HomeMy WebLinkAbout1495 CONDOMINIUM RIDER
THIS CONDOMINIUM RIDER fs made this day of FS`~-van:~ . 19'~1`~ ,and is incorporated into
and shall be deemed to amend and supplement a Mortgage. Deed of Trust or Deed to Sec Debt (herein "security instrument"1
dated of even date herewith. given by the undersigned (herein "Borrower') to secure Borrower's Note to FIRST FEDERAL
SAVINGS AND LOAN ASSOCIATION OF MIAMI (herein "Lender') and covering the property described in the security
instrument and located at
The Property comprises a unit in,•teg~~ie~• viii~#tti'undivideiFn~rest in the common elements ot, a condominium project known as
HUTCHINSON ISLAND CLUB ~ A Condominium (herein "Condominium Project").
CUNI)OMINIUM COVENANTS. In addition to the covenants and agreements made in the securit}• 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 ixxly of the Condominium Project (herein "Owners Association") pursuant to the provisions of the declaration, by-laws,
cafe of regulations ur other constituent document of the Condominium Project.
B, }{mod losurance. Su long as the Owners Association maintains a "master" or "blanket" policy un the Condominium
i'ruject which provides insurance coverage against tire, 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:
~i! Lender waives the provision in Uniform Covenant 2 for the monthly payment to Lender of one-twelfth of the
premium installments fur hazard insurance on the Property;
i ill Borrower's obligation under U nifurm Covenant 5 to maintain hazard insurance coverage on the Property is deemed
satisfied: and
viii! the provisions in U nitorm Covenant ~ regarding application of hazard insurance proceeds shall be superseded b}• an}•
previsions of the declaration, by-laws, c,,de of regulations or other constituent document of the Condominium Project or of applic-
able lau• to the extent necessary to avoid a conflict between such provisions and the provisions of uniform Covenant For an}•
peri~wl of time during which such hazard insurance coverage is nut maintained, the immediately precc-ding sentenm shall be
~ieenu•d tr, have nu force or effect. Borrower shall give Lender prompt notice of an}' lapse in such hazard insurance coverage.
In the event of a distribution of haLtrd insurance proceeds in lieu of restoration ur repair following a loss to the Property,
.+hether 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 h}• the sec~~rity 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:
rid the ab;~ndonment or termination of the C~~ndo,ninium Project, except for abandonment or termination provided by
!aw in the cae of substantial destruction by fire or other casualt}• ur in the case of a taking by condemnation ur eminent domain:
~ iii an+ material amendment to the declaration, by-laws or code of regulations of the Owners association, ur equivalent
~ ,-unstituc•nt drKUment of the Condominium Project, including, but nut limited to, an}• amendment which would change the per
{ ~•entage interea5 of the unit owners in the Condominium Yruject; or
~iii~ the effectuation of any derision b}• the Owner, As~uciation to terminate professional management and asume• self-
rnanagement of the Condominium Yroject-
U. Remedies. If Borrower bleaches Borrower's rnvenants and agreements hereunder, including the covenant to pay when
due condominium assessments. then Lender may invoke any remedies provided under the security instrument, includi:g. but not
! limited to, those provided under Cniform Covenant
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~ I\ «•IT\F:SS WHF;KEOF', Borrower has executed this Condominium Kider.
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3 CLERK C:RCJ'T C~JR?
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` 3U5 l 1492
CO\tNIHINI(.'~t RIDER-- 1 to ~ F'amity--6 75--F'ti~iA,FHL~'IC C'\IF'OH~i IVSTRUbiF;tiT tHev 1~7fi?
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