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Home My WebLink About1692 CONDOMINIUM RIDER THIS CONDOMINIUM RIDER is made this V 19 day of ~ ~ ,19`~`~ ,and is incorporated into and shall be deemed to amend and supplement s Mortgage. Deed of Trust or Deed to Secut'e Debt (herein "security instrument") dated of even date herewith, given by the undersigned (herein "Borrower") to secure Borrowers Note to FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF MIAMI (herein "Lender") and rnvering the property described in the security instrument and located at t~R' T 1 ~I OG s ` 04 : 0 A 1 A :cNS~N I~EACH~ F~~-'RZ= The Property comprises a unit in, together with an undivided interest in the common elements of, a condominium project known as HUTCHINSON ISLAND CLUB ~ A CONDOMINIUM (herein "Condominium Project"1. CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the security instrument. Borrower ` and Lender further covenant and agree as follows: A. Assessments. Borrower shall promptly pay, when due, all assessments imposed by the Owners Association or other 4overning body of the Condominium Project (herein "Owners Association") pursuant to the provisions of the declaration, by-laws. rude of regulations or other constituent document of the Condominium Project. - 8. Hazard Insurance. So long as the Owners Association maintains a "master' or "blanket" policy on the Condominium I'ruject which provides insurance coverage against fire, hazards included within the term "extended coverage." and such other hazar+ls as Lender may require, and in such amounts and for such periods as Lender may require. then: tit (.ender waives the provision in Uniform Covenant 2 for the monthly payment to Lender of one-twelfth of the premium installments for hazard insurance on fire i~roperty; t iil Borrower's obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the Property is deemed s:+tisiicd and tiiil the provisions in I?niform Covenant ~ regarding application of hazard insurance proceeds shall be superseded by any pru~•isions of thedeclaration, by-laws, code o! regulations or other constituent document of the Condominium Project or of applic- :+ble !aw to the extent necessary to avoid a conflict between such provisions and the provisions of Uniform Covenant 5. For any I+c•riud of time during which such hazard insurance coverage is not maintained, the immediately preceding sentence shall br t deenu•d to have no force or effect- Borrower shall give l;ender 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 ` Lender fur application to the sums secured by the seririty instrument, with the excess, if any, paid to Borrower. i r C. bender's Prior Consent. Borrower shall not, except after notice to Lender and wish Lender's prior written consent, partition or subdivide thc• Property or consent to: ti; the abandonment or termination of the Condominiwn Project, except for abandonment or termination provided by ' lau• in the r.+se of substantial destruction by fire or other rasuahy ur in the case of a taking by condemnation or eminent domain; (ii! any material amendment to the declaration, by-laws or code o[ n•i;ulations of the Owners Association. or c•yuivalent +•unstituent document of the Condominium Project, including, but not limited to, any amendment which would chanKe the per- rentaKc• interests of the unit owners in the Condominium Project; or i iii? the effectuation of any decision by the Owners Association to terminate proiessiunai management and asume seli- man:+gement of the ('ondominium Project. U. Kemedies. [f Borrower breaches Borrower ~ covenants and agreements hereunder. including the covenant to pay when due condominium assessments, then Lender may iovol~e any remedies provided under the_ security instrument, including, but not limited to. those provided under Uniform Covenant 7. i , IN R'I'CtiESS WHEREOF, Borrower has executed this Condominium Hider. _ - Forrower _ _ _ -Borrower ~Z~;~~gs -Borrower C7 i - '79 ~ 2 5 P~; 2; 3 3 -Borrower -Borrower - - -Borrower rll~fl 1!:E: f Unia v 4b26 ! S f'iGGEfi f OITR!•S 4- , rr L'IEP.K CIFCUIT C0~ ~~~~K t)l!~ i'A~E U~~. COtiDOMIti[t;M RtDF.R-1 to d Family-6'75--F?`.MA!FIIL4IC UNIFORM INSTRliMENT t~Rev 1/76)