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CQNDOMINIUM RIDER
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THIS CONDOMINIUM RIDER ia made this S~CO/~~day of M41 G+// , 19~ , and is incorporated into
and shali be deemed to amend and aupplement a Mortgage. Deed o[ 1`cust or Deed to Secure Debt (herein "aecurity instrument"1
dated ot even date ~erevrith. given by the undersigned (herein "Borrower") to aecure Borrower ~ Note to FIRST FEDERAI.
~AVINGS AND LOAN ASSOCIATION OF MIAMI (herein "Lender") and covering the property described in /he securily
inslrument and located at
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Thr Property comprises a unit in,lb~t~~ vF~~Uhd~~Fide&ih~rest in the common elements o[, a condominium project known as
(herein "Condominium Project").
CONDObiIN1UM COVENANTS. In addition to the covenants and agreements made in the security instrument, Borrower
and Lender further covenant and agree as follows:
A. Aesessments. Borrower shall promptly pay, when due, aU assessments imposed by lhe Owners Association or other
Koverning body o[ the Condominium Project (herein "Owners Association"1 pursuant to the provi~ions ot the dedaration, by-laws,
code ot regulations or other constituent dceument ot the Condominium Project.
B. Haurd Inburanee. So long as the Owners Association maintains a"master" or "blanket" policy on the Condominium
l'roject which provides insurance coverage against Gre, harards included within the term "extended coverage." and such other
ha7ards as Lender may reyuire. and in such amounts and tor such periods as Lender may require, then: ,
li? l.ender waives the provision in Unitorm Covenant 2 for the monthly payment to Lender of one-twelfth of the
premium installments for hazard insurance on the Properly; ~
1 iii Borrowrr's obligation under Unitorm Covenant 5 to mainlain ha7ard insuranc~ coverage on the Property is deemed
satisfied: and
( iiit the pro~•isions in Ii niform Covenant 5 regarding application o[ hazard insurance proceeds shali be superseded by any
E~rurisions of thr drelarat~on, b?-laws, code of regulations or other cunstituent document of the Condominium Projrcl or of a~,piic- .
:sble law to ihe extent necessar~• lo avoid a cun(lict between such provisions and the pro~~isions o[ Uniform Covenant For an}
E~riai of time during which ~uch ha~.~rd insurance coverage is not maintained, the immediateiy preceding sentence shall be
dt~emed to ha~•e no torce or effect. Bormwer shall give Lender prompt notice of any lapse in such hazard insurance coverage.
In the e~~rnt of x discribution of harard insurance proceeds in lieu of restoration or repair following a loss to the Property.
w•hether to the unit or to common elemenis, any such proceeds payable to Borrower arc hereby assigned and sh;ill be paid to
Lender for applicatiun to the sums secured by the security instrumenl, with the excess, if an~~, ~id to Borrow~er.
C. Leader's Prior Consent. Borrower shall not, except after notice to l.ender and with I.ender's prior written consent.
pxctition oc subdi~-ide the Yropertc or consent to:
Ii? the xbandonment or ierminalion o[ the Cundominium ~'ruject, except tur at?andonment or termination provideil by _
:`.iw in thr ca,e of substantial destruction by fire or othrr casua{t~• or in the case of a taking b}• condemnation or eminent dom~in;
~ ~ii? any material amendmeM to the deciaration, by-laws or code of regu{ations of the Owners Association, or eyuivalent
~ t•onsliWent d~KUment uf the Condominium Yroject, including, but not limited to, any amendment which would chanRe the per
~ ~•entage intert•sts of the unit owners in the Condominium Yro;ect: or
~ iii? tht~ E~ffectuation of anJ• decision by the Owners Assr?ciation to ~erminate pro(essional management and assume self
~ mxnaKement o[ the Condominium Project_
s D. Remedies. If Rorrower breaches Borrower's coveoants and agreements hereunder, including t6e covenant to pay when
~ due condominium assessments, t6en Ixnder may involce any remedies provided under the srcurity instrumeot, induding, but not
~ limited to. thobe pro~~ded under Gaitorm Covenant 7.
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~ IN R'IT~ESS VYHEREOF. Borruwer has executeci this Condominium Rider.
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CO:~itN).'Nlr![:N RIDER-1 to a Family--6 ~5-Fti~iA~FHI.~iC UtiIFOK~1 INSTRU'~1ENT IRev l,'761
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