HomeMy WebLinkAbout0611 CONDOMINIUM RIDER
THIS CONDIMINIUM RIDER is made this 16TH day of MAY. 1980
and is incorporated into and shall be deemed to amend and supplement a Mortgage, Oeed of Trust or Deed
to Secure Debt (herein "security instrumenY~ dated of even date herewith, given by the undersigned (herein "Borrower')
to secure Borrowers Note to First Federal Savings and Loan Association of Martin County (herein'~I.ender') and covering
the Property described in the security instrument and located at
7400 S. kOAD AlA. JENSEN BEACH, FLOkIIiA 3347
The Property comprises a unit in, together with an undivided interest in the common elements of, a condominium
project know as
SAND DOLLAk VILLAS CONItOMINIUM 'B' (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, bylaws, code ~i ~_~:::a ~='~s cr:,the: constituent document of the Co.^.dominium Project.
B. Hazard Insurance. So long as the Owners Association maintains a "master' or "blanket' policy on the Condo-
minium Project which provides insurance coverage againstfire, 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,
(i1 Borrower's 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 byany 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 conflict between such provisions and the provisions of Uniform
Covenants. For any period of time during which such hazard i nsura nce coverage is not maintai ned,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 larlor 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 Condominwm Protect except for abandonment or termination
provided by law in the case of substantial destruction by fire or other casually or m the case of taking by condemnation or
eminent domain:
f
(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
change the percentage interests of the unit 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 and agreements hereunder, Including the
~ covsnantto paywhen due condominium assessments, then Lender may Invoke, any remedies provided underthe
security instrument, including, but not limited to, those provided under Uniform Covenant 7.
/ -
IN WITNESS WHEREOF. Borrower has ~Cecuted this COndOmin~um Rider.
' ~ '
, BORROWER
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~ Q~S'~08 BORROWER
BORROWER
CONDOMINIUM RIDER- ~ to4 Farni~y- 6/75 - FNMA/FHLMC UNIFORM INSTRUMENT A-302 6/79
g~'~ 332 ~~E 610