HomeMy WebLinkAbout1455_.1_ CONDOMINIUM RIDER
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19. .... and is incarporated into and shall bc decmed to amcnd and supplemcnt a Mortgage. Dced of Trust or Dced
to Secure Dcbt (hercin "security instrumcnC') dated of cven datc hercwith, given by thc unde~signed (herein
"Barrawcr") to secure Borrower's Note to. .~~SCAYN$ .~1~~~~A4 .S~lY~I`1G~. ANR .L94~N. AS,$QC~~~~O~ , , , , , ,
. . .: . . . . .. . .. . .. . . . . . .(hcrein "Lcndcr') and covcring the Propcrty described in the sccurity insttument and
locatedat......°R00 SOUTH A1A. ~~01 ,..TFN~F.N_RFp~}~,,.F~,ORJAA.~3yF7 .........................
(PropMty Address)
Thc Propcny compriscs a unit in, togethcr with an undividcd intcrest in thr common elcments of, a condominium
pmjcct known as. . . . . . TS!.AND RFA(:H ~LUA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(Nsme of Condominium Projecl)
. . . . . . . . . . . . . . . . (herein "Condominium Project").
COND0:111NIUM COVENANTS. In addition to the covrnants and- agrecments madc in the sccurity instrument,
Borrower and Lendrr further covenant and agree as fcllows: .
A. Assessments. Borrowcr shall promptly pay, when duc, all assessments impascd by the OwncrS Association
or othcr gorerning bociy of the Condominium Project (herein "Ownen Association") pursuant to the provisions oi thc
declaration, by-laws, ecxie of regulations or other constituent document of the Condominium Project.
B. 1~azard Insurance. So long as the Owners Associatian maintains a"master" or "blankeY' policy on the
Condominium Project which provides insurance coverage against fire, hazards included within the term "extended
coverage; ' and such other hazards as Lender may requirc, and in such amounts and for such periods as Lender may
require, then: -
(i) Lender waives the provision in Uniform Covenant 2 for the monthly pa~ment to Lender of onc-twelfth
of thc prcmium installmcnts for hazard insurancc on thc Property;
(ii) Borrower's obligation under Uniform Covcnant 5 to maintain hazard insurance coverage on the
Propcrty is dccmcd satisfied; and
(iii) the provisions in Uniform Covenant S rcgardin¢ application of hazard insurance proceeds shall t~e
superseded b~- any provisions of the declaration, by-laws, code of regulations or other constituent document of the
Condominium Project or of applicable lav- to the extent necrssary to avoid a conflict between such provisio~ts ancl '
the provisions of Uniform Co~enaat 5. For any pcriod of timc during which such hazard insurance coverage is not
maintained, the immediately preceding senteince shall be deemed, to have no force or efiect. Borrower shall gi~c
Lcnder prompt'noticc of any lapsc in such hazard insurancc covcragc.
In thc cvcnt of a distribution of hazard insurance proceeds in licu of restoration or repair foltowing a loss to
the Propert~, whether to the unit or to cc~mmon elements, any ~uch prc~ceeds payable to Borrower are hereby assigned
and shall be paid to Lender for applica~iun to the sums secured by the security instrument, with the excess, if any.
paid tc~ Borrow•cr.
C. Lender's Prior Consenl. Borrower ~hall not, except after notice to Lender and with Lender's prior written
consent, partiti~-n or subdividc the Property or consent to:
(i) thc abandonmcnt or tcrmination c~f thc Condominium Project, cxccpt far abandonment or tcrmination
providcd by law• in thc casc of ~ubstantial dcstructinn by fire or othcr casualty or in thc casc of a taking by condemnati~n
c~r cmincnt domain:
(ii- any material amendment to the declaration, b~-laws or ccxle of regulations of the Owners Association,
~~r equivalent c~mstituent document of thc C'ondominium Project, including, but not limited to, any amendmcnt which
would ch~ngc thc pcrccntagc intrrcsts of thc unit owncrs in thc Condominium Project; or
(iii) ~he efTectuation of :~n}~ decision by the Owners Association to terminate professional management and
assumc sclf-managcmcnt of thc Condominium Pmject.
D. Remedies. If Borrower breaches Borrower's covenaofs and a~reemenls I~er+eunder, including t6e rnvenant
to pa~• when due condominium assessments. then Lender mav invoke anv remedies provided nnder the secnrity
instrnment, includinR, but nol limited to, those prorided under Uaiform Covenant 7.
IN WITNE~ti W}~EREOF. Borrow~r has exrcutcd this Condominium Ridcr.
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-Borrower
CONDOMINIUM RIDER- i to 4 Family-6l~S-FNMA/FNLMC UNIFORM INSTRUMEIIT
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513189
-Borrower
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-Borrower
198i .lA~ 13 ~~ 9~ 03
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