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M,G~QE~~M~r CONDOMINIUM RIDER
Tttts CONnoMIN1UM ItIDEIi is made this `x........ day of . ~
19. 8U ,and is incorporated into and shat! be deemed to amend and supplement a Mortgage, of Trust or Decd ~
to Secure Debt (herein "security instrument") dated of even date herewith, given by the undersigned (herein
"Borrower") to secure Borrower's Note to, .FIRST..F8A.81tAI.. SAY~1dGS..ANA . LAAN..ASS~OCI.ATLON. '
P~ .kAK$. K4 (herein "Lender") and covering the Property described in the security instrument and
located at ? ,Stage Acad. AIA, JenSeR Beach r ,Florida `
{
twop.rty Addhss) '
The Property comprises a nit in to they with an undivided interest in the common elements of, a condominium
project known as....... , ~I~.S ,txNDC1~lINIt~!!. A .
(Name M ConJort~inium Proj«:q
• • • (herein "Condominium Project"). -
CortooMtNtuM COVENANTS. In addition to the covenants and agreements made in the security instrument,
Borrower and Lender further covenant and agree as follows: r
A. Assessraeats. Borrower shall promptly pay, when due, alt assessments imposed by the Owners Associatioa
or other governjngbody of the Condominium Project (herein "Owners Associatioa") pursuant to the provisions of the
declaration, by-laws, code of regulations or other constituent document of the Condominium Project.
B. Hazard Iesuraace. 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 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) [.ender 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 5 to maintain hazard insurance coverage on the i
Property is deemed satisfied.; and
(iii) the provisions in Uniform Covenant S regarding application of hazard insurance proceeds shall be k
superseded by any provisions of the declaration, by-laws, code of regulations or other constituent document of the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 shall be deemed to -have no force or effect. Borrower shall give i
Lender prompt notice of any lapse in such hazard insurance coverage. 3
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 common elements, any such proceeds payable to Borrower ate hereby assigned
and sha!! 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. If ~~II~/''~~wer breaches Borrower's covenaats and agreemeats berenader, inclnding the co~eaant -
to pay when dae condomiaium assessments, then Lender may invoke any remedies provided wader the security
iastrnmeat, ~acladiag, bof act limited to, those provided under Uniform Coveaant 7.
IN WITNESS WHEREOF, Borrower has executed this Condominium Rider.
tJ`:O S~~ ~ O r:1 IL' Z~
~tLC[J RNCpP~COki1F'D D2 -Bar°"rer
- S ROGER
AOITRAS~
' CLERK CIRCUIj CCU!:
9
X98949 4
Ln~ 192648
X338 o~E 813
COIi00MINIUM RIDER-1 tos Fnnilr-6115-FNYAIfNIMC UNIFORM INSTRUMENT
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