HomeMy WebLinkAbout1970 11-~87~/wE:iT
CONDOMINIUM RIDER
THIS CONDOMINIUM RIDER is made this day of ~~~~Jr~w~ .19~ .and is incorporated into
and shall be deemed to amend and supplement a Mortgage. Deed of Trust or Deed to S~e ere Debt (herein "security instrument")
dated of even date herewith. given by the undersigned (herein "Borrower") to secure Borrowers Note to FIRST FEDERAL
SAVINGS AND LOAN ASSOCIATION OF MIAMI (herein "Leader") and covering the property described in the security
instrument and located at
1x410 A1A UNIT-~~7
The Property comprises a unit in. ~K~ vt}~tndrtii8i~ittl~rest in the common elements ot. a condominium project known as _
HUTCHINSON ISLAND CLUB , A CondOmin3tun (herein "Condominium Project").
CONDOMINIUM COVENANTS. In addition to the rnvenaots and agreements made in the security instrument, Borrower
and Lender further covenant and agree as follows:
A. Assessments. Borrower shall 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 declaration, by-laws,
code of regulations a' other constituent document of the Condominium Project.
B. Hazard insurance. So long as the Owners Association maintains a "master" or "blanket" policy on the Condominium
Project which provides insurance rnverage against fire. hazards included within the term "extended coverage." and such other
hazards as Lender may require. and in such amounts and for such periods as Lender may require, then:
li) Lender waives the provision in Uniform Covenant 2 for the monthly payment to Lender of one-twelfth of the
premium installments for hazard insurance on the Property:
(ii) Borrower's obligation under Unitorm Covenant 5 to maintain hazard insurance coverage on the Property is deemed
satisfied; and
liii) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds shall be-superseded by any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 o[the Condominium Project or of applic-
able law to the extent necessary to avoid a conflict between such provisions and the provisions of Unitorm Covenant 5. For any
period of time during which such hazard insurance coverage is not maintained, the immediately preceding sentence shall be
deemed to have no force or effect. Borrower shall give Lender prompt notice of any lapse in such hazard insurance coverage.
to the event of a distribution of haurd insurance proceeds in lieu of restoration or repair following a loss to the Property,
whether to the unit or to common elements, any such proceeds payable to Borrower are hereby assigned and shall be paid to
Lender for application to the sums secured by the security instrument, with the excess, if any, paid to Borrower.
C. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior written consent,
partition or subdivide the Property or consent to: .
lit the abandonment, or termination of the Condominium Project, except for abandonment or termination provided by
law in the case of substantial destruction by fire or other casualty or in the case o[ a taking by condemnation or eminent domain;
lii) any material amendment to the declaration, by-laws or code of regulations of the Owners Association, or equivalent
constituent document of the Condominium Project, including, but not limited to, any amendment which would change the per-
centage interests of the unit owners in the Condominium Project: or
I iii) the effectuation of any decision by the Owners Association to terminate professional management and assume self
management of the Condominium Project.
D. Remedies. H Borrower breaches Borrower's covenants and agreements 6ereuader, induding the rnvenant to pay when
I due condominium assessments, then Lender may involve any remedies provided under the security instrument, including, but not -
limited to. those provided under Uniform Covenant
IN WITNESS WHEREOF, Borrower has executed this Condominium Rider.
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~ CONDOMINIUM RIDER-1 to 4Family-6175--FNMA/FHLMC UNIFORM INSTRUMENT (Rev ll761
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