HomeMy WebLinkAbout1042 CONDOMINIUM RIDER
THIS CONOIMINIUM RIDER is made this 7TH day of MAY, 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 "Borrower
to secure Borrowers Note to fr'Irat Federal Savings and Losn Association of Martin County herein ° t_ender~ and covering
the Property described in the security instrument and located at -
STATE ROAD A1A, JENSEN BEACH, FLORIDA 33457
The Property comprises a unit in, together with an undivided interest in the common elements of, a condominium
project know as ~ -
OCEANA OCEANFRONT CONDOMINIUM II (herein "CondominiumProject'~
CONDOMI NIUM COVENANTS. In addition to the covenants and agreements made in the security instrument, Bor-
rowerand lender further covenant and_ agree as follows:
A. Assessments. Borrower shall promptly pay, when due, all assessments imposed by the Owners Association or-
othergoverning body of the Condominium Project herein "Owners Association's pursuant to the provisions of the declara-
tion, by-laws, code of regulations or other constituent document of the Condominium Project
B. Hazard Inwrance. So long as the Owners Association maintains a "master' or"blanket' policy on the Condo-
minium Project which provides insurance coverageagainst 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:
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,
(ia 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 otherconstituent document of the Condominium
Project or of applicable law to the extent necessary toavoid contlictbetween such-provisions and the provisions of Uniform
Covenants. Foranyperiod of time during 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 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. Lender's Prior Consent. Borrower shall not, except alter 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-laws or code of regulations of the Owners Association, or
I 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
fI (ii) the eNectuation of any decision by the Owners Association to terminate professional management and
assume self-management of the Condominium Protect
~ D. Remedies. It Borrower breaches Borrowers covenants and agreements hereunder, including the
~ covenantto taaywhen due condominium assessments, then Lender mayfnvoke, any remedies provided underthe
security inatrumsM, Including, but not IlmRed to, those provided under Uniform Covenant 7.
IN WITNESS WHEREOF, Borrower has executed this Condominium Rider.
4~~581
r9~0 ~~r {4 ~ ~ BORROWER
~ I~~ 27 NES R R. SAL
FlLEO ANIr FECOfiUf U
S1. LUCIE COU!lTY.i[A. `
ROGER POITRAS
CLERK CIRClftT r!'U';p BORROWER
r'""' `'-`F-„ ~G~1 _ _ ISRA J. SALA
~ BORROWER
BORROWER
F
b~K 331 pa~f 1042
CONDOMINIUM RIDER• t too Family- 6/'S - FNMA/FHLMC UNIFORM INSTRUMENT A-302 6/79
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