HomeMy WebLinkAbout0739_.L. CONDOMINIUM RIDER
TNISCONDOMINIUM RIDER IS 11'13(JC (Flls~. . . . . . :~,~~~ . . . . . .day of. . . . . . ~~ v. . . . . . . . . .
19.~~nd is incorporated into and shall bc decmcd to amcnd and supplemcnt a Mortgage, Dced of Trust or Deed
to Secure Debt (hercin "security instrumenC') dated oI even date hercwith, given by the undersigned (hercin
'•Borrowcr") to ~ccure Dorrower's Notc ta. .$~$~YK$ _~~p~~ ,$AV~~IG$, ~IyQ,~,Q~l, /~S$QCj~~~Oj~ , . , . , .
. . . . . . . . . . . . . . . . . . . . . . (herein "Lender") and covering the Praperty described in the security instrument and
located at. ....?400 S. OCFAf; DRT4'Rt ~7~~?, F'!'. , PI~R~F.t.FLORT~A.~ :1t~,0 ................. .....
(P.operty Address)
Thc Prapcrty compriscs a unit in, togcthcr with an undividcd intcrest in thr common.clcmcnts of, a condaminium
projcct kn~wn as.....~~~A".~~RA"1 ;I CO!l~t1*!itl?U'5 ......................~.........................
(Name o1 Condominwm Oroier.q
. . . . . . . . . . . . . . . . (herein "Condominium Projcct").
CON[)O\11NIUM COVENANTS. I11 addition to thc covcnants and agrecmcnts madc in thc sccurity instrument,
Borrowcr and Lcndrr furthcr rn~~cnant and agrec as follows:
A. Assessments. Borrowcr shall promptly_ pay, whcn duc, all assessments imposed by the Owncrs Association
or othrr go~~crni~g boci~~ af thc Condominium Project (hcrein "Owncrs Assaciation"1 pur~uant to thc provisions of thc
declaration, b~•-laws, ccxie of regulatie~nc or other constitucnt document of the Condominium Project.
B. 1~aza~d Insurance. So long as the Owncrs Association maintains a"mastcr" or "blanket" policy on the
Condominium Project which provides~ insurance coverage against fire, hazards includeJ within the term "extended
coverage; ' and such ather hazarJs as Lender may require, a~d in such amoimts and for such periocls as Lender may
rcquirc, thcn:
(i) Lcnder waives the provision in Uniform Co~enant 2 for thc mo~thly pa~~ment to Lender of one-twelfth
c~f thc prcmium instapmcnts f~r hazard insurancc on thc Propcrt}; .
(ii1 Borrowcr's obligation undcr Uniform Covenant S to maintain hazard insura~ce coverage on thc
Prc~Ficrt~~ is dccmcd satisficd; and .
liii) thc pra~~isions in UniEurm Co~~cnant 5 rcgarding application of hazard insurance pracccds shall t~c
su~r~:dcd b~ am~ provisic~ns of thc dcclaration, by-IaNS, a~dc c~f rcgulations ar othcr constitucnt documcnt of thc
Condominiu~n Prc~jcct or o( applicablc law• t~i thc cxtcnt ncccssary to avoid a conflict bctwcen such pravisions anc{
the provisions of lJniform Covcnant 5. For any period of tim~ during which such hazard insurance coverage is n~t
maintained, thc immediately prcceding scntcncc shall be deemed to have no force or efiect. Borrower shall gi~•c
Lcndcr prompt noticc of an~• lapse in such ha~ard insurancc co~~cragc. ~ -
In thc c~~cnt ~f a distribution of hazard insurance pr~cccds in licu of restoration or rcpair following a loss to
the Propert~~, v-hether to the unit or tu a~mmon clements, any such proceeds payable to Borrow~er are hereby assigned
and ~hal~ be paiJ to Lender (or applicati~m tc~ the sums secured b}~ the security instrument, with the excess, iF an}~.
~:ll(~ Il) ~(~ff(1K'Cf.
C. Lenders Prior Consent. Borrow•cr ~hall not, except aftcr notice ta Lendrr and with Lender's prior Nritten
conscnt, rartiti~~n or subciividc thc Propcrty or consent to:
(i) thc abandonmcnt or terminati~m of thc Condominium Projcct, cxccpt for abandonmcnt or tcrmination
~rovidcd by law• in thc casc of cub~tantial dcstruction b}~ fire ~r oth~ r casualt~~ or in thc casc of a taking by condcmnation
or cmincnt domain: '
(ii) an}~ matcrial amrnJmcnt ro thc dcclaration, by-lavrs or ccxic of rcgulations of thc Owners Association.
~~r cyui~•alcnt a~nstitucnt documcnt of ihc C~und~-minium Prc~ject, including, hut not limitcd to, any amcndmcnt which
woutd change ~he percentaFe intrrests of thc unit aw~ners irt the Condominium Project; or
(iii) the efiectuation uf any~ dcci~ion bv the Ovvners Associati~m to terminate professional management and
assumc sclf-managcmcnt ~~f thc CunJaminium Prc~jcct.
D. Remedies. lf Borrower breaches Borrower's corenants and ~reemenls hereunder. including the covenant
to pa~• when due condominium assessments. then Lender may invoke any remedies provided onder the secnrity
in~trument. includinR. but not limited to. those provided under Uniform Coverwnf 7.
IN WITNF~ti w11FREOF. Rorrowrr has cxrrutcd this ConJominium Ridcr.
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,~~ r :': ' P.0 :G.' T'',R~ ~ P.`"~ --Borro~aer
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NEL11pA~NZALE7. ~L~-er
-Borrower
~J~~r~7a3~
-sorrower
-Bwrowe-
-Borrover
1981 JAN -9 AM ~ 40
CONDOMINIUM RIDER-1 to 4 Funily-6/75-fNMA/FNIMC UMIFORM INSTIIUMENT
FI~EO at~C F~COF~:1i J i
St.IUCIE C{fUfl'Y.f1.A. _
ROGER POiTRAS
CLERK CI"nCU1T ~GURT
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