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CONDOMINIUM RIDER
THIS CON0OMIMU1a[ RIDER is made this day of kA~. , Ig~ .and is ineoeporated 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 (herein "Borrower") to secure Borrower's Note to FIRST FEDERAL
SAYINGS AND LOAN ASSOCIATION OF MIAMI (herein "Leader") and covering the property described in the security
instrument and located at
1040 A1A UNIT 20'1
The Property comprises a unit in.'~t v~~ria~,~td~vi+~a~ttierest in the common elements of. a condominium project known as
HUTCHINSON ISLAND CLUB, A Condominium (herein "Condominium Project").
CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the security instrument. Borrower
and Lender further covenant and agree as follows:
A. Aasessmeats. Borrower shall promptly pay, when due, a0 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, i
code of regulations or other constituent document of the Condoaninium Project.
B. Haurd iasdraaee. So long as the Owners Association maintaiaa a "master" or "blanket" policy on the Condominium
Project which provides insurance coverage 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:
Ii1 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
(iiil the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds shall be superseded by any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 rnnstituent document of the Condominium Project or of applic-
able law to the extent necessary to avoid a rnnilict between such provisions and the provisions o[ Uni[orm 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 rnverage.
In the event of a distribution of hazard insurance proceeds in lieu of restoration or repay 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 Lenders prior written consent, ~
partition or subdivide the Property or consent to:
Ii1 the abandonment or termination of the Gondominium 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;
(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 t0. any amendment which would change the per-
centage interests of the unit owners in the Condominium Project; or
liiil the e[[ectuation of any decision by the Owners Association to terminate professional management and assume selt-
management of the Condominium Project.
D. Remedies. lJ Borrower breaches Borrower i covenants sad agreements hereunder, iaduding the covenant to pay when
due condominium assessments, then Lender may invoke any remedies provided under the security instrument, including, but not
limited to. those provided under Uniform Covenant T.
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IN WITNESS WHEREOF. Borrower has executed this Condominiu ider.
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CONDOMINIUM RIDER-1 to 4 Family-6/75-FNMA/FHLZViC UNIFORM INSTRUMENT (Rev 1/76)
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