HomeMy WebLinkAbout1316 CONDOI~ZINIIUM RIDER
THIS CONDOMINIUM RIDER is made this ~ 3 a day of Oe7-o!Q~ , 1980 ,and ;s incorporated
into and shall be deemed to amend and supplement a Mortgage, Deed of Dust or Deed to Secure Debt (herein "security
instrument") dated of even date herewith, given by the undersigned (herein "Borrower') to secure Borrower's Note to
AMERIFIRST FEDERAL SAVINGS AND LOAN ASSOCIATION (herein "Lender') and rnvering the property described in the
security instrument and located at 9940 N. E. Ocean Blvd. Unit 801
JENSEN BEACH, FLORIDA 33457
The Property comprises a unit in,together with an undivided interest in the common elements of, a condominium project known as
OCEANS OCEANFRONT CONDOMINIUM ONE, (herein "Condominium Project').
A CONDOMINIUM IN ST. LUCIE COUNTY, FLORIDA
CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the security instrument,
Borrower and Lender further rnvenant and agree as follows:
A. Assessments. Borrower shall promptly pay, when due. all assessrgenta imposed by the Owners Association or other
governing body of the Condominium Project therein Owners Association°? pursuant to the provisions of the declaration.
by-laws, code of regulations or other rnnstituent document of the Condominium Project.
B. Haaard Insurance. So long as the Owners Association maintains a "master" or "blanket policy on the Con-
dominium 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:
li) 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;
till Borrower's obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the Property is
deemed satisfied; and
(lilt the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds shall be superseded by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 b. Foe
any period oftime during which such hazard insurance rnverage 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 ota 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 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 Consent. Borrower shall not, except after notice to Lender and with Lender's prior written consent,
partition or subdivide the Property or consent to:
1 i) the abandonment or termination ottee Condominium Project, except for abandonment or termination provided by
law in the case of substantial destruction by fire or other casualty or in the c~ise 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 Borrower breaches Borrower's covenants and agreements hereunder, including the coven-
ant to pay when due condominium assessments, then Lender may invoke any remedies provided under the security
instrument, including, but not limited to, those provided under Uniform Covenant 7.
~ IN WITNESS WHEREOF. Borrower has executed this Condominium Rider.
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JULI C . GABINO Bo er
FILED l.!!fl P` '':~''?ED
_f~. < ; j ~ MANUEL SANCHEZ -Borrower
~ N,~. GAB L.c._ -Borrower
~ S(~6268 3~~~~-~~~• -Borrower
-Borrower
f{ -Borrower
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CONDOMINIUM RIDER-1 to 4 Family-6l7b-FNMAlFHLMC UNIFORM INSTRUMENT (Rev 6r79)
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