HomeMy WebLinkAbout1440~ ...~,_ CONDOMINIUM RIDER
TH15 CONDOMINtUM RIDER IS tT13dC thlS.~l. ,. ~'~'~ .d8y Of .. ~4 ~
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.,
19. ... and is incorporated into and shall bc decmed to amcnd a~d supplement a Morigagc. Dced of Trust or Deed
ta Secure Debt (hen:in "security instrumcnt") dated of cven datc hercwith. givcn by the undersigncd (herein
"Borrowcr") ta sccure Bortower's Note to. .$~$~YN~ .~'FD~~AI. ,~~lY~N~,~. ~1NR.~•4AN. AS.$QC~A~~O~ , , , , , ,
• • • • • • • • • • • . • . .. . . . . . ,(hcrein "LoRder') and covcring the Propcny described in the security instrument and
located at. . , , .9800 S. A1A ~104 , JENSEN BEACH~. FLORIDA. ~3457 . . . . . . . . . . . . . . . . . . .
(P-opNfY Atfdr~u)
The Property comprises a unit in, together with an undivided interest in the common elements of, a candominium
ISLAND BFACN CLUA A GONDOMINIUM
pmjcct knnwn as ..........................................~....................................
(NaerM of Condomi~ium Projetq
• . . . . . . . . . . . . . . . (herein "Condominium ProjecC`).
CONpOtiINfUAt COVENANTS. Ifl 8dd1t1011 to the covcnants and agreemcnts madc in the sccurity instrument.
8orrower and Lendcr funher covenant and agrec as follows:
A. Assessments. Borrowcr shall promptly pay, when duc, all assessments impased by the Owners Association
or other governing bod} of the Condami~ium Project (herein "Owoerc Association") pursuant to the provisions of the
declaratian, by-laws, ccxie of regulations or other constituent document af the Condominium Project.
R. Hazard lnsurance. Sc~ long as the Owners Assciciation maintains a"master' or "blanket" policy on the
Condominium Prnject which provides insurance coverage against fire, hazards included within the tecm "extendcd
coverage; ' and such other hazards as Lender may rcquire, and in such amounts and for such periods as Lender may
rcquirc, then:
(i? l.cndcr waives the pravision in Uniform Covenant 2 for the monthly payment to L.ender of one-twelfth
of the premium installments for hazard insurance on the Property;
(ii) Barrower's obligation undcr Uniform Covenant 5 t~ maintain hazard insura~ce coverage on the
Propcrty is dccmed satisfied: and
(iiil the provisions in Uniform Covenant 5 rcgarding application af hazard insurance proceeds shall Uc
supcrscdcd b~- an~~ provisions oE thc dcclaration, by-laws, codc of rcgulations or othcr constituent document of thc
Condominium Project or of applicable law to the extent necessary• to avoid a conflict between such provisions ancl
th~ provisions of Uniform Covenant S. For any period of time during which such hazard insurance coverage is not
maintained, thc immcJiatcly pmceding sentence shall be deemed to have no force or eftect. Borroveer shall gi~•c
Lcnder prompt noticc of any lapsc in such hazard insurancc covcragc.
In thc cvcnt of a distribution of hazard insurancc procccds in licu of restoration or repair following a loss to
the Propcrty, whether to the unit or to common elements, any such proceeds payable to Borrower are hereby assigned
and shall be p:~id tc~ Lender for applica~ion to the sums securcd by the security instrument, with the excess, if an~.
-paid tu Bormwcr. .
C. Lendcr's Prior Co~uent. Borrower shall not, except aftcr notice to Lender and with Lender's prior written
consent, partiti~m or subdividc the Property or rnnsent to:
(i) thc abandortment or termination of the Condominium Project, except for abandonment or tcrmination
provided by lau• in the case of ~ubstantial dcstruction by fire or othcr casualty or in the case of a taking by condemnation
or cmincnt dcimain:
(ii) any material amendment to the declaration, by-laws or code of regulations o[ the Owners Association.
i~r cqui~~alcni c~mstiwcnt documcnt of thc Condorstinium Projcct, including, but not limitcd to, any amendmcnt which
would changc the perccntage interests of thr unit owners in the Condominium Project; or
(iii) the eficctuation uf an}• decision b}~ the Owners Association to terminate professional management and
assumc cclf-managcmcnt of thc Condvminium Projcct.
D. Remedies. If Borrower breaches 8orrower's covenants and ~reements bereunder, inclndiag the coveaaet
to pa~• when due condominiam uses.sments. Ihen [.ender may invoke 9nv remedies provided under the security
inctrument. includinR, but not limited to, Ihose provided under Uniform Covennnt 7.
IN WITNkSS WlIEREOF, Borrowcr has cxrcutcd this Condominium Ridcr.
'/ ~~~~ ~~~
KARL, AH -Borrover
~ ~~~~
s KARL, HI3 KIFE ~ -Borrower
~BQTtOWer
CONDOMINIUM RIOfR-i to1 f~milr-6/75-iMMA/FNIMC YMIfO~y iMSTRYMEMT
-Borrower
-eo..ore.
-Borrover
5131'78
13~1 J~~1 13 ".', ~ 57
FIIE~ ~AC =-CU~ t'i C
5 ROGER FOIIRAS~.
CLERK CtRC~!!1 C^~_
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