HomeMy WebLinkAbout1491_,~,_ CONDOMINIUM RIDER
Ttn~Co~aor~iN~u~t Rroea is madc this~ . . . . . . . ~.~i . . . . . . .day of. . ~-G~':G~{z,~„~,L~;-: . . . . . . . . .~
19P0. ., and is incarparated into and shall bc decmed to amcnd and supplemcnt a Mongagc, D~ed ot Trust or Dced
tu Sccu~c [hbt (hcr~in "security instrumcnt") dated ot cvcn datc hercwith, given by the undcrsigncd (hercin
.•Borrowc~ ' ) to sccurc Borrowci s Notc ta. . ~~~~YN~ .~~D~RAi, .&~Y~N~~. ANR . i•9AN. ~1S$QG~AT~oDI . . . . . .
. . . . . . . . . . . . . . . . . . . . . . (herein "Lcnder") and coverins the Propzrty deutibed in ihe sccurity instrument and
lacatcd at. . . . . .~~00 SOU''.'I? A1A, ~~08 ~ ~'~NSF.N BF.ACH, FLORIDA 33457 . .. . . .. .. . ... .. . .. . ... ..
~ ~ (v.op«ty Addr•ss)
The Pra~-crty camprises a unit in, t~gethc~ with an undivided intcrest i~ the common elements of. a rnndominium
ISLAND AEA('N CLUR ('O?;DO"!I'!IU!".
projcct known as ..............................................................................
(Nsme ol Condwninium Pro~ecq
. . . . . . . . . . . . . . . . (ficrcin "Condominium Projcct").
CO!V[)p~~IN1U1-1 COVENANTS. Itl 3(Idllt011 to the covcnants and agrecments made in the sccurity instroment.
Borrowcr and l.endcr furthcr covcnant and agrcc as foliows:
A. Acsessments. Borrower shal) promptly pay, when due. all assessments imposed by the Owners Association
or othrr go.•crning bociy of thc Condominium Project (hcrein "Ownerx Association") pursuant to the provisions of ihc
declaration, by-laws, ccxie of regulations or other constituent dacument of the Condominium Project.
B. flazard Insurance. So long as the Owners Association maintains a"master" or "6lanket" policy on the
Condominium Project which pmvides insuranee coverage against fire. hazards included within the term "extended
coverage: ' and such other hazards as Lender may require, and in sucfi amounts and for such periods as Lender may
require, thcn:
(i) Lendcr waives the provision in Uniform Covcnant 2 for the monthly payment to L.ender of one•twelfth
of the premium installments for hazard insurance on the Property;
(ii) Borrower s obligation undcr Uniform Covenant 5 to maintain hazard insurance coverage on thc
Propcrty is dccmcd satisfied; and ~ -
(iii) the pro~•isions in Uniform Covenant S rcgarding application of hazard insurance proceeds shall bc
supcrseded b~• any provisians of the declaration, by-laws, code ot regulations or other constituent document of the
Condominium Praject ar of applicable law to ti~ extent necessary to avoid a conflict belween such provisions ancl
thc provisions of [Ini[orm Covcnant 5. For any period of time during whicfi such hazard insurance coverage is not
maintaincd, the immeJiately prcceding sentence shall be deemed to have no force or eBect. Borrower shall g+vc
Lcnder prompt notice of any lapse in such hazard insurance co~~erage.
In the event of a distribution of hazard insurance proceeds in licu of restoration or repair following a loss to
the Propcrt~, ••hether to the unit or to cc~mmon elements, any such procecds payable to Borrower are hereby assigned
and shall be paiJ ta Lender for application to the sums secured by the security instrument. with the excess, if any.
paid to Barmwcr.
C. Lcndcr's Prior Consenl. BurroW er shall not, except aftcr notice to Lcnder and with Lcnder s prior verittcn
canscnt, {~artiti~~~ c~~ subdividc the Property or cos-sent to:
(i) thc abandanmcnt or termination of the Condominium Project, exce¢l for abandonment or termination
provided by law• in the case of ~ubstantial destruction by fire or other casualty or in ihe case of a taking by condemnation
or cmincnt domain; '
(ii) an~• material amendment to the declaration, by-laws or code of regulations of the Owners Association.
c~r cqui~~alcnt c~~nstitucnt dc~cumcnt oF thc Condominium Projcct. including. but not limitcd to, any amcndment which
would change the percentage interests oi thr unit ownert in the Condominium Project; or
(iii) ~hc cRectuation uf any decision by the Owners Assceiation to terminate professional management and
assum~ sclf-managcmcnt crf thc Condominium Project.
D. Reme~lies. If Borrower breaches Borrower's covenants and agreemeets hereunder, iacluding tl~e covenant
fo pa}~ when due condominium acsessments. then Lender may invoke any rcmedies provided under the security
in~trumcnf. inclndinR. but not limited to, those provided under Uniform Covenant 7.
I:1 WITNESS ~VFIEREOF,ljerr~r has~zrc}~ted this Condominium Ridcr.
tAf'K, APID -Borrover
7 ~~
~AROLINR C. PA~~'F'R~.ACK ~ H~44~P~?9+er
-BorroWer
-Bo-ro+ter
~
-Borrower
-Borrower
513216
CONOOMIHIUM RIDER-1 to 4 Familr-5/75-FNMA/fHIMC UNIFORM INSTIIUMENT
BOOK34~ Pa~~148?
t98t J'~! 13 I~~u 3: 20
F(tf (~ th f c.rCGk~c f•
SI•LUCIF COL'NT1:F(„.
ROGER Fp~tRqs
CLERK ClRCt~~T C^•t;qT/~
kE~Cn:, i,rF. ~ ~i~ -
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