HomeMy WebLinkAbout1500...L ' CONDOMINIUM RIDER
T~us Covaoc-~tv~uH RioER is madc this~ . . , ~,,b . . . . . . . . . . . . . . .day of . . .~c~ (A~l~~'i,9~ . , ,
19 ~,~, and is incorporated into and shall bc dccmed to amcnd and supplemcnt a Mortgage. D~:ed of Trust or Dced
to cure Drbt (hcrcin "security inst~ument") datcd of cvcn datc herewith, given by thc undcrsigncd (hercin
"BOffAK•rr") to cccure Borrowcr's Notc to. . $~$~1XN$ .~~p~RAI. ,~~lY~N~,S, ~1NR .~-04~N. AS~QC,~A~~0~1 , _ , _ , ,
• • • • • • • • • • • • . • . . . . . . . . (hcrcin "Lcndcr") and covcring thc Propcrty dcscribcd in thc sccurity instrumcnt and
lacatcd at. . .Q800. SQtITH.AIA... .~2Q4 .. J~liSF.N.9~A~H,..F'LOR~DA .33~l57 . ... .. . .. . ... . .. .. . . .. ... ..
~vroo..er rwo..::~
Thc Propcny compriscc a unit in, togcthcr with an undiviJcd intcrest in th~: cammon elcmcnts of, a condominium
pmjcct kn~~wn as. ,,ISLAND RFACH CI.UB GONDQMINIUM.. .. . . .
, ~ (N+me ar CaWOminium Project)
• • • • • . - . . . . . . . . , (hcrc~n "Candominium Projcct' ).
CON[Xl!111NIU1-t COVENANTS. I11 addition to the covenants and agrcements madc in the sccurity instrument,
Borrowcr and Lcndcr furthcr covenant and agrec as follows:
A. Acsessments. Borrower shall promptly pay, whcn due. all assessments imposcd by the Owner~ Association
or othrr go~•crning bocly of tCie Condominium Project (hcrein "Owners Association") pursuant to the provisions of thc s.
declaration, by-laws, cc~de of rcgulations or other constituent document of the Condominium Project.
B. ~laza~d Insurance. So long as the Owners Association maintains a"master' or "blanket" policy on the
Condominium Project which pmvides insurance co~~erage against fire. hazards included within thc term "extended
coverage; ' and such other hazards as Lender may require~ and in such amounts and for such periods as i.ender may
requirc. then:
(i) Lendcr waives the provision in Uniform Covenant 2 for the monthly payment to I.ender of one-twelfth
of thc premium installments for hazard insurance on the Property;
(ii) Borrower s obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the
Pmpcrty is dccmcd satisficd; and
(iii) the pro~~isions in Uniform Covenant S regarding application of hazard insurance procecds shall t~c
superseded b?~ an~ provisians of the declaration, by-laws, code af regulations or other constituent document of thc
Condominium Project or of applicable law to the extent necessary to avoid a conflict between such provisions and
thc provisions of Uniform Covcnant 5. For any period of timc during which such hazard insurance coverage is nat
maintaincd, thc immcdiately preccding sentencc shall be deemed to~ have no force or eHect. Borrower shall gi~e
Lender prompt notice of any lapse in such hazard insurance coverage.
In the cvcnt of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to
the Property, ahether to the unit or to common elements, any such proceeds payable to Borrower are hereby assigned
and shall be p:~id to Lender for applicatian t~ the sums secured by the security instrument. with the excess, if any.
paid tu Rorrowcr_
C. Lender s Prior Consent. Borrower ~hall not, except a[ter notice to Lender and with Lender s prior v-ritten
conscnt, partiti~~n or subdividc the Propeit}• or consent to:
(i) the abandonment or termination of the Condominium Project, except for abandonment or terminatian
provided by law• in the case of ~ubstantial destruction by fire or other casualty or in the 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.
or equi~~alent ccrostitucnt document of the Condominium Project, including, but not limited to, any amendment which
would change the percentage intrrests o[ the unit owners in the Condominium Project; or
(iii) the eBectuation uf any dccision b)• the Owners Association to terminate professional management and
assumc sclf-managcmcnt of thc Condominium Projcct.
D. Reme~lics. If BorroNer breaches Borrower's rnvenants and agreements hereunder, iacluding tt~e covenant
to pa~• whe~ due condominium assessments. Ihen Lender may iavoke any remedies pmvided under the securil~
instrumcnt, incl~~dinR. but not limitcd to, lhose provided under Uniform Covenant 7. _
IY WITNESS W}~EREOF. Borrowcr hac ezccutcd this ConJominium Ridcr.
J~~
~ ~ ~,~~ ~ .
F~RREP. , 14l~~
-Borrower
Y!)EE`FERR~R, HIS WIFE -Borrower
-Borrower
-eonower
-eo.wr.e.
513222 -BOrrower
1981 JrP~ I 3 1U3 9~ 2S
C~H~OM~~~M R~~ER-1 to ~ Familr-6/75-fNMA/FNIMC UNIfONN IMSTRUMENT
~Iilf Rk! ~ECOn~IFJ
ST.LUCIE COUN'Y.Ft A.
RCGEft POITRAS
Ct.EP.HC:~CU:t CGUR1
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