HomeMy WebLinkAbout1762 ~ C~UNDUM1NIUlY~RIDER f
TNIS CONDOMINIUM RIDER is made fhb ~)~9th day of February ,1! 79 , and L inwrporated into
a nd chaU be deemed to amend sad supplement a Mortgage. Deed aJ Trust or Decd b Secure Debt (herein `security instrument")
d,ted of even date herewith, gives by the undersigned (herein "Borrower") to atcure Borrower
• Note b
M~{-~(~~ ~GACaE C~+1pANYr ?tom. (buaio "'Lender'3 and ooverint.the property described in the security
instrument and looted at X200 North AlA, Unit No. 1203 r Ft. Piercer Flor3,da 33450 _
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Th ~ Property comprises s unh In. together with an undivided interest in the common elements ot. a condominium project kno.vn as _
SFA pllg5 T04+~.'Et CC ~ • , . ~ (herein "Condominium Projedry.
CONDOMINIUM COVENANTS. In addition to the covenants and~agreements made in the security instrument, Borrower
~ nd Lender further covenant and agree as loUowa:
A. Accasmcats. Borrower shag 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 deelaratioq by-laws
code of regulations or other constituent document of the Condominium Project.
g, }f card lasuraaca So ]oag as the Owners Association maintains a `master' or :'blanket". policy on the Condominium
Project which provides insurance coverage~against fire. haurds included within the term "extended coverage," and such other
h~ cards as Lender may require, and in such amounts and !or such periods as Lender may requ've. then:
(i) Lender waives the provision in Uniform Covenant 2 !or the•monthly payment to Lender of one-tweUtb of the •
prrmium installments !or hazard insurance on the Property: .
(u) Borrower
s obligation under Uniform Covenant 5 to maintain haurd insurance coverage oa 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(iii) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds shall be superseded by any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 Project or of applies
able law to the extent necessary to avoid a conflict between such provisions and the provisions Qf Uniform Covenant 5. For any
ptr;od of time during which such hazard insurance coverage is not maintained, the immediately preceding sentence sbaU be
deemed to have no force or effect. Borrower shall give Lender prompt oozier of any lapse in such hazard insurance coverage, r
In the event o! a distribution of hazard insurance proceeds in lieu of restoration or repair lollowing a loss to the Properly. `
whether to the unit or to common elements. any such proceeds payable b Borrower are hereby assigned and shall be paid to
lication to the sums secured by the security instrument, with the excess, if any. paid to Borrower. t
Lender for app
C. 1,endu's Pnor Content. Borrower steal] 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 !or abandonment or termination provided by
f a in the case of substantial destruction by fire os other casualty or in the use of a taking by condemnation or eminent domain;
(ii) • any materul amendmentto the declaration, by-laws or code oiregulations of the Owners Association. or equivalent
_orstitur.nt document of the Condominium Project. including, but not limited to. any amendment which would change the per-
-cntibe interests o! the unit owners in the Condominium Project; ar
(iii) the effectuation of any decision by the Owners Association to terminate professional management and assume self
~nanngcment of the Condominium Project
D, NOTICE.. Any notice from Borrowe~c to Lender required in th~Condominium Rider shall _ `
e mailed to' Lender by_certified mail- to Lender's address' stated in the -Mortgage or at such
address as_Lender may designate to Borrower by certified mail to the Property Address .stated =
~oVe, Any such notice from Lende= to Borrower shall be given in the manner provided under
aniforco Covenant 14 of the Mortgage. ,
ZN WITNESS WHEREOF, Borrower has executed this Condominium Rider.
~ MIDDLE EAST TRANSCONTIt~1ENTAL, INC: ~
• . ' ~ .-Borrower
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res t -Borrower
U r. r: r, ~FCOr~UEQ ~ ~ ~
t _ ^U';TY, F~~. _ -Borrorrcr
. 434559
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