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Home My WebLink About0191 ' ' CONDOMINIUM RIDER THIS CONDIMINIUM RIDER is made this 3RD day of SEPTEMBER. 1980 and is incorporated into and shall be deemed to amend and supplement a Mortgage, Oeed of Trust « Oeed to Secure Debt (herein "security instruments dated of even date herewith, given by the undersigned (herein "Borrower') to sectxe B«rowers Note to FNst Fidaral 8a~ and flroan daaoclaNon of Martin County (herein "t.ender) and covering the Property~described in the security instrument and located at f 7440 OCEAN BOULEVARD. FT. PIERCE, FLORIDA 3340 The Property compri.5es a unit in, together with an undivided interest in the common elements of, a Condominium project know as - SAND DOLLAR VILLAS (herein "Condominium Project CONDOIu11N1UM COVENANTS- In addition to the covenants and agreements made in the security instrument, Bor- rower and Lender turUrer covenant and agree as tolkntrs: A. Aa~aaaMnls. Borrower shall promptly pay, when due, all assessments imposed by the Owners Association « other governing body of the Condominium Project (herein "Owners Association') pursuant to the provisions of the declara- tion, by-laws` code d relations «other constituent document of the Condominium Project B. Hasard Inauranoa. So long as the Owners Association maintains a "master' or"blanket' policyon the Condo- miruumProjectwhichpnotiidesinsurancecoverageagainsttire,hazardsincluded,vithintheterm"extendedcoverage;'and such other trazards as t antler may require, and in such amounts and f« such periods as Lender may require, then: Fender waives the provision in Unifomt Covenant 2_for the monthly payment to Lender of one-twelfth of the premium installments f« hazard insurance on the Property, (i~ -Borrowers obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the Property is deemed satisfred; and (iii the previsions in Uniform Covenant 5 regarding application of hazard insurance proceeds shat l be super- seded byanyprovisions otthe declaration, by-laws, code of regulations or other constituent document of the Condominium t Project «d applicable law to the extent necessary to avoid conflict between such provisions and the provisions of Uniform Covenants. F«anyperiod of timeduring which such hazard insurance coverage is not maintained, the immediately preced- ing sentence shall be deemed b have no f«ce « effect Borrower shall give Lender prompt notice of any lapse in such hazard insurance coverage. - i In the event of a distn~ution of hazard insurance proceeds in lieu of restoration «repair fol lowing a loss to the Proper- ty, whether to itre unit «to common elements, any such proceeds payable to Borrower are hereby assigned and shall be paid b lender f« application to the sums secured by the security instrument, with the excess, it any, paid to Borrower. C. kNrda~a Prior Coraant. Borrower shall not, except after notice to Lender and with Lenders pri« written core sent~partitioh «suMiivide Property or co~rsent to. ~ - ~ the aba merit «termination of the Condominium Project, except for abandonment «termination provided by law in the qse of substantial destruction by fire or other casualty or in the case of taking by condemnation or eminent domain- (ia 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 i (ria the effectuation of any decision by the Owners Association to terminate professional management and assume sell-management of the Condominium Project D. panwdlaa, flf Borrowwr biradws fSorrowrra cownanb and aprssmenb hanundfar, Including the cawrwtttopaywMndwcondominiumsawsamm~b,thanLsndarmarlinrolca,anynmadiaaprovldsdundsrths ~ sacwNtl instrument, inr:lirdinp, but not Ilmibd to, thoaa provldtad under Uniform Covariant 7. r s a IN WRNESS WHEREOF, Borrower has executed this Condominium Rider. ' ~ ~ BORROWER } ~c~ kICHARD W. LUNDG EN flLff; F~l:4s'-LFD + t -s `~~,L,c t?n.; BORROWER St.Lt1GE Cp~tY.f;.l?. R~ Rat KATHLEEN LUNDGREN ~F..~,ir ~1~ BORROWER 49~S3S ` BORROWER PJ6G; ti1Ji~~ CONDOi11NIUY RIDER- t too Far*~iy- ti/75 - FNMA/FHLMC UNIFORM INSTRUMENT A-302 6/79 - ~ _ _ -