HomeMy WebLinkAbout1686 CONDOMII~IIUM RIDER
THIS CONDOMINIUM RIDER is made this ...........day of . ~ .
19.80., and is incorporated into and shall be deemed to amend and supplement a Mortgag ,Deed of Trust or Deed
to Secure Debt (herein "security instrument") dated of even date berewith, given by tbe undersigned (berein
"Borrower") to secure Borrower's Note to..FIRST..F8A811:AL. S,AVINGS..ANII .LAAN. ASSOCIATL01l1.
4P..I•AK$. K4#l.~$..... (herein "Lender') and covering tbe Property described in tbe security instrument and
located at... 74~R .$4Vt-h. AaA...~517~, Jensgn, BeachR ,Flor~,d~ ..~~4~7
tP~owrtr ndd~ss~
The Property rnmprises a unit in, together with an undivided interest in the common elements of, a condominium
project known as........ SAND,DOLLAR,VILLAS CONDOMINIZ&l,B
(NartN Of COndWninium Proj~cq
(herein "Condominium Project").
CONDOMINIUM. COVENANTS. In addition to the covenants and agreements made in tbe security instrtunent,
Borrower and Lender further covenant and agree as follows:
A. Assessments. Borrower shall promptly pay, when due, all assessments imposed by tbe Owners Association
or otber governing body of tbe Condominium Project (herein "Owners Association") pursuant to tbe provisions of tbe
declaration, by-laws, code of regulations or otber constituent document of tbe Condominium Project.
B. Heard Insurance. So long as the Owners Association maintains a "master" or "blanket" policy on tbe
Condominium Project which provides insurance coverage against fire, hazards included within tbe term "extended
coverage," and such other hazards as Lender may require, and in such amounts and for such periods as Lender may
roquire,then: .
(i) Lender waives the provision in Uniform Covenant 2 for the monthly payment to Lender of one-twelfth
of tbe premium ipstallments for hazard insurance on the Property;
(ii) Borrowers obligation under Uniform Covenant S' to maintain hazard insurance rnverage on tbe
Property is deemed satisfied; and
(iii) tbe provisions in Un~orm Covenant S regarding application of hazard insurance proceeds shall be
superseded by any provisions of the declaration. by-laws, code of regulations or otber constituent document of tbe
Condominium Project or of applicable law to the extent necessary to avoid a conflict between such provisions and
tbe provisions of Uniform Covenant S. For any period of time during which such hazard insurance coverage 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.
j In the event of a distribution of hazard insurance proceeds 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 bereby assigned
and shall be paid to Lender for application to the sums secured by the security instrument, with tbe excess, if any,
paid to Borrower.
C. Lender's Prior Coaseat. Borrower shall not, except after notice to Lender and with Lender's prior written
consent, partition or subdivide the Property or consent to:
(i) tbe abandonment or termination of the Condominium Project, except for abandonment or termination
provided by law in tbe case of substantial destruction by fire or other casualty or in tbe case of a taking by condemnation
i 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 Project, 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 rnvenaats and agr+cements hereunder, including the sroveulmt
~ to pay whee dne condomiaiam assessments, then Lender may invoke any remedies provided ender the security
instrw>aeut, including, bet not limited to, those provided ender Uniform Covenant 7.
IN WITNESS WHEREOF, Borrower has executed this Condominium Rider.
} 19~ JUN 24 Iii ~ 4 0
Fg EE AaiC eEGtnaaF~ Vincent J. r ttarola -~f°'""
~ ST ltlClE CWtiTY.FIA. _
f~OQER POtTRAS
CLERK CIRCWT CBUR if , Q~.
RECCRS ~~f.R~FiE~_ Lilli T. Grattarola -eorowr~
49Q641
t L 8183159
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CONDOMINIUM RIDER-t to 4 Farrar-675-FItWIFBttIIC YNIFORM INSTtY11ENT 800K P16E~V04
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