HomeMy WebLinkAbout1509.,.1_ CONDOMINIUM RIDER
p~~i~s Cocvao~-~~NwM Rto~R is madc this.~/. . . . . . .~~i(-. , , , , , , , . , .day of. .~ ~t.~4cr~t.4,~' . . . . . . . . . . .,
19 a... and is incarparated into and shall bc decmed ta amcnd and supplement a M6rtgage. Dred`bf Trust or Dctd
to Sccure D~bt (hcrcm "secunty instrumcnt") datcd af cven datc hemwith, given by thc undcrsigncd (hercin
••Borrowcr") to sccurc Bo~~owcr's Note to. .8~$~YN~ .~~A~~ .&AY~N~,~. ~1NR.~-4~i`1. ~S~QC,~~~~Or1, , , , , , ,
• • • • • . .. . . . . . . . . . . . . . . (herein "i.cndcr') and covcring thc PropcNy describcd in the sccurity instrume~t and .
located at. , 9800 SOUTH A1A, #306 ., JENSEN BEACH,. FLORIDA 33457 . . . . . . . . .. .. .
~Pwwnr ~aa..::t . . . . . .
Thc Propcrty c~impriscs a unit in, togcthcr with an undividcd intcrest in thc cammon elcmcnts of. a condominium
ISLAND BEACN CLUB
projcct known ~c... ........................................................................
(Nsme W Condominium Projecq
. • . . . . . . . . . .. . . . (hcrcin "Condominium Projcct").
COND(1ti11K1UA1 COVENANTS. I11 addition to thc covcnants and agrecments madc in the sccurity instrument,
Borrowcr and Lendcr further covcnant and agree as follows:
A. Assessments. Borrower shall promptly pay, when due. all assessments imposed by the OwnerS Association
or othcr go~•crning bocly of the Condominium Project (herein "Ownerc Association") pursuant to the provisions of thc
declaration, by-laws, ccxle of regulatians or other constituent document of the Condominium Project.
B. tlazard Insuraace. So long as the Owners Association maintains a"master" or "blanket" policy on the
Condominium Project which provides insurance coverage against fire, hazards included within the term "extended
coverage: ' and such other haz~rds as Lender may require, and in such amounts and for such periods as L.ender may
rcquirc, then:
(i) Lender 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 Property;
(ii) Borrower's obligation under Uniform Covenant S to maintain hazard insurance coverage on the
Prc~pcrty is dccmcd satisfied; and
(iii) the pro~•isions in Uniform Cavenant S regarding application of hazard insurance proceeds shall t~c
supcr.ccdcd b~~ any ~pravisions of thc dcclaration, by-laws, code of regulations or other constituent document of thc
Condominium Projcct or of applicable law to the cxtent necessary to avoid a conflict betwecn such provisions ancl
thc pravisions of Uniform Covcnant S. For any period of timc during which such hazard insurance coverage is not
maintained, the immediately preceding sentence shall be deemed to have no force or eBect. Borrower shall give
i.ender 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, whether to the unit or to common clements, any such procecds payable to Borrower are hereby assigned
and shall be paid to Lendcr for appiication to the sums secured by thc security instrument. with ttie excess, if any.
paid to &~rrowcr.
_ C. Lender's Prior Consent. Borrower ~hall not, except after notice to Lender and with L.ender's prior written
conscnt. partiti~~n or suhdividc the Property or consent to: ~
(i) the abancionment or termination of the Condominium Project, except for abandonment or termination
provided by law• in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation
or cmincnt domain;
(ii) any matcrial amendmcnt to the declaration, by-laws or code of regulations of the Owners Association.
~~r equivalent ci~nstitucnt document of the Condominium Project, including, but not limited to, any amendment which
would change thc perccntage int~rests of thc unit owners in the Condominium Project; or
(iii) the eBectuation ~~f any decision b~° the Owners Association to terminate professional management and
assumc sclf-managcmcnt of thc Conduminium Projcct.
D. Remedies. If Borrower breaches Borrower's covenants and sgreentents beoeunder, includiag the rnvenant
to pa~• when due condominium assessments. then [.ender may iavoke any remedies provided under the secnrity~
imtn~mcnt, inclndinR. but not limited to, lhose provided under Uniform Corenant 7.
I~I WITNESS WFIEREOF. Borrowcr has exrcuted this Condominium Ridcr.
G~Jv U- ~,.w.~r,.~~ .
. , SINGLE~µower
-Borrower
-Borrower
-BOrrower
-Borcower
513228 'Borrower
19~1 ?,?t~ I 3~,~~ 3~ 25
CONOOMINIUM RIDER-1 to 4 Fxnilr-6/15-FMMA/FNLMC UNIFORM INSTRUMENT
F - -Y _ - ~_..: . --.~
. .~~f++','e.Rd. ... ~ , , _
f"t:.! C tAC ~rCUF:-fQ
si.~uc~E ccu~rY -~ a.
ROGER P01 i RAS
CL~kN Cl:iCi;li C~i)?'
~'r .'..`:i.r. : ~ ~ ~ ;. r
~~
B~x34~ ~~~Ei5Q5