HomeMy WebLinkAbout1253 _.L.. CONDOMINIUM RIDER
This CONDOMINIUM Rtot:R is made this t~9 • , . • , • • • ...day of .
19 and is incorporated into and shall be deemed to amend and supplement a Mo gage, ed 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.. $I$~Y~!$ .~$D~I;Aic .&~Y~NG~, gryI) , l;,t~j~l• ~S$QG~~~~O~ , , , • , ,
• • • • • • • • • • • • • . • (herein "Lender") and covering the Property described in the security instrument and
located at...... 2.4.U0 .5.. QCEAN .DR.,. i.?t53, • FT... P.IE)1CE,. FL .33~5Q . .
(Property IWdrtss)
The Property comprises a unit in, together with an undivided interest in the common elements of, a condominium
project known as...... CATAMlIRAN• II . . .
~NSme of Condom~niuM ProieCt)
• • . • • . • (herein "Condominium Project"
CONDO11tINiUM COVENANTS. In addition to the covenants and agreements made in the security instrument.
Borrower and Lender further covenant and agree as fallous:
A. Assessments. Borrower shall promptly pay, when due, all assessments imposed by the Owners Association
or other governing body of the C
ondominium Project (herein "Owners Association") pursuant to the provisions of the
declaration, by-laws, axle of regulations ar other constituent document of the Condominium Project.
B. Hazard Insurance. So long as the Owners Association maintains a "master" or "blanket" policy on the
Condaminium Project which provides insurance coverage against fire, 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) Lcndcr waives the provision in Uniform Covenant 2 far the monthly payment to Lender of one-twelfth
of the premium installments for hazard insurance an the Property; ,
(ii) Borrower's obligation under Uniform Covenant S to maintain hazard insurance coverage on the
Property is deemed satisfied; and
(iiil the provisions in Uniform C'avenant S regarding application of hazard insurance proceeds shall be
superseded b~ any provisions of the declaration, by-laws, code of regulations ar other constituent document of the
Condaminium Project or of applicable law to the extent necessary to avoid a conflict between such provisions and
the provisions of Uniform Covenant 5. Far 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
Lcndcr prompt notice of arty 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, w hether to the unit ar to common elements, any such prarecds payable to Borrower are hereby assigned
and shall be paid to Lcndcr far application to the sums secured b} 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 consent ta:
(i) the abandonment or termination of the Condominium Project, except far abandonment or termination
provided by law• in the case of sub`tantial destruction by fire or other casualty or in the case of a taking by condemnation
or eminent domain;
(ii1 an~~ material amendment to the declaration, by-laws or code of regulations of the Owners Association,
or equivalent cc~nstitucnt document of the Condominium Project, including, but not limited ta, any amendment which
would change tfie percentage interests of the unit owners in the Condominium Project, or
(iii) the effectuation of am• derision b~~ the Owners Association to terminate professional management and
assume self-management of the Condominium Project.
D. Remedies. I[ Borrower breaches Borrower's covenants and agreements hereunder, including the covenant
to pay when due condominium assessments. then Lender ma~• invoke anv remedies provided under the secority
instrument, inctndinR, tiut not limited to, those provided under Uniform Covenant 7.
1N WtrNtas W)~raFO)=. Borrower hay cx~cuted this Condominium Rider.
- _ _ _
GE E L. FRAZ AND -Borrower
r
" ~/fGs ~ _ _ t ~
CAROL H. FRAZEE, HIS MIFE-Borrower - -eorwwer
-Borrower 4yJ~~O -Borrower
j~ ~11?~.~ ~a ~ ~ ~
COIi00MIg1UM RIDER - t to o Family-1i/75-FNMAIFNtMC UNIFORM INSTRUMENT FIlEO ~pCC FCCOnOt 0
ST.lUC1E tl)uttiY.ftA.
ROGl+R POfTRAS
CLERK CIRCtNt COUB1~
RECtiiiO ~'ERIFIEO_ - ~
a('~K t)t)6 PdCE 1~~i
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