HomeMy WebLinkAbout0787..L ~ CONDOMINIUM RIDER
~s CONDOMINIUM RIDER is made this. . . . . . . . . . . ./.3 l. . . . . . . .day of . . . . ~~.~~~: .L~ . . . .
19.~S~G; and is incorporated into and shall be deemed to amend and supplement a Mortgage. Deed ot Trust or Deed
to Secure Dcbt (hercin "security instrumenC') dated af even date herewith. given by the undersigned (hercin
••Borrowc~') to sccure Borrower's Note to. . ~~S~AYN$ .~'~~~AT. .~~Y~l'1~5. ANR .t~44~1. AS~QC~l~~~Ql~i . . . . . .
. . . . . . . . . . . . . . . . . . . . . . (he~ein "Lender') and covering th~ Propetty described in the security instrument and
located at. . .. . . .?.400. S~. QC~Ad.DRIVE..#7622.~. F.T..PIER.C~, •FLORSDA •33b50 . . . ... ... ... .. . .....
~r~ov~r ~eanss~
The Propeny comprises a unit in, together with an undivided intcrest in thc common elcments oi~ a condominium
pmjcct known as. . .. . ..CATAMARAN .II.OCEAN .q~4~•A~~ . . . . . .. . . . . . . . .. . . . .. . . . . .. . .. . . . . . . . . . . ..
. . . . . . (N.ro. oe cw+eon+~mum Pm;.~n
. . . . . . . . . . . . . . . . (herein "Condominium Projcct").
CoNDOMINIUM CovENANTS. In addition to the covenants and agreements made in the security instrument,
Borrowcr and Le~dcr further covcnant and agrec ac follows:
A. Assescments. Borrower shall promptly pay, whcn due, ali assessments imposed by thc OwnerS Associaiion
or othcr govcrning body of thc Condominium Project (hrrein "Owncrs Assceiation") pursuant to the provisions of thc
declaration, by-laws, code of regulations or other constituent document o~ the Condominium Project.
B. Hazard In~ura~ce. So long as the Owners Association maintains a"master" or "blanket" policy on the
Condominium Project which pmvides insurance coverage against fire, hazards included within the term "extended
coverage; ' and such other hazards as Lender may rcquire, and in such amounts and for such periods as Lender may
requirc, thcn:
(i) Lender waives the pro~ ision in Uniform Covcnant 2 for thc monthly Qayment to L.ender of one-twelfth
of the prcmium installmcnts for hazard insurance on the Property;
(ii) Borrower's obligation under Uniform Covenant S to maintain hazard insurance coverage on the
Pr~pcrty is dccmed satisficd; and
(iii) the provisions in Uniform Covenant 5 rcgarding application of hazard insurance proceeds shall t~c
superseded by any pravisions af the declaration, by-laws, code of regulations or other constituent document of the
Condominium Pmject or of applicable law to the extent necessary to avoid a con8ict between such provisions anci
the pmvisions of Uniform Covenant 5. For any period of time du~ing which such hazard insurance coverage is not
maintained, the immediately preceding sentence shall be deemed to have no force or effect. Borrower shall givc
Lender prompt natice oF any lapse in such hazard insurance coverage.
In the event of a distribution of hazard insurance prc~ceeds in lieu of restoration or repair following a loss to
the Property, whether to the unit or to cammon elements, any such praceeds payable to Bonower are hereby assigned
and shall be p:~id ti~ Lcnder for applicatiun to the sums secured by the security instrument, with the excess, if any.
paid to Borrowcr.
C. Lende~'s Prior Conseat. Borrower ~hali not, except after notice to Lender and with Lender's prior written
consent, partiti~~n or subdividc thc Property or consent to:
(i) the abandonment or termination of the Condominium Project, except for abandonment or termination
provided by law• in the case of cubstantial dcstruction by fire or other casualty or in the case of a taking by condemnation
or cmincnt domain;
(ii) any material amendment to the declaration, by-laws or code of regulations of the Owners Association.
ar equivalent cimstitucnt document of thc 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) thc eficctuation ot any decision b~~ thc (hvners Association to terminate professional management arsd
assumc sclf-managcmcnt of thc Condominium Projcct.
D. Reme~lies. If Borrower breachaK Borrower's coveaants and agreements 6ereuader, inclndiag the rnvenaat
to pa~ when dae condominiu~n a.csessments. then l.ender may iavoice aav rcmedies pmvided under the secnrity
instrument. inclndinR, but not limited Io, Ihose provided under Ueiform Coveaaat 7.
IN WITNfSS W}~EREOF, Borrowcr has cxccutcd this Condominium Ridct_
~
`/~ ~~.~ ~ ~ ~y
' 'JULIAN R. GE'+rIS, AND -Borrover
s~;~.~~~ ~~", ~~,_~4__,
CONSTANCE LEi~IS, HIS ~+IIFE -Borrover
-Borrover
512854
CONDOMIMIUM RIDER-1 to 1 fxnily-6l75-FNMAIFNIMC UNIFORM iKSrRUwfNt
a~ox 3~6 Fac~ ?65
-eo.rowe.
-Bortower
-Borrower
1981 JAN -9 AM ~ 03
FILEO ~~C -~rCONOEO
sttuuF co~~rY Fi a.
ROGER POITRAS
CLERK CIRCU~T CC-:laT /
Ff^~f''~ ~=F:: ~ , ~,~ ~