
Iil Lender waives the provision in Uniform Covenant 2 tor the monthiy payment to Lender oi one-twelfth of the
premium instaUments tor hazard insurance on the Prnperty;
Iii1 Borrower s obtigation under Uniform Covenant 5 to mainlain hazard insurance coverage on the Property is deemed
satisfied; and
luil the provisions in Uni[orm Covenant 5 tegarding application of hazard insurance proceeds shall be superseded by any
pro~•isions of tbe declaration, by-laws, code of regulations or other constituent document of the Condominium Project or of applic-
abie laK to the extent necessary to avoid a contlict between such provisions and the provisions oi Uniform Covenant 5. For any
period of time dur~ng wnich such hazard insurance coverage is not maintained, the immediately preceding sentence shall be _
deemed to ha~-e no torce or effect. Borrower shall give Lender prompt notice of any lapse in such ha~ard insurance coverage. ~
In the event of a di~tribution oi hazard insurance proceeds in lieu of restoration or repair following a?oss to the Property, ~
~ hether to the unit or to commun elements, any such proceeds payable to I3orrower are hereby assigned and shall be paid to i
I.ender for apptication to the sums secured b~ the security instrument, with the excess, if any, paid to Borrower. `
C. Lender s Prar Coaseat. Borrower shall not, except aiter notice to Lender and with Lender's prior w~riuen consent. ;
partition or ~ubdivide the Propert~ or consent to: ~ ~
ii1 the abandonment or termination ot the Condominium Project, except for abandonment or termination pro~•ided by ~
taw• in the case of s~bstaniial destruction b~ fire or other casualty or in the case o[ a iaking by cundemnation or eminent domain: '
ui{ an~ material amendment to the declaration, by-laws or code of regulations of the Owners Association, or eyui~~alent #
constituent dceument of the Condominium Project, including, but not limited to, any amendmenl which would change the per- f
centage interesls o( the unit owners in the Condominium Project: or
Iiii1 the effectuation otany decision by the OW ners Association to terminate professional management and assume self-
' management of the Condominium Project. .
~ D. Remedies. !i Borrower breuhes Borrower'a covenants and agreements hereunder, including t6e co~ enant to pa}• when
~ due condomininm assessmeots, then Lende~ may invo{~e any remediea pro~ided under the security insUvment, including. but oot
! limited to. tlwse provided under Uniform Covenant 7.
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i I:v w'ITNESS ~VHEREOF. Borrower has executed this Condominium Rider. t
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