HomeMy WebLinkAbout2620 1 - 48ab/l,'E~ 7
CONDOMINIUM RIDER
THIS CONDOMINIUM RIDER is mado this ~O~h day of nlbeGN ,19 ')q ,and is incorporated into
and shall be deemed to amend and supplement a Mortgage, Deed of Trust or Deed to Secure Debt (heroin "security instrument")
dated of even date herewith. given by the undersigned (herein "Borrower") to secure Borrower a Note to FIRST FEDERAL
SAVINGS AND LOAN ASSOCIATION OF MIAMI (herein "Lender") and covering the property described in the security
instrument and located at 10410 A1A UNIT-8C~
JENSEN BEACNr FLORIDA
The Property comprises a unit in. together with an undivided interest in the common elements o!, a condominium project known as
HUTCHINSON ISLAND CLUB ~ A COndOminiuln (herein "Condominium Project"1.
CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the security instrument. Borrower
and (.ender further covenant and agree as toUowx
A. Aaseasmeats. Borrowet 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 or other rnnstituent document of the Condominium Project
B. Harard insurance. So long as the Owners Association maintains a "master" or "blanket" policy on the Condominium
Project which provides insurance coverage against Cue. hazards included within the term "extended coverage." and such other
hazards as (.ender may require, sad in such amounts and for such periods as Lender may require, then:
li) Lender waives the provision in Uaiiorm Covenant 2 for the monthly payment to Lender of one•twelith of the
premium installments for hazard insurance on the Property;
Iii) Borrower's obligation under Uniform Covenant 5 to maintain hazard insurance rnverage on the Property is deemed
satisfied; and
I iii) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds shall be superseded by any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 of the Condominium Project or of applic-
able law to the extent necessary to avoid a conflict between such provisions and the provisions o[ Uniform 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.
In the event of a distribution of hazard 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
(.ender fur 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 atler notice to Lender and with Lenders prior written consent.
partition or subdivide the Property or consent to:
Ii1 the abandonment or termination of the Condominium Project, except for abandonment or termination provided by
law in the case of substantial destruction by Cue or other casualty or in the case of a taking by condemnation or eminent domain:
Iii) 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-
, tentage interests of the unit owners in the-Condominium Project; or
(iii) the effectuation of any decision by the Owners Association to terminate professional management and assume self-
management of the Condominium Project.
D. Remedies. It Borrower breaches Borrower's covenants and agreements hereunder, induding the covenant to pay when
' due rnndominium assessments, then Lender may invoke any remedies provided under the security instrument, ineludi~g, but not
j limited to, those provided order Uniform Covenant r
. IN WITNESS WHEREOF, Borrower has executed this Condomin' ide
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CONDOMINIUM RIDER-1 to 4 Family-8/75-FNMA/FHLMC UNIFORM INSTRUMENT (Rev 1/761
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