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HomeMy WebLinkAbout1892 • CONDOMINIUM RIDER THIS CONDIMINIUM RIDER is made this • 15th day of April, 1980 , and is incorporated into and shall be deemed to amend and supplement a Mortgage, Deed of Trust or Deed to Secure Debt (herein "security instrumenC~ dated of even date herewith, given by the undersigned (herein "Borrowed to secure Borrowers Note to Flnt Federal f3avings8 Loan Association of Martin County(herein"Lender) and covering the Property described in the security instrument and located at BUILDING A 1010. S AlA. JENSEN BEACH. FLORIDA 33457 The Properly comprises a unit in, together with an undivided interest in the common. elements ot, a condominium project know as ATLANTIS CONDOMINIUM gherein"CondominiumProject'q CONDOMINIUM COVENANTS. In addition to the covenants and.agreements made in the security instrument, Bor- rower and Lender lurttier covenant and agree as follows: A. Assessments. 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 declara- tion, by-laws, code of regulations or other constituent document of the Condominium Project. B. Hazard Insurance. So long as the Owners Association maintains a"master' or "blanket" policy on the Condo- minium Projeclwhich provides insurancecoverageagainst 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: (i) Lender waives the provision in Uniform Covenant 2 for the monthly payment to Lender of one•twetfth of the premium installments for hazard insurance on the Property, - (i) Borrowers obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the Property is deemed satisfied; and (ii) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds shall be super- seded byanyprovisions ofthe declaration, by-laws, code of regulations or other constituent document of the Condominium Project or of applicable law to the extent necessary to avoid conflict between such provisions and the provisions of Uniform Covenants. For any period of timeduring which such hazard insurance coverage is not maintained, the immediately preced- ing 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 distribution of hazard insurance proceeds in lieu of restoration or repair following a bss to the Proper- ty, 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. Lendee's Prior Consent. Borrower shall not, except after notice to Lender and with Lenders prior written con- sent, partition or subdivide the Property or consent to: 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 taking by condemnation or eminent domain: (i) any material amendment to the declaration, by-taws 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 percentage interests of the unit owners in the Condominium Project; or (iii) the effectuation of any decision by the Owners Association to terminate professional management and assume self-management at the Condominium Project. D. Remedies. If Borrower breaches Borrower's covenants and ayreemsnts hereunder, Includlny the covenantto paywhen due condomtnium assessments, then Lender may Invoke, any remedies provtded underths security instrument, Including, but not limited to, those provided under Uniform Covenant 7. IN WITNESS WHEREOF, Borrower has executed this Condominium Rider. ~ n BORROWER J SEFH F. TYMINShI ~ c c BORROWER aQR ~a ~ 1~~ 28 ~ E TYMI 'I fiLEO ~ FECQ!tOt.O _ • F Sj,LtiCl~C0A1NtR~SA ± ROGERt~c~~ GERA R, BORROWER , eLER1c C1l~t YLE RECBRfI ~'r1Uf err---` • j BORROWER 4~~3~ BARBARA A. B Y Bt,~K~~ PdCE1.~7V CONDOMINIUM RIDER- t to 4 Fam~ty- S/75 - FNMA/FHLMC UNIFORM tNSTRUMENT A-302 6/79