HomeMy WebLinkAbout1417 - , ; 4 ~ CONDOMINIUM RIDER' . - _ ~ -
-
- d
THIS CONDOMINIUM ILoeR IS made this..: t~~ '~da Of. a - •
19 . and- is incorporated into and shat{,be.deemed -to: amend•artd sopplament a M ~ gage, Deed -c[ Tri»;t or Deed- ~ -
to •Secure. Debt~-(herein-"security .institiineni") dated of even dste, Herewith, gtlrcn--b_~~rr__--the uttdrrr~iigned. (hereto • - -
"Borrovitcr') -to secure Borrower's Note to..D~S~l1YN$ :~~DR~ .&AY~t~~. AN>2.LP~N. A~SQGI!?T~QIi
~ (hert;in "Lender") artd covering the Property des~n'bed in the security lnstn{frtent and .
located at...... ?400 S! ,OCEAN DRI11r~. FT.:PIE1tCE,. FLORdDA..33b50.... , , , , ~ , _ . ,
«oa..tr 4adssl . {
The Pro rt rom rises a unit in, t
Pe y p ogether with an undivided interest in th¢ common elements o[, a ropdominium
project known as... , BEACHTREE. II CONDOMINIUM .
- (NanN or COndotnieiSpn f'+roj~cq
. (herein•"Condominium Project"). ~ '
CONDOMINIUM COVENANTS. In addition to the coventints and agreements made in the security instrument,.
Borrower and Lender further covenant and agree as follows: ~ - . -
A. Assessmeafs. 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, wade of regulations or other constituent document of the Condominium Project.
B. Hazard las~rance. So long az the Owners Association maintains a "master" or "blanket" policy on the
Condominium Project which provides insurance coverage against fire, hazards included within the term "extended
coverage; 'and such other hazards az Lender may require, and in such amounts and for such periods az 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; ~ •
(ii) Borrower's obligation under Uniform Covenant S to maintain ,hazard insurance rovera~e on the
Property is deemed satisfied; and _ - - - -
(iii) the provisions in Uniform'Covenant S. regarding application of Hazard insurance proceeds shall be ~ -
superseded by:any,-provis'uins of the declaration, by-laws, code of regulations or-other-constituent document of the .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 riot . `
maintained, the immediately• preceding sentence .shall be deemed .to have no force oc.effect. Borrower shall give -
.l.enderprompt notice of any lapse im such hazard insurance coverage.
In the event of ~ distribution of Raiard insurance proceeds is lieu of restoration or repair following a loss to
thr 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. s~uriiy instrument, with the excess, if 'any.
paid to Borrower. -
C. Lender's Prior CoaLSent. Borrower shall not,- except after notice to Lender and' with Lender's prior written j
consent, 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 >:y fire or other casualty or in the case of a taking by condemnation
or etnincnt domain: ~ -
-(ii) any material amendment to the declaration, by-laws or code of regulations of the Owners -Association.
' or equivalent constitucnt.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 rnvenants and agreements 6ere~nder, itad~ldiss the coveaut ~
to pay wbea due rnndominium assessments, then Leader ®ay ievoke aay~ provided tender the sawrity -
instrument, including, but not limited to, those provided ender Uaifor>• CorensN 7.
IN WITNESS WHEREOF, Borrower has executed this Condominium hider.
4y3918
X80 ,lUL 2k Jill i!= 48 _ ~
~ FREDERICK P LIANO, AND -Borrower
_ _ ~ • ~t
Cpp~t~~, j p
PWTRAS
ERbi)rSTINE PU At10, HI-S grower
- - itl'~Itf)~'tatlflEf)
~ _
r
-Borrower -Borrower
i
1
f - -
€ CONDOMINIUM RIDER-t to'1 fnnilr-6175-fllMlt/FNLMt; YNNtiRII INSTRY1ffNT
~ - S
s
Brfl'iK335 -P~1410
-
z _
•.3...