HomeMy WebLinkAbout1645 CONDOMINIUM RIDER
S CONDOMINIUM RIDER Is made thlS.........,/
...............day Of
19..~t and is incorporated into and shall be ,deemed to amend and supplement a Mortgage, Deed of Trost or Deed
to Secure Debt (herein security instrument) dated of even date herewith, given b the undersigned (herein
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'•Borrowei to secure Borrower's Note to..$~S~AYN$ .~'$D$SIUr .$AY~I'~S. ANn .LV~ItN. Ast$QCiA~Q~[ .
......................(herein "[.ender") and covering the Property described in the security_ instrument and
located at....... 2400, 3., OCBAIi, DRIVEa .#T66~,, FT. PIBRCB~, ,FLORIDA ,~~4~0„ „ , , , , , , , , , ,
t?~ooerty Aasnssl
The Property comprises a unit in, together with an undivided interest in the common elements ot, a condominium
project known m.. , , , , ..CATAMARAN .II .CONDOMINIUM ,
(Nate W Ca+doe~i~iuen ~q i
(herein "Condominium Project").
CONDOMINIUM COVENANTS. In addition to the rnvenants and agrcements made in the security instrument,
Borrower and Lender further covenant and agree as follows:
A. Assessments. 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. Hazard Insurance. So long as-the Owners Association maintains a "master" or "blanket" policy on tha
Condominium .Project which provides insurance coverage agaitut 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) 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) Borrowers obligation under Uniform Covenant S 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superseded by any provisions of the declaration.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 Pmject or of applicable law to the extent necessary to avoid a conflict between such provisions and
the provisions of Uniform Covenant 5. 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
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 common elements. any such proceeds payable to Borrower are hereby assigned t
and shall 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 Cooseot. Borrower shall not. except after notice to Lender and with Lender's prior written
consent, partititm 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
f (iii) the effectuation of any decision by the Owners Association to terminate professional management and
{ assume self-managcmcnt of the Condominium Project.
D. Rematies. If Borrovrer breaches Borrower's coveoaots and agrteemeats btereorder, itrclr+dlog the covewot
to ps,y when due condominimo assessments, then Lender ..ay invoke atry remedies provided ender the securtty
iastruoreot, including, but not United to, those provided coder Uniform Cover>s,t 7. '
IN WITNESS WHEREOF, Borrower hoc executed this Condominium Rider. -
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D. MICHABL JEAN3, AND -Bo older -8°f°'""
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D. N4, HI RE -~rrover -°OfOM1~`
-Borrower -Borrower
~04,~,~ 1980 OCi 24 AH 47
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CONDOMINIUM RIDER-t to ~ hniiyr-6/75-FINIAIFIILIIC tlgtFORY 1lISTWIEIIT s RA6ER
P017RASA~
CLERK Ctn-CWT r_~r~R
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