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HomeMy WebLinkAbout1920 • . " 124-973/WEST `~J CONDOIV~NIUM RIDER ~ THIS CONDOMINIUM RIDER is made this day of ~ ,19 ,and is incorporated into and shall be deemed to amend and supplement a Mortgage. Deed of t or Deed to Secure Debt (herein "security instrument') dated of even date herewith, given by the undersigned (herein 'Borrower') to secure Borrower's Note to AMERIFIRST FEDERAL SAVINGS AND LOAN ASSOCIATION (herein "Lender") and covering the property described in the security instrument and located aO900 OCEAN BLVD. + UNIT 1307 JENSEN BEACH+ FLORIDA The Property comprises a unit in, together with an undivided interest in the common elements of, a condominium project known as • (herein "Condominium Project"). OCEANA OCEANFRONT CONDOMINIUM II , CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the security instrument, Borrower and Lender further rnvenant 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 declaration, 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 Con- dominium Project which provides insurance coverage against 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-twelfth of the premium installments for hazard insurance on the Property; (ii) 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satisfied; and (iii) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds shall be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent document of the Condominium Project or of applicable law to the extent necessary to avoid a conflict between such provisions and the provisions of Uniform Covenant 5. For any period oftime during which such hazard insurance rnverage 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 distribution of hazard insurance prceeeds 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 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 consent, ' partition or subdivide the Property.or consent to: (i) the abandonment or termination ofthe Condominium Project, except for abandonment or termination provided by law in the case of substantial destruction by fine 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 ProjeM, 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 of the Condominium Project. D. Remedies. If Borrower breaches Borrower's.covenants and agreements hereunder, including the coven- ant to pay when due condominium assessments, then Lender may invoke any remedies provided under the security instrument, including, but not limited to, those provided under Uniform Covenant IN WITNESS WHEREOF, Borrower has executed this Condominium Rider. i ~ - -Borrower GA I Lt~ G WAGNE III ? -Borrower X93499 cA ACE A. WAGNER -Borrower -Borrower R I IS~IO,Ekp ~ ( 11: c.~ Q ~ ~ i'~ ~ SxC~~ -Borrower . -Borrower CONDOMINIUM RIDER-1 to 4 Family-6/7b-FNMA/FHLMC U;YIF'O1iM INSTRUMENT (Rev 6/79) --11~~27(l fly v