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HomeMy WebLinkAbout1992 ti~ -I -4850/JEST CONDOMINIUM RIDER M RIDER V made this + ~ day o[ ~ .19 7 ~ .and is incorporated into TM3 CONDOMINIU and shall be deemed to amend and supplement a Mortgage. Deed of Trust Deed to S Debt (herein "security instrument") dated o[ even date herewith, given by We undersigned (herein "Borrowe to secure Borrower's Note to FIRST FEDERAL SAYINGS AND -LOAN ASSOCIATION OF MIAMI (herein "Leader"1 and ing the property described in the security instrument and located at l~EE4NN1J AIggEA UN;Tfl1R1~~5p The Property canprises a unit in.'t6g"e~N wlW an u'adFvidedintereat is the common elements of, a condominium project known ss (herein "Condominium Project"). HUTCHINSON ISLAND CLUII, a condominium, CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the security instrument. Borrower and Lender further covenant and agree as follows: A. Assesaaseats. Borrower 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 constituent document of the Condominium ProjeM. - B. Ha:ard Iosurasee. So long as the Owners Association maintains a "master" os "blanket" policy oa the Condominium Project which provides insurance coverage against Cue. ha~arda 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 for hazard insurance on the Property; (ii1 Borrower s obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the Property is deemed satisCed; and (iii) the provisions in Uni[orm Covemnt 5 regarding application of hazard insurance proceeds shall be superseded by any provisions of the declaration.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 applies able law to the extent necessary to avoid a conflict 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 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 distributaoa 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 [xnder 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 Lender s prior written rnnsent. partition or subdivide the Property or consent to: li) the abandunment or termination of the Condominium Project, except for abandonment or termination provided by law in the case of substantial destruction by Care or other casualty or in the case of 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 to, any amendment which would change the per- centage interests of the unit owners in the Condominium Project; or (iii( the effectuation otany decision by the Owners Association to terminate professional management and assume se(f- management of the Condominium Project. i D. Remedies. U Borrower breaches Borrower's covenants and agreements hereunder, including the covenant to pay when dne condominium assessments. then Lender may invoke any remedies provided wader the secarity instrument, including, but not limited to, those provided under Uniform Covenant 7. i ` IN WITNESS WHEREOF. Borrower has executed this Condominiu Rider A ~jA -Borrower ~i PAST ^:StYy• -Borrower -Borrower -.._;'!"E: 'U!:TY, FLA. . 4 4~3 -Borrower '79 APR 26 AN IQ : 43 s.• -Borrower " - ~ -Borrower 3061! t7V { s'AG`~a7s7~+ CONDOMINIUM RIDER-1 to 4Family-6/75-FNMA/FHLMC UNIFORM INSTRUMENT IRev 1/76) t i-''