HomeMy WebLinkAbout1425:.L CONDOMINIUM RIDER
THIS CONDOMINIUM RIDER IS t11S(IC 1I115. .~/ . . . . . . . . . . . . . ~~ . . . . .day of . . .'~°~~:~!: . . . . . . . . . .
19.~0.. and is incorporated into and shall be deemed.to amend and supplemcnt a Mortgage. D~:ed of Trust or Deed
to Secure Debt (hercin "security instrument") datcd at even date herewith, given by the undersigned (herein
"Borrower" ) to secure Borrower's Note to. . $~$~AYN$ .~~D~~A1, .~~lY~N~S. ANR . L4l,N. ~AS$QGI~~~QI~I . . . . . .
. . . . . . . . . . . . . . . . . . . . . . (hercin "Lender") and covering the Property describcd in the security instrument and
located at. . .. . .4800. SOl1'l'N. ~11A.,. ~205,. JF.N.S~H.a~MH,. .~LORIDiA •33~57 . . . . . ..... . .. . .. . ... ... ..
twoo.•~y ~do..ss~
The Property compriscs a unit in, togethcr with an undivided interest in thr common elements of. a condominium
pmjcct known as. . . . . . ISLAND AF.A(:H CLUB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
{NS~ne o1 Condominium P~ojecf)
. . . . . . . . . . . . . . . . (hcrcin "Candominium Projcct").
CONI)OMINIUM COVENANTS. ~Il a(IdltlOfl to thc covcnants and agrecments madc in thc sccurity instrument,
Borrowrr and Lendcr further covenant and agree as fallows:
A. Assessments. Barrowcr shall promptly pay, whcn duc. all asscssments imposed by the Owners Association
or othcr ga~~erning bcxly of thc Condominium Project (hcrein "Owners Associatian") pursuant to ihe provisions of thc
declaration, by-laws, cocie of regulations ~r othcr constitucnt document of the Condominium Project.
B. Hazard Insurance. So long as the Owners Association maintains a"master" or "blanket" policy on the
Condominium Project w~hich providcs insurance coverage against firc, hazards included within the term "extended
coverage; ' and such other hazards as Lender may require, and in such amounts and for such periods as Lender may
requirc, thcn: _
(i) Lendcr waives the provision in Uniform Covenant 2 for the monthly payment to Lender of one-twelfth
of thc prcmium installmcnts for hazard insurancc on thc Propcrty;
(ii) Borm~~•er's obligation under Uniform Covenant 5 ta maintain hazard insurance coverage on the
Propcrty is dccmcd satisficci: and
(iii) the pro~~isions in Uniform Covcnant 5 regarding application of hazard insurance proceeds shall hc
cupcrseded b~~ an}• provisions of the dcclaration, by-laws, c~xie of regulations or other constituent document of thc
Condominium Pmject or of applicable law to the eztent necessary to avoid a conflict between such provisions anel
the provisions «f Uniform Covcnant 5. For any perioci of timc during which such hazard insurance coverage is not
maintained, thr immediatcly prcceding sentence shall be deemed ta have no force or eHect_ Borrower shall gi~e
Lender prompt notice of any lapse in such hazard insurance coverage.
In thc cvcnt of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to
thc Propcrty, ~hcther to the unit or to c~~mmon elemcnts, any such proceeds payable to Borrower are hereby assigned
and shall be paid to Lender for application to the sums secured b~ the security instrument, with the excess. if any.
paid to Barmwcr. .
C. Le~der's Prior Consent. Borrowrr ~hall not, except after nMice to Lendrr and with Lender's prior wriUen
consent, partiti~-n or subdivide the Property or rnnsent to:
(i) the abandonment or termination of the C~mdominium Pmject, except for abandonment or termination
providcd by law~ in thc casc of ~ubstantial drstruction by fire or othcr casualty or in thc casc of a taking by condcmnation
or cmincnt domain;
(ii) an~~ materi•rl amcndmcnt to thr declaration, by-laws or code of regulations of the Owners Association.
i~r cquivalcnt c~~nstitucnt documrnt of thc ConJominium Projcct, including, but nc~, limitcd to, any amcndmcnt which
would changc thc pcrccntagc intrrests of tt~c unit owncrs in thc Con~iominium Project; or
(iii) thc efiectuation uf ~ny decicion b~• the Owncrs Association to terminate professional management and
assumc sclf-managcmcnt uf thc Cond~~minium Pruj~ct.
D. Remedies. It Borrower brcaches BoROwer's covenpntc aud agreements bereunder, including !he covenant
to pa~ when due condominium assessments, Ihen Lender may invoke anv remedies provided onder the security
instrument. inclndinR. but not limited fo, lhose provided under Uniform Covenanf 'f.
I:v V~'ITNESti W}~EREOF. Borrowcr hat cxrcuted this Condominium Ridcr.
~-_
~ ~ ~(µ~ ` ~ •
~ ER C. FRRER, AND -Borrower
`~ .~ ;-~~--~
~. IS t~IlF~orrower
-Borrower
CONDOMINIUM RIDER-1 to ~ familY-6/75-fNMA/FMIMC UMIFORM INSTRUMENi
g~3~s ~~Ei~i
5131+~'~
-Borrower
~.
-Borrower
~981 J~r~ I 3 A~1 ~ 50
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51. L UCIE CCtiN T Y, f ~ A.
RCGER POITRAS
CLEfi~c C;R~U:; ca~~_
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