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Home My WebLink About2832 . ~ ~ . . - - - - - ~ fl ` ~1DOMINIUM RIDE; THIS trONt~MINIUM RIDER is made this l • day of April , 19. 8U ,and is incorporated into and shall be deemed to amend and supplement a Mortgage, Oeed of Trust or Deed to Secure Debt (herein "security instrument")_ d~ta+ of even dote herewith, Aiven btr the undersigned (herein "Borrower? to secure Borrowers Note to SUMMIT BANK, a Florida Banking Corporation (herein "lender"I and covering the Property described in the security instrument and located at 9900 Ocean Boulevard, Hutchinson Island, Jensen Beach, Fla. 33457 tt~.•a Aaa~s.t The Property comprises o unit in, together with an undivided interest in the common elements of, a condominium project known os, OCEANA OCEANFRONT CONDOMINIUM II (herein "Condominium Project"), tNOi"' °t Condoa'~"'~" P.oNc+1 CONDOMINIUM COVENANTS. In addltlon to the covenants and agreements mode in the security instrument, Borrower and lender further covenant and ogres os follows: A. Assessments. Borrower shall promptly pay, when due, all assessments imposed by O.vners Associa- tion or other governing body of the Condominium Project (herein "Owners Association") pursuant to the provi- sions of the declaration, by-laws, code of regulations or other constituent document of the Condominium Project. B. Hazard Insurance. So long os the Owners Association maintains a "master" or "blanket" pofigr on the Condominium Project which provides insurance coverage against fire, hazards included within the term "extended coverage," and such other hazards os Lender may require, and in such amounts and for such periods as Lender may require, then: (i) lender waives the provision in Unform Covencnt 2 for the monthly payment to Lender of one- _ twelfth of the premium installments for hazard ins~ronce on the Property; (ii) Borrower's obligation under Uniform Covenant S to maintain hazard insurance coverage on the Property is deemed satisfied; and (iii) the provisions in Unitorm Covenant S re5arding opplicotion of hazard insurance proceeds steal! be superseded by any provisions of the declaration, by-laws, code of reg~~lations or other constituent document of the Condominium Project or of applicable law to the extent necessary to ovoid a conflict betnreen such previ- sions and the provisions of Uniform Covenant 5. For any period of time during which such hazard .insurance coverage is not maintained, the imm•.diotaly preceding sentence sfial! be deemed to hove no force or effect. Eorrower shall give lender prorr.pt notice o` any lapse in such hazard insurance coverage. In the event of a dis?ribution of hazard insurance prxeeds in lieu of restorction or repair followring a loss to the Property, whether to the unit or to camman slements, any`such proceeds payable to Borrower are hereby assigned and shc!I be paid to lender for opplicotion to the sums secured by the security instrument, with the excess, if any, paid to~Borrower. C. lender's Prior Consont. 8orrawer shall not, except after notice to leader and with tender's prior written consent, partition o: subdivide the Property or consent to: (i) the abandonment or termination of the Condominium Project, except For cbandonment or terminc- ~ tion provided by law in the case of subs'antial destruction by fire or other cosuo!ty or in the case of a Coking by ; condemnotioa or eminent domain; (ii) any meteriu) amendment to the declaration, by-laws or code of regulations of the Owners As- satiation, or equivalent constituent document of the Condominium Project, inc!udtng, but not limited to, any ( amendment which woo=.d changes the percentage interests of the unit oviners in the Condominium Project; or i (iii} the eff~ttuation of any da:isicn by the Owners As~ociot:o~ to teraninu!e ~rcfessicnat monc5e- meat ,rd ossurre self-r.±onegament of the Co*tdor:?iniurr, Project. O. Remesies. if Sorrawar brenc as 8crrowQr's :oveoants and agreements hsr~~nde:, i:sclvdirg the co•:ene~t to pay when :lve co^dvmin;um essessr+.~erts, than Lencar r.,ay invo'ce azy rQmecies p:cvided un.sar I the :esurity instrument, including, but not limited to, those provided under Uniform Covenant 7. t IN WITNESS WHEREOF, Borrower has executed this Condominium Rider. 485859 YN LO E EFSTEIN STe* 19~ i"~Y _8 au ~ 22 5'.i~~~t~POiZR!?S ~>nT ce T 'THOMAS R . STP•.UPJK -so.~c.Ye~ Rt!',~0'VERtFtPO_ S _ ' € ~ 1 i f CON00,1AINIUM RIDER-t to 4 Family-6175-iNt:A:iH1Mt UNIfOR:a ItiSiRUNENT IIR ~ ~aGF~C'~1 r _ _ BO~JK