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Home My WebLink About0925 ~ " , 1 1 i i ~ L y - CONDOMINIUM RIDER THIS CONDOMINIUM IttwER is made ibis .~/.......~U ...........day of . ~e . . 1980.., and is incorporated into and shall be dcemed to amend and supplement a Mortgage, Deed of Trust or Deed to Secure Debt (herein "security instrument") dated of even date herewith, given by the undersigned (herein "Borrower") to secure Borrower's Note to..FIRST..FBASRAL . SA~IRGS..ANII .LAdN..ASS~OCII~TI.ODI. 0~ .I~AK$. K4R~$..... (herein "Lender') and covering the Property described in the security instrument and located. at.. ?!k~Q .South. &tate .Road.. AIA, .1fi15?,..Jensen Beach, . Flatida tP?ov~tr Adarss) The Property comprises a unit in, .together with an undivided interest in the common elemeais of, a condominium Project known as.......SABD. UQ~J+AI3.VILI,A& .CQ>,T001?U~17N1.C . . (herein "Condominium Project"), tN.m. a Condominium ~'rohcq CotvDOM~NtuM COVENANTS. In addition to the covenants and agreements made in the security instrument, Borrower and Lender further covenant and agree as follows: A. Asa tats. 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 declaration, by-laws, code of regulations or other constituent document of the Condominium Project. B. Hazard Ieseraece. So long as the Owners Association maintains a "master" or "blanket" policy on the Condominium Project which provides insurance coverage against fire, hazards included within the ttrm "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 onatwelfth of the premium installments for hazard insurance 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satisfied; and (iii) the provisions in Un~orm Covenant S regarding application of hazard insurance proceeds shall be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent document of the Condominium Project or of applicable law to the extent necessary to .avoid a conflict between such provisions and the provisions of Uniform Covenant S. For any period of time during which such hazard insurance coverage is not maintained, the immediately preceding sentence sha!! 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 Property, whether to the unit or to rnmmon 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 after notice to Lender and with Lender's prior written rnnsent, partition or subdivide the Property or rnnsent to: . (i) 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 a taking by condemnation 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 Bomower's rnveaseta and agroementr rertaeder, inclediaa tre coreeaet to pay wren nee condominium asstsseneats, then Lender may ievoke sey rrmedias prorided ennder ere secvhl? iastrnneeM, irnclodiag, hot not Waited to, trose Provided coder Uniform t 7. IN WITNESS WHEREOF, Borrower has executed this Condomini r. ~ Da iel Thorlakson - _491819 s . Thorlakso - --$o.rowN _7 ~ S8 ul A. Thorlakson ' Fi~EC S?.L_ UCj1b~~t~Ry't?5j R~IVCR 1-E'•~s_ CLERK t~ilCtMT t semary T r akson 1!f ttlR! ~'TR'f t~Q - L 1184710 ' CONDOMINIUM RIDER-t to+hnriry-6i~s-Ftau~FNlllt; YtaFOtttr tttmttwEttT gCOK~~ PdGE ~4