HomeMy WebLinkAbout2864 ~ -
. • .
' CONDOMINIUM RIDER
~I~iiSCONDOMINIUM RIDER 1S Itl8dC tI11S. . . . . . .20th . . . . . . . . . . . . . . .day of. . . . ..Iune. . . . . . . . . . . . . . . .
19.~9 and is incorporated into and shall be decmed to amend and supplement a Mortgage, Dced of Trust or Deed
to Secure Debt (hercin "security instrument") dated of even date herewith, given by the undersigned (hercin
"Borrower") t0 secure Borrower s Note to.Sun. Bank .of . St., Lucie . Countx . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . (herein "Lender') and vovering the Property described in the security instrument and
located at.5622. ~~.f .Yill-aS.,. .~4Q0. Sour~ .Qcean. Ar.i~e,.-~.-. . FQtC.~~~x~e~ .~~QFida . .334~0. .
c~oo•+~r ~ea..ss~
The Property comprises a unit in, together with an undivided interest in the rnmmon elements of. a condominium
project known as.ri4~~. ~i~~.~$.. Oce~n _Vi~~age . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(Name of Condominium Projetl) •
. . . . . . . . . . . . . . . . (herein "Condominium Project").
CONDOMINIUM COVENANTS. IIl 8d(j![IOfI to the covenants and agrecments made in the security instrument.
Borrowcr and Lender funher covenant and agree as follows:
A. Assessments. Borrower shall promptly pay, when due, all assessments imposed by the OwnerS Association
or other goveming body of the Condominium Peoject (herein "Owners Assceiation") pursuant to the provisions of the
declaration, by-laws, code of regulations or other constituent document of the Condominium Project.
B. Ha~rd losnrance. So long as the Owners Association maintains a"master" or "blanket" policy on the
Condominium Project which provides insurance coverage against 6re, hazards included within the term "extended
coverage; ' and such other hazards as Lender may require, and in such amounts and for such periods as L.ender may
require, then:
~ (i) Lender waives the provision in Uniform Covenant 2 for the monthly payment to L.ender of one-twelfth
of the premium installments for hazard insurance on the Property;
(ii) Borrower s obligation under Unifoan Covenant 5 to maintain hazard insurance coverage on the
Property is deemed satisfied; and
, (iii) the provisions in UnTorm Covenant S 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, superseded by any provisions of the declaration, by-laws, code of regulations or other constituent document of the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 applicable law to the eztent necessary to avoid a conflict between such provisions and
' the provisions of Uniform Covenant S. 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 givc
~ Lender prompt notice of any lapse in such hazard insurance coverage.
j 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 ~
F and shall be paid to l.ender for application to the sums secured by the security instrument, with the excess, if any.
~ paid to Borrower.
~ C. Lender's Prior Coasent. Borrower shall not, exc~pt after notice to l.ender and wiih Lender's prior written
~ consent, partition or subdivide the Property or consent to:
(i) the abandonment or termination of the Condominium Project, except 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;
(ii) any material amendment to the declaration, by-laws or code of regulations of the Owncrs Asu~ciation,
~ 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 Project; or
~ (iii) the efiectuatian of any decision by the Owners Association to terminate professional management and
~ assumc self-management of the Condominium Project.
~ D. Remedies. If Borrower bresches Bbrrower's covenants and agrcements bereunder, including thc covenant
~ to pay w6en due condominium assess~ents, then Lender may invoke any remedies provided under the securit3•
_ instrument, including, but not limited to, tlase provided under Uniform Covenant 7.
k
~ IN WITNESS WNEREOF, Borrowcr has eaccuted this Condominium Rider.
x
~
,s
~
s ~979 J'J~_ -5 PH 2: 3^ ' r
{ ~~Z~ ~ ~
g •i1LE0 ANC 4f CUr:,cJ Andrew J. Alon -eoioi"~r
~ 5? IUCtE CGUNf Y.Ft,!.
~ ~ HQGER POITRAS • , J
~ ~LERK CIF.CUI1 COLgJ, ~J ~~U
~ ~F.ECORt~V~r:=+?:" ~f~ -Bo?rower
Kimberly e Alonso
~ 450202
3G~K
` k 311,~~:2862
E j
4-0438-000-5 N2-79 ~
~ en~rnnuiWniu QineQ_~ cL„~~~_~,~~_cYYl/~N1YC IlYlifllY IYST~IIYFMT fOUTHUND °RINI~~~o co