HomeMy WebLinkAbout2269CONDOMINIUM RIDER
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25th November
TNISCONDOMINIUM RtD~R Is made this ..........................day of............. , .... , .......,
1980.., 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
"Borrower') to secure Borrower`s Note to..FIRST..>?EA.>+RAL . SAVINGS..ANII .I.QAN..ASS~OCI.ATI.ON.
9F..I•AK~..~tQ~~(#.....(herein "Lender') and rnvering the Property described in the security instrument and
located at.. 5501 State, Road AlA,, North, Beach,, ,~ljl~-~,,_ FQ;ti,~~~XcQ~ ,>;~pr~~ ,33450........
(P~oDatY Address)
The Property rnmprises a unit in, together with an undivided interest in the common elements of, a condominium
project known as ............. OCEAN ,HARBOUR CONOOMINILjM.$...................................
(None of CondOmi~ium Vrojltq
................ (herein "Condominium Project").
CONDOMINIUM 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 Owaers Association
or other governing 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 Ere, hazards included within the tetYrt "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 Uniform 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 5 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superseded by any provisions of the declaration, by-laws, code of regulations or other constituent document of the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 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 anf lapse in such hazard insurance coverage.
In the event of a distri!•utian of hazard insurance proceeds in lieu of restoration or repair following a foss 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 tom:
(i) 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 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 eRectuation 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 agrcemeots hereunder, inclndir~g the covenant
to pay when dne condominium assessments, then Lender may invoke any remedies provided Hader the tecurity
instrument, inclnding, bnt not limited to, those provided under Uniform Covenant 7.
IN WITNESS WHEREOF, Borrower Itas executed this Condominium Rider.
FILEO ANC FECOKDEI~
S ROGER POITRAS~
CLERK CIRCUIT COt;R
RECOPC ~'[ nIC"^
510198
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Ti 1 f Gross e' ~ -BOfOM'e'
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Ronald C. Scl~le -°OfO1M"
CONDOMINIUM RIDER-t to ~ F~i1r-6115-FNMAIFNIMC UNIFORM INSTRUMENT
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