HomeMy WebLinkAbout0810...L_ CUNDOMINIUM RIDER
TNISCOhD0611N1UM RIbER ts Ri8(IC tI115,~.~!. . , . , , , , , , , , , , , , ,day ot. . . . . . . . . . . . . . . . . . . . . .
19. ..., and is incorporated into and shall be deemed to amend and supplement a Mortgage, Dced of Trust or Deed
to Secure Dcbt 1 herein "security instrument" ) dated of even date herewith, given by the undersigned ( herein
'.eorrowcr" ) to sccure Bonower's Natc to. . $~$~YN$ .~~A~#~ .~~Y~NG~. ~1NR . t~4At~1. AS.~RGIA~XOI~I . . . . . .
• • • • • - • • • • • • . • • . . . . . . . (herein "Lender") and covering the Property described in the sccurity instrument and
lacated at _ . . . . ~~~~ . 5~~~,H OCFAN: nAIVF ~U ~?~ ~ FOAT PTFRr'F. ~ , FLnPIDA _'~~!~~0 . . . . . . . . . . . . . . . ..
(PropestY /Wdress) '
The Property comprises a unit in, t~-grther with an undivided interest in thr common elements of, a condominium
SFA~~AP~ T
projcct knnwn as .................~..........---•-..............................................
. ~ (N~me of Condomimum Proiect)
• • . . . . . . . . . . . . . . (hcrein "C~ndominium Projcct' ).
CONINI\tINiUM C`OYENANTS. j(1 3tldltlOfl [O the c~vcnants and ag~ecments made in the sccurity instrument,
Borrowc~ and Lendcr further covcnant and agrec as fallows:
A. Acsessmeats. Borrower shall promptly pap, whcn due, all assessments imposcd by the Owners Association
or othcr go~~erning bociy of thc Candominium Project (hcrein "Owncrs Association") pursuant ta the provisions of thc
declaration, by-taws, ccxfe oi regulatic~ns or other constituent document af the Condominium Project.
B. Hazard Insu~aece. So long as the Owners Associatian maintains a"master" or "blanket" policy on the
Cond~aminium Pmject which provides insurance coverage against fire, hazards included within the term "extended
coverage: ' and such other hazards as Lcnder may require, and in such amounts and for such periods as l.ender may
require, then:
(i) Lcndcr waives the provision in Uniform Cavenant 2 for thc monthly payment to I.ender of one-twctfth
of th.c prcmium installmcnts for hazard insurancc on thc Propcrty;
(ii) Borrow•er's obtigation under Uniform Covenant 5 to maintain hazard insurance coverage on the
Propcrty i~ dccmcd satisficd; and
(iiil the prc~~~isions in Uniform Covenant 5 regardin¢ applicalion ~f hazard insurance proceeds shall he
snpcrscded b~ any prc~visions of the declaration, by-laws, code of regulations or other constiwent document of thc
Condominium Pmject or of applicable laa~ to the extent necessary to avoid a conflict between such provisions and
thc provisions of Uniform Covcnant 5. For any pcriod of timc during which such hazard insurance coveragc~is not
maintained, thc immediately prcced~ng sentence shall be deemed to havc no force or efiect. Borrower shall givc
Lcndcr prompt noticc of anp lapsc in such hazard insurancc covcragc.
In thc c~~cnt of a distribution of hazard insurancc prc~cecds in licu of restoration or repair following a loss t~
the Propert~~, w hether to the unit or to c~-mmon elements, any such proceeds payable to Borroxer are hereby assigncd
and shall be p:ud tc- Lender for application to the sums secured by the security instrument, with the excess, if any.
paid ti- E3orrow•cr.
C. Lender's Prior Conse~t. Borr~w-~er shall not, except aftcr notice to Lender and with Lender's prior written
consent. Partiti~-n or subdi~~ide the Property~ or consent to: •
(i) the abandc-nment or termination c~f the Condominium Project, exeept for abandonment or termination
provided by lau~ in the case of wb~tantial dcstruction by fire or other casualty c-r in the case of a taking by condemnatic~n
~~r cmincnt domain;
(ii) am~ matcriai amcndmcnt to thc dcclaration, by-la~~s or codc o( rcgulations ~f the Ox•ncrs Association.
~~r ryui~•alcnt a~nstitucnt dc~cumcnt of thc Cund~~minium Projcct, irtcluding, but nat limitcd to, any amcndmcnt w•hich
would ch~nge thr percentagc intrrests of thr unit ow•nen in thc Condaminium Projcct; or
liii) the effectuation uf any drei~icm b~~ the Owners Association to terminate professional management and
assumc sclf-managcmcnt uf thc Cond~-minium Projcct.
~ D. Remedies. If Borrower breaches BorroKer's covenants and s~reements hereunder, inclnding the coveru~nt
to pa}~ when due condominium asse~cments, then l.ender ma~• invoke any remedies provided unde~ ihe secnrity
instrument. inrl~~dinR, but not Iimiled lo, those provided under Unitorm Covenant 7.
IN WITNl:Sti N%lIERFOF, Borrow~ r hac cxrcutcd this Condominium Ridrr.
.° ~,. .~,~~:,~~~Kr~~, ar,n =BorroWer
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Wt~DM'AAn ~ N?e ~~F -gorrower
-Borrover
COMDOMINIUM RIDER-~ to4 FamilY-6il5-FNMAIFNIMC UNIFO~I~I INSIRUMENT
a~`o~3~~ P~cE ~
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-ew.owe.
-Borrower
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RQGER POITRl~~
CLERK CI°CU~. ~0:. i /J
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