HomeMy WebLinkAbout0827 ..L CONDOMINIUM RIDER _
CONDOMINIUM RIDER is made this......... cr~.~..,~'.~.........day of, . C,~C.C? ,
19 ~
,and is incorporated into and shall be deemed to amend and supplement a Mortgage, ed of Trust or Deed
to Secure Debt (herein "security instrument") dated of even date herewith, given b the undersigned (herein
"Borrower') to secure Borrowrr's Note to, . S~$~AYN~ .~~PR~l1~..$~lY~1'1~~. ANR A~$QC~~?~~P~1..... .
(herein "Lender") and covering the Property described in the security instrument and {
located at...... ,2400, S.. OCEAN, DRIVEr , t7~ 1 ,l?T. , PIBRCl3, , ~~.ORIDA , 33p~o
tw~oa.ur ~wanss)
The Property comprises a unit in, together with an undivided interest in the rnmmon elements of, a condominium
project known as.......~ATAMARAN II
(Nano w Cw~dw++iniun+ Woj~tq
(herein "Condominium Project").
CONDOMINIUM COVENANTS.- In addltiOn to the covenants and agreements made in the security instrument,
Borrower and Lender further covenant and agree as follows:
A. Assessrneats. 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. Ha>mrd lnsnrance. So long as the Owners Association maintains a "master' or `'blanket" policy on the ,
Condominium Project which provides insurance coverage agairut fire. hazardsincluded within the term "extended
rnverage;' and such other hazards as Lender may require, and in such amounts and for such periods as 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 5 to maintain hazard insurance coverage 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superseded by any provisions of the declaration.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 fora 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
the Property, whether to the unit or to rnmmon elements, any such proceeds payable to Borrower are hereby assigned #
and shalt 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, partitie~n or subdivide the Property or consent to:
(i) the abandonment or termination of the Condominium Project, except for abandonment or termination
. provided bylaw 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 amendmenc.to the declaration. by-laws or code of regulations of the Owners Association.
I or equivalent cc+nstitucnt document of the Condominium Project, including, but not limited to, any amendment which
E 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. s
D. Remedies. If Borrower breaches Borrower's covenants and agreements berrnader, inclndi~ the covenant
to pay when due condominium assessments, then Lender may invoke arty. remedies provided under the security i
instrument, including, but not limited to, those prorided Hader Unilorto Corereant 7.
IN WITNESS WHEREOF. Borrower has executed this Condominium Rider.
_ X~
MILLIAM H. -°OfO1Me'
~ L, AN Borrower
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LILLIAN B. MARVEL, HIS <~~rlCOwer -eo"OM"'
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MILDRI3A B. HEATHERL NBiIAN SU4~0 -Borrower
1~~0 OC1 22 A!E `'4 -
COMDOMlNIUM RIDER-~t to1 Famiry-6/IS-t7t11A/tMl11C tlNtfORY INtTttY11E111 si~~~
,E ctrtiwtv:ri ;
. ROGER POItRAS
CIEftK C1aCtllt COURj~
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