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HomeMy WebLinkAbout1674CONDOMINIUM RIDER THIS CONDIMINIUM RIDER is made this 5TH day of DECEMBER, 1980 , and is incorporated into and shall be deemed to amend and supplement a Mortgage, Deed of Trust or Deed to Secure Oebt (herein "security instrumenC') dated of even dale herewith, given by the undersigned (herein "Borrower to secure Borrowers Note to FI-st Federal Swings and Loan AssoCiatlon of Martin County(herein"t.ender'1 and covering the Property described in the security instrument and located at 1010 NE OCEAN BLVD. AFT 616, JENSEN BEACH, FLORIDA 33457 The Property comprises a unit in, together with an undivided interest in the common elements ot, a condominium project know as ATLANTIS COPIDOMIAIIUi'f PUILDIi`!G B (herein "Condominium Project") CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the security instrument, Bor- rower 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 declara- tion, 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 Condo- minium Project which provides insurance coverage against fire, hazards included withi n 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: ll 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 5 to maintain hazard insurance coverage on the Property ~s deemed satisfied; and (iii) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds shall be super- seded byany 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 conflict between such provisions and the provisions of Uniform Covenant 5. For any period of time during which such hazard insurance coverage is not mai ntained, the immediately preced- ing 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 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, if any, paid to Borrower. C. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lenders prior written con- sent, partition or subdivide the Property or consent to: (~) the abandonment or termination of the Condominium Project, except for abandonment or term~naUOn 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: (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 (ii) the effectuation of any decision by the Owners Association to terminate professional management and assume self-management of the Condominium Project. O. Remedies. If Borrower breaches Borrower's covenants and agreements hereunder, including the covenantto pay when due condominium assessments, then Lender msy Invoke, any remedies provided underths securfty Instrument, Including, but not limited to, those provided under Uniform Covenant 7. IN WITNESS WHEREOF, Borrower has executed this C 509$32 ~a o~c -9 ~~ r s9 rl~l:o ~rtc ~ calin:~ SL LUClE Ct;UN ~ Y. Fl A. RCGER POITRA5 CEERK CI4CU.T COU inium Rider. JOSEPH FRAUMENI, JR. BORROWER BORROWER BORROWER BORROWER " 344 P~~?'4 ~ CONDOMINIUM RIDER• t too Fam~ty-6175- FNMA/FHLMC UNIFORM INSTRUMENT A-302 6179 - _ _ _ , N. ~ _. ~:.