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~ CONDOMINIUM RIDER
THIS CONDOMINIUM RIDER Is made this.......... ~3x'd ...........day ot......Octobe>G
19.80., and is incorporated into and shall be deemed to amend and supplement a Mortgage, Deed of Trust or Deed
to Secure Debt (herein "security instrument") dated of even date herewith, given by the undersigned (herein
•'Borrowc~') to secure Borrower's Note to..$]~$~AYN$ .~~P~RAAt .&~lYIN~S. ANA.LOAN. A&$QCiATIQI~ .
(herein "Lender') and covering the Property described in the security instrument and
located at.... 2400 ,$44~'H ~~$flN. URI!?~, .#T654.,. FT.. PIER(, .PLORIIU .33950
(Property A04nss)
The Property comprises a unit in, together with an undivided interest in the common elements of, a condominium
project known as.... CATAMARAN II CONDOlRNIgM . . . „ }
• . • • • . • (NSme of Condominium ProNd) !t
(herein "Condominium Project"). +
CONt~MIN1UM CovENANTS. in addition to the covenants and agreements made in the security instrument, j
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 go~•crning body of the Condominium Project (herein "Owners Association") pursuant to the provisions of the
declaration, by-laws, code o[ 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 the
Condominium Project which provides insurance coverage against Ere. 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) Lcndcr waives the provision in Uniform Covenant 2 for the monthly payment to Lender of one•twelith
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 5 regarding application of hazard insurance proceeds shall be
superseded b~• any provisions of the declaration, by-laws, code of regulations or other constituent document of the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 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 Properly, 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, if any.
paid to Borrower. _
C. Lender's Prior Coauat. Borrower shall not, except after notice to Lcndcr and with Lender s prior written
rnnscnt, 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• igthe case of substantial destruction by fire or other casualty or in the case of a taking by condemnation
err eminent domain;
(ii) any material amendment to the declaration, by=1`avss 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 l:;ondominium Project; or ~
(iii) the effectuation of any decision by the Owners Association to terminate professional management and j
assume self-management of the Condominium Project.
D. Remakes. If Borrower breaches Borrower's rnvenants and agreements bercnader, itoclndiag the covenant ,
to pa~• when due condominium assessments, then Lender may invoke nay remedies provided ender Ibe security
instrument, inclndiaq, but not limited to, tbose provided ender Uuitorm Coveuaat 7.
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IN WITNESS WHEREOF. Borrower has executed this Condominium Rider.
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ROBERT A. PAYNE, ND -Borrower. DARLENF. R. PAYNE, HIS 41IF,
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~ / orrower ~"°O"O""'
E'I' F.. PAYNE, HIS FE- JA. S F. ROYD, AND
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i G. PAYNE, A -Borrower MELR SE ROYD, HIS MI -Borrower
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1930 ~OV -4 AH 9~ 57
CONDOMINIUM RIDER-1 to ~ family-6175-FtttuiFttt.MC utu~ottM tNttlttttlEttT !
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CLERK G~:.t;ii C: i.~Tv
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