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Home My WebLink About0194 - _ , _ • . CONDOMINIUM RIDER THIS CONDIMINIUM RIDER is made this ' day of OCTOBER, 1980 and is incorporated into and shall be deemed to amend and supplement a Mortgage, Deed of Trust or Deed to Secure Debl (herein "security instrument") dated of even date herewith, given by the undersigned (herein "Borrower? to secure Borrowers Note to First Federal Savings and Loan Association of Martin County(heretn"l.ender') and covering the Properly described in the security instrument and located at 9900 NE OCEAN BLVD. X101, JENSEN BEACH, FLORIDA 33457 The Property comprises a unit in, together with an undivided interest in the common elements of, a condominium project know as OCEANA CONDOMINIUM I I (herein "Condominium Project'? CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the security instrument, Bor- rowerand Lender further covenant and agree as follows: A. Assessments. Borrower shall promptly pay, when due, all assessments imposed by the Owners Assoctation or other governing body of the Condominium Project(herein "Owners Association") pursuant to the provisions of the declara- tion, by-laws, code of regulations or other constituent document of the Condominium Project. 8. Hazard Insuantro. So long as the Owners Association maintains a "master' or "blanket" policy on the Condo- minium Project which provides insurance coverage against tire, 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: Il 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 Propert~r, (i) Borrowers obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the Property is deemed satisfied; and (ii) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds shall De super- seded by any provisions ei the declaration, bylaws. code of regulations or other constituent document of the Condominium Project or of applicable law to the extent necessary to avoid conflict between such provisions and the provisions of Unitorm Covenant 5. For any period of time during which such hazard insurance coverage is not maintained, the immediately preced- ing sentence shall be deemed to have no force or etfecL 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 Proper- ty, whether to the unit or to common elements, any such proceeds payable to Borrower are hereby assigned and shall be paid to Lender for application to the sums secured by the security instrument, with the excess, it any, paid to Borrower. C. Lenders Prior Consent. ~ Borrower shaft not, except after notice to Lender and with Lenders prior written corn 'I sent, partition or subdivide the Property or ccnsent to: 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 taking by condemnation or eminent domain: (i) any material amendment to the declaration, bylaws or code of regulations of the Owners Association, or equivalent constituent document of the Condominium Protect, including, but not limited to, any amendment which would change the percentage interests of the unit owners in the Condominium Project; or /:a th errat ta+~\ ~f a ti AWnp c ~I\\~~..'.a ^ t t/f v( e.......\1 ~ ~ ~3 .Vri any VI.V ~JIV~1 by t ~ V \.rJ i~JJVVt\~ttyri \L` \{.rrrtt^a\ pr^,eJJ.V.1Y1 Iipllags;I~IGn\ alld assume selRmanagement of the Condominium Project. D. Remedlss. It Borrower broaches Borrowers covenants and agreements hereunder, tncluding the cov~nantto pay whendue condominium assessments, then Lender maylnvoke, any romediss provldsd undsrthe security Instrument, tncluding, but not Ilmftsd to, those provided under Unltarm Covenant 7. IN WITNESS WHEREOF, Borrower has executed this Condominium Rider. 505563 ~ BORROWER FRANK A. RUSSO BORROWER I ~c~30 ?~4tr -3 ~ 7 MARCIA L. RUSSO Si lC:.tr r-,'~:~Y.f! ~ ~ BORROWER _ R RC~: r. PCB: 1~ Frf?L`'''~ __~?~~?A7 ftn~ BORROWER CONDOMINIUM RIDER• 1 too Family- 6/75 - FNMA/FHLMC UNIFORM INSTRUMENT A-302 6179 ~ ! - y...' d