HomeMy WebLinkAbout2395 • '>k! •6562/WEST
CONDOMINIUM RIDER
THIS CONDOMINIUM RIDER is made this y day of y~~~ , 19 ~ and is incorporated into
and shag be deemed to amend and supplement a Mortgage, Deed of Trust or Deed~to Secure Debt (herein "security instrument")
dated of even date herevrith. given by the undersigned (herein "Borrower") to secure Borrowers Note to FIRST FEDERAL
SAVINGS AND LOAN ASSOCIATION OF MIAMI (herein "Lender') and covering the property described in the security
instrument and located at UNIT 5417rE. 240p0~S0. OCEAN DR.
The Property comprises a unit in
Wgeth~~wtli~n~dv-
i~e8'interest in the common elements of, a condominium project known as
Iherein "Condominium Project"1.
CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the security instrument, Borrower
and Lender further covenant an6 agree as follows:
A. Asseasmeata. Borrower shall promptly pay. when due, all assessments imposed by the Owners Association or other
governing body o[ 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 Project.
B. Hassrd lnsnrance. So long as the Owners Association maintains a "master" or "blanket" policy on the Condominium
Project which provides insurance coverage against Ctre, 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:
lil 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:
Iii) 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(iii) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds shall be superseded by any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 the declaration. by-laws, code of regulations or other constituent document of the Condominium Pr~?ject or of applic-
able law to the extent necessary to avoid a conflict between such provisions and the provisions of Uniform Co~•enant 5. For any
period of time during which such hazard insurance coverage is not maintained, the immediately preceding scntt•nn• shall be
deemed to have no force or effect. Borrower shall give Lender prompt notice of any lapse in such hazard insurance roveratie.
In the event of a distrihution of hazard insurance proceeds in lieu of restoration or repair following a loss to the Yropert~•.
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 gums secured by the security instrument. Kith 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:
!i1 the abandonment or termination of the Condominium Pr~?ject. except G?r abandonment nr termination prnvided b~
law• in the case of substantial destruction by fire or other casualty or in the casE: of a taking b~- condemnation or etninent domain:
lit) any material amendment to the declaration, by-laws nr code of regulations of the (he Hers Ass~x•iation, or eyui~alent
constituent document of the Condominium Project, including, but not limited tu. an}• amendment which would change the IH•r
centage interests of the unit owners in the Condominium Project; or
(iii) the e[fectuation of any decision by the Owners Association to terminate proft•ssiurr.?t management and assume ~elf-
management oCthe Condominium Project. '
D. Remedies. if Borrower breaches Borrower's covenants and agreements hereunder, including the co~•enant to pay when
due condominium assessments, then Lender may invoke any remedies provided under the security instrument, including. bnl not
limited to, those provided under Uniform Covenant
IN R'ITNESS WHEREOF. Borrower has executed this Condominium •der.
E
i - Borrower
. WOODROW
- Born?wer
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SLLUCI COUl1TY.fLh• ~ -Forrower
ROG!€R POITRAS ARLENE A . WOODROty
CLERK C1P.CUlT C0
RCCGF.G C - - Eorrower
- Borrower
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- Eorrower
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~ CONDOMINIUM RIDER-1 to 4Family-6,rl5--FNMA/FHLMC UNIFORM INSTRUMENT IRev if761 i
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