Loading...
HomeMy WebLinkAbout2709 • CONDOMINIUM RIDER THIS CONDIMINIUM RIDER is made this 15TH day of AFFIL, 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 instrumenl'~ dated of even date herewith, given by the undersigned (herein "Borrower') to secure Borrowers Note to First Federal Savings8 Loan Assoclatfon of Martin County(herein"Lender') and covering the Property described in the security instrument and located at 9920 NE OCEAN BOULEVAF:tt, JENSEN REACH, FLORIItA 33457 The Property comprises a unit in, together with an undivided interest in the common elements ot, a condominium project know as . OCEANA OCEANFFONT CONLrOMINIUM II 0(herein"Condominium Project") CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the security instrument. Bor- rower 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 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 Insunlnc~. So long as the Owners Association maintains a "master' or"blanket" policy on the Condo- minium Protect which provides insurancecoverageagainstfire, 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: (i) Borrowers obligation under Uniform Covenanl5 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 super- seded by any provisions of the declaration, by-laws, code of regulations or other constituent document of the Condominium Project or of applicable taw to the extent necessary to avoid conllict between such provisions and the provisions of Uniform Covenanl5. Foranyperiod of timeduring which such hazard insurancecoverage isnot mairUained,the immediatelypreced- ing sentence shall be deemed to have no force or effect. Borrower shall give lender prompt notice'of any (apse 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 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. Lenders 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 j eminent domain: I (i) any material amendment to the declaration, by-laws 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 j change the percentage interests of the urnt owners in the Condominium Protect; or (ii) 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 Borrowers covenants end agreements hereunder, including the covenanttopaywhenduecondominiumasssssments, then Lsndermayinvoke, anyremedfesprovidsd underthe security Instrument, Including, but not limited to, those provided under Uniform Covenant 7. IN WITNESS WHEREOF. Borrower has executed this Condominium Rider. r Q~3~939 4~~ BORROWER CLAUUE MATZ ~ ~~r~ pQP. 22 ~ ~ /YYf~ ~~//`'LL~L'/~i BORROWER p±COYa~ kUTH MATZ St L~tf pO1jRASa ~l RDGER 1Z t~Kj ~ ` , ? CLERK t;11~~ a Q~t...~~;.._ BORROWER lte4t;P~ ti E,.. ~ - BORROWER r 3n~K 329 PaGE ~ / V CONDOMINIUM RIDER- t too Family- 6/75- FNMA/FHLMC UNIFORM INSTRUMENT A-302 6/79 _ t