HomeMy WebLinkAbout0342 ~ C4NDOMINIUM RIDER ~
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THIS CONDOMINIUM RIDER is made this 7-~ day o~f Jamuary ,1979 . and is incorporated into ~
~ nd sh~U be deeme,d to amend aad supplement ~ Morigage. Deed ot 11~ust or Dccd lo Sccure Debt (herein'security jnslrument") ~
d.trd ot even date herewitb. ~ven by the undersi~oed (herein `Borrower"j t,o secure Hotrowe~'s Note to
;•~'~(~~AN I~D~IGA~,~ aY'+IPANY~ Il~. ~hereia "Leeder") aad tovering.the propert~ deacribed in the aecurity
instrumen~ and louted at 3200 NoTth A1~1~ Lhi~t NO. 1005 ~ Ft. Pier~ee, Flaria3a . 33450
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'I'he Properly comprises ~ unit ia. together w?ith an undivided intere~t in the coromon elements of, a condominium projeet kno~rn as
~ Pj~ ~ ~I~DCY~IILM ' - ' ' ' : : (berein "Condominium Projetl").
CONDOMINIUM COVF,NANTS. In addition to the covenanis snd agreements maoe in the security inslrumenf, Borrower
a n~ Lender ~urlher eovenant and agree as lollowx .
A. Acseismenta' Borrower ahaU prompUy pay. when due. all a~sessments imposed by the Ownera A~sociation or other
go~erning body of tAe Condominium Projeet (herein "Owaen Assoc~ation'~ pursuant to the provisions o! the declaratioq by-lawrs. ,
cade af re~ulstions or other constituent document o! the Condominium Projed.
g, }{~sard ln~ur~nce. So long as the Owners Association maintiins a"master' or "blankel" policy on thc Condominium
Project which provides iruuranee coverage against fire. }~asards in~uded within the term "extended coverage." and such other
ha Zards ss l.ender may require. and in sucb imounis and !or such periods as I.ender may require, then: ,
Lender waives the provisioa in Uniform Covenant 2 for the ~monthly payment to I.ender o! ono-tweltth of the
~,r~m;um installments for haurd insurance on the Propertp; _
~u) Borrower s obligation under Uniform Covenant 5 to mainlain haurd insurance coverage on the Property is deemed
satisficd; and -
(iii) lhe provisions in Unitorm Covenant 5 regarding applicition of ha7ard insurance proceeds shal) be superseded by any
pro~isions of the declaration. bylaws. code o! regulations or other constituent document o! the Condom~nium Project or of applia ;
nGle 1•w Lo the exlent necessary to avoid a conflict between sucb provisions and the provisions of Uniform Covenant 5. For any '
pe<;od o! time-during whith such hazard insorance coverage is nol maintained. the immediately preceding sentence shall be
cieerned to have no torce or effecl. Borrower shall give Lender prompt notice of any lapse in such haurd insurance coveraga
J n the event o! a dislribution o! haurd insurance proceeds in )ieu of resloration or repair lollowing a loss to the Property,
~.~•hPther 1.o the unit or to common elements. any such proceeds payable lo Borrower :re hereby assigned and shall be paid to
l:endcr for spplication to the sums secured by the security instrument~ with the excess, J any, paid to Borrower. '
C, Lcoder
s Prior CoacenL .Bonower sha11 not. except after notict to Lender and with Lender s prior written consen~.
~~srtition flr subdivide ihe Property'or consent toc " ' . ?
(i) the abandonment or lerminalion of the Condominium Project, rxcept !or abandonment or termination provided by ;
1a K~ i n the case ot substantul destruction by fire or other ca'sualty or in the use of a taking by condemnation or eminent domain;
(ii) - any material amendment to the declara~ion, by-laws or code of regul~tions of tbe Owners Association, or equiva)ent
cor~stitu~nt document of the Condominium Projed. including. but not limiled to, any amendmenl which would change the per-
ce ~t~6e interests of the unit owners in the Condominium Projecl; or _
(~ii) the etfettu~tion of any decision b~? lhe Owners Association to terminate professiona) management and assume seU- ~
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'r,-,a~~agcment of the Condominium ProjeeL . ' -
; n. NOTICE. Any notice_from Borrower to Lender required in the Condominium Rider shall _
~~led to Lender by_certified mail_ to Lender's address"stated in the -Mortgage or at such
`ddress as Lender may designate to Borrower by certified mail to the Praperty Addrese.stated
Ebove. pny snch not~ce from Lender to Borrowez shall be given in the manner provided under
i f orro Covenant 14 of the Mortgage.
3 Ip WITNESS WHEREOF, Borrover has executed this Co ~minium Rider.
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' ' ~ ~ - DONAI.D H. HOCEi ` _ .-~rrower
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BE1TY JO H -Borrower
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~ . - Borrowct
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: ~ . ' • - •j^ :~~!~OROEU , -BonoWer
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