HomeMy WebLinkAbout2262 CONDOMINIU M RIDER
Tests CoHnouttNiuet RlDBR is made this ~ ~ ~ r-~ -day of MarCh_
19.79 ,and is incorporated into and shall be deemed to amend and supplement a Mortgage, Deed of
Trust or Deed to Secure Debt (herein "security instrument") dated of even date herewith, given by the
undersigned (hereut "Borrower") to secure Borrower's Note to FIRST FEDERAL SAVINGS AND
LOAN ASSOCIATION OF MARTIN COUNTY (herein "Lender") and covering the Property described
in the security instrument and located at ~lA~luL~hins~Island__~IEnsen__RPA~h;__g~rida 33eS~
(Property Address)
The Property comprises a unit in, together with an undivided interest in the common elements of, a
condominium project known as _ Villa del~~,~n~
(Name of Condominium Project)
(herein "Condominium Project").
CON[10MINIUM CovgNANrs. In addition to the covenants 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") pursu-
ant to the provisions of the declaration, by-laws, code of regulations or 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 coverage against fire, hazards included within the
term "eztended 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 for hazard insurance on the Property;
(ii) Borrower's obligation under Uniform Covenant 5 to maintain hazard insurance coverage on
the Property is deemed satisfied; and
(iii) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds
shall be superseded by any provisions of i:.e declaration, by-laws, code of regulations or other constituent
document of the Condominium Project or of applicable law to the eztent necessary to avoid aconflict
between such provisions and the provisions of Uniform Covenant 5. For any period of time during which
such hazard insurance coverage is not maintained, the immediately preceding sentence shall be doomed
to have no force or effect. Borrower shall give Lender prompt notice of any lapse in such hazard insur-
ance coverage.
In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following
a lass to the Property, whether to the unit or to common elements, any such proceeds payable to Bor-
. rower are hereby assigned and shall be paid to Lender for application to the sums secured by the secu-
rity instrument, with the ezcess, if any, paid to Borrower. -
C. Lender's Prior Consent. Borrower shall not, a:cept after notice to Lender and with Lender's prior
written consent, partition or subdivide the Property or consent to:
(i) the abandonment or termination of the Condominium Project, ezcept for abandonment or
termination provided by law in the case of substantial destruction by fire or other casualty or in the
~ case of a taking by condemnation or eminent domain; _
E (ii) 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 percentage interests of the unit owners in the Condominium -
or
~ (iii) the e$ectuation of any decision by the Owners Association to terminate professional man-
agement and assume self-management of the Condominium Project.
D. Remedies. If Borrower breaches Borrower's covenants and agreements hereunder, including the cov-
enant to pay when due condominium assessments, then Lender may invoke any remedies provided under _
l the security instrument, including, but not limited to, those provided under Uniform Covenant 7.
i Ix WtTrrgss WxBesoF, Borrower has ezecuted this Condominium Rider.
• ~ _ V _ _ P L"IP J. ON -Borrower
~o~y~ -
/ -Borrower
°,JB~ JEANNE S.- CIIAGNON .l
~ 0 ~ -Borrower
a •oGK ~ ~~tzz~
-Borrower
~ CONDOMINIUM RIDER-1 to 4 Family-6/75-FNMA/FHLMC UNIFORM INSTRUMENT
A-302A 12/76
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