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HomeMy WebLinkAbout1484 1 i ~,,c~OF?u~EO .CONDOMINIUM RIDER THIS CONDOMINIUM RIDER is made this.......:. ~ ............day of 19813 .,and is incorporated into and shall be deemed to amend and supplement ortgage, 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..FBD.ERAL . SAVINGS..ANA .LQAN. ASS.OCIATI.O>~1. 0~ .i~AK$. ~4#I~kI...:.(herein "Lender") and covering the Property described in the security instrument and locatedat... 7420, State Road.AlA, Jensen Beachr.Florida,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, tProoerer nae..:st The Property rnmprises a unit in, together with an undivided interest in the common elements of, a condominium project known as.......SAND DOLLAR. VI,LI.A$.GO~TpOI~~H~V~I. ~ (Name of COndOminilun Proiecq (herein "Condominium Project"). . CoNDOMINtua~t COVENANTS. In addition to the covenants and agreements made in the security inswment, Harrower 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 declaration, by-laws, code of regulations or other constituent document of the Condominium Project. B. Hazard Ittsnrance. 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 tertn "eRtended coverage," and such other hazards as Lender may require, and in such amounts and for such periods as Lender tray 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; (ii) Borrowers obligation under Uniform Covenant S to maintain hazard insurance coverage on the Property is deemed satisfied; and (iii) the provisions in UnTorm Covenant 5 regarding application of hazard insurance protxeds shall be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent document of the Condominium Project or of applicable law to the extent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 5. 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. ~ In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to I the Property, 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 after notice to Lender and with Lender's prior written consent, partition or subdivide the Property or consent 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. It Borrower breaches Borrower's covenants and agreements hereunder, including the covenant to pay when due condominium assessments, then Lender may invoke any remedies provided Hader the tsecurity iastreiment, including, but not limited to, those provided under Uniform Cotenant 7. R IN WITNESS WHEREOF, Borrower has executed this Condominium Rider. i ,All -9 AM Il= 08 ~e~ ~r'e ~~4 ,~-,~f~, Arbidella Clark -Borrower i gtlt~t j -Borrowsr 3 ~ L #186194 ey215bi BrOK JJ4 PAGE 141 ~ ~ j CONDOMINIUM RIDER-t tot Fanilq-6175-FNMA~FNLMC UNIFORM INSTRUMENT _f .