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HomeMy WebLinkAbout1346 ._L_ CONDOMINIUM RIDER etc CONt)oMiN1UM RtneR is made this....... , , • 3rd day of November 19..80, and is incorporated into and shat! be deemed to amend and supplement a Mortgage, D,:ed 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.. $~S~Y.H$ .F$A~#~t .$~~i~l'~S. ANA? . ~,p~l. ~As.~t?GIA~~AI~I , • • • • • • • • • • • • • • • • (herein "Lender') and covering the Property described in the security instrument and located at..... 24pQ .S..OCl;AI~[ .RRIVF,. #.7.?33, . [?1'... P.IEEi f?,. FtOAIDA. ~3u50 Ivroo..ty Addnsf) The Property comprises a unit in, together with an undivided interest in the rnmmon elements of, a rnndtiminium project known as..... CATAMARAtI• II• CONDOMINIUt~ _ , • _ • „ . • • • • . • (Name w Ca=dominium v~oiacq • • • • - • • (herein "Condominium Project"). ' CoNDOMtNtUIN COVENANTS. In addition to the covenants and agreements 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 go~•crning 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 the Condominium 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: (i) Lender waives the provision in Ltniform 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 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satisfied; and (iii) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds shall be superseded b~ any provisions of the declaration, by-laws, code of regulations or other constituent docwnent of the Condominium Project or of applicable law to the extent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 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, w Nether to the unit or to common elements, any such proceeds payable to Borrower arc hereby assigned and shah 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, partitic?n or subdivide the Property or consent to: (i) the abandonment or termination of the Condominium Project, except fs~r 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 cc=nstitucnt document of thc• Condominium Projcct, including, but not limited to, any amendment which would change the percentage interests of the unit owners in the Condominium Projcct; or (iii) the effectuation of any decision by the Owners Association to terminate professional management and assume self-management of the Condominium Projcct. D. Remedies. If Borrower breaches Borrower's covenants and agreements hereunder, iaclndiag the rnvenant to pay when due condominium a_sessments, Then Lender may invoke any remedies provided ender the secnrity iactrument, including, but not limited to, those provided under Uniform Covenant 7. IN W)TlYF:S~ WrtFRFOF, Borrower has executed this Condominium Rider. i ElINICE M. SMITH, A SI`IGLE pcower -eo.?owe. - RET THOMAS, A SINGLE Wf~Fi~o~er -eo.~e. -Borrower 5~~~9 -Borrower ; FfIED',1N~ RF^~t=CEO ST. LUr[F CONDOMINIUM AIDES-t to ~ czar-c~~s-FNMAItMIMt: YNIFORM INSIRYMENT RF~".t!'I • ~ ,c'f _~L2~~•~ .-nom • ~ ~ 0'80 Ins . , 3y~ P~i3ys _ GoaK ' .