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HomeMy WebLinkAbout1790 ~ , . 'CONDOMINIUM RIDER i • THIS CONDOMINIUM RIDER is made ibis 1$th day of February ,1879 . and b incorporated into and shall be deemed to amend and supplement a Mortgage. Decd of 1~nst or Deed to Secure Debt (herein "security instrument") dated of eveA date herewith. gives by the undersigned (herein "Borrowsr'7 to secure Borrowers Note to ~ )A! ar~1tNY, Il~IC. (herein 'Lender") and coverint.the property desv'bcd Io the security ;nslrument sad Jo~ated at X200 North All~r Unit NO. 301 , pt, pi,ex+Ce~ FlOr3d8 33450 . rises a unit m. b ether with an undivided interest in the common elements o!. a condominium project known as The Property comp. 8 . SFA PIl~ , ~~DCt~JIIl~! ~ - - • : (herein "Condominium Project" . CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the security instrument. Borrower and Lender luriher covenant and agree as lollowm - - A, Assesamentr. Borrower shah prompter pay. when due. all assessments imposed by the Owners Association ~ other governing body ~ the Condominium Prajed. (herein "Owners Association's pursuant b the provisions o! the deelaratioq by-Iaw?s. code of regulations or other constituent document o! the Condominium Project g, }laaard lnaurance. So Jong as the Owners Association maintains a'master' or "blanket" policy on the Condominiums Project which provides insurance coverage~against fire. }curds included within the term "extended coverage,' and such .other ha r~ rds as Lender may require. and in such amounts and for such periods asLender-may require. then: . f7 Lender waives the provision in Uniform Covenant 2 !or the monthly payment to Lender o! one-tweUlb o! the premium installments for hazard insurance on the Property; (ii) Borrower's obligation under Uniform Covenant 5 to maintain haurd insurance coverage on the Property is deemed >atisficd: and (iii) . the provisions in Uniform Covenant 5 regarding application of haurd insurance proceeds shall be superseded by any ~rov;sions of the declaration. by-laws. code o! regulations or other constituent document o! the Condominium Project or o! applies +b!r law to the extent necessary to avoid aconflict between such provisions and the provisions Qf Uniform Covenant 5. For any period of time during which such haurd insurance coverage is not maintained. the immediately preceding sentence shall be jeemed to have no force or effect. Borrower shall give bender prompt notice o! any )apse in such hazard insurance coverage. ]n the event of a distribution of haurd insurance proceeds in lieu of restoration or repair following a loss to the Property. ti•hether to the unit or to common elements. any such proceeds payable to Borrower are hereby assigned and shall be paid to -,tndrr for application to the sums secured by the security instrument. with the excess. if any. paid to Borrower. t:. Lender s Prior Concent_ Borrower shall not. except alter notice to Lender and with Lenders prior written consent.. ;artit;on or subdivide the Property or consent to ~ ' . (i) the abandonment or termination of the Condominium Project, except !or abandonment or termination provided by a w ;n the nse o! substantial destruction by fire or other masualty or in the nse of a taking by condemnation or eminent domain; (ii) -any material amendment to the declara~ioq by-laws or code of regulations of the Owners Association, or equivalent onst;turnt document o! the Condominium Project. including. but not limited to, any amendment which would change the per- entage interests o! the unit owners in the Condominium Project; or (iii) the effectuation of any decision by the Owners Association to terminate professional management and assume sell ranagcment of the Condominium Project. - p. NOTICE. Any notice.from-Borrower. to Lender required in thg_Condominium Rider shall _ wiled to Lender by_certified mail. to Lender's address' stated in the -Mortgage or at such ~3dress as Lender may designate to Borrower by certified mail to the Property Address_atated ~~ove. Any such notice from Lender to Borrower shall be given in the manner provided under ,1.form Covenant 14 of the Mortgage. Ip WITNESS WHEREOF, Borrower has executed this Condom i Rider. • - YOUSEF B. _-Borrower - C ~~lL' ~ C.iz EII,EEN BISHAI -Borrower ' -Borrower F?~EJ ~=."JO F.ECORDEb~. . - • - r•4~45'72 - ~ - -Borrower . '79 FEB 20 kM 9:26. _ ~ _ . . . ~ ~ - - ; Cl.Et~K. :~r::~:1`" ~~U? . - . - sooK303 ~i~E1788 • r r•< . ~ n~ -?'!J!.!f /F'I11 ~.1f: 11/'!F("'?! 1l:~TR11!•4F'1:T IRrv l rllf