HomeMy WebLinkAbout1529_.~. CUNDOMINIUM RIDER
THISCONDOMINIUN RIDER IS 1118cIC tF11S.% . . . . . . ./° :`:'~ . . . . . . . . . .(J8y Of. . ~~-Q:lr4~. . . . . . .,
19. .... and is inc~rporated into and shall bc decmed to amend and supplement a Mortgage, Dced of Tnut or Deed
to Secure Debt (herein "security instrument") dated ot even date herewith, given by the undersig~ed (hercin
•,Borrower") to sccure Barrower's Nate to. .~~~~%AYN~.~~A~~ .&AY~N~~. ANR.L4AN. AS~RGi~P~~Di~l ......
........ ... .. ... ... .. .(herein "Lender") and covering the Praperty dacribed in the security instrument and
located at . _ . . . 9800. SOUTN .A1 A,. #207.~ .. ,IFNSBH .BGII~H,. .RLORIDA 33k~? . . . . . . . . . . . . . . . . . . . . . ..
lProperty Address)
The Property c~mprises a unit in, together with an u~divideJ intrrest in the common elements of, a condominium
projcct kn~wn as..... ISLAND BEACH CLUB CONDOMINIUM ........................................
iName o1 Condom~mum Projacq .
. . . . . . . . . . . . . . . . ( hcrcin "Condominium ProjecC' ) _
COND0~11NIUA1 CO~ ENANTS. ~Il addition to the covenants and agrecments madc in the sccurity instrumenl,
Borrowcr and Lcndrr furthcr covcnant and agrec as follow~s:
A. As.cessments. Borrower shall promptly pay, when duc, all assessments imposcd by the Owners Association
or other go~~erning boci~~ of th~ Candominium Project (herein "Owners Association") pursuant to the provisions of thc
declaratian, by-laws, ccxle of regulatiuns ar other constituent dc~cument of the Condominium Project.
B. Hazard Insurance. So long as the Owners Association maintains a. "master" or "blanket" policp on the
Candaminium Project w•hich provide~ insurance coverage against fire. hazards included within the term "eztended
coverage; ' and such other hazards as Lcnder may require, and in such amounts and for such periods as Lender may
rcquirc, thcn: ' ,
(i) Lcnder waives the provision in Uniform Covcnant 2 for the monthly pa~~ment to L.ender of one-twelfth
of the prcmium installmcnts for hazard insurancc ~m thc Propcrty:
(ii) Bc~rrow~cr's obligation undcr Uniform Covenant 5 ta maintain hazard insurance coverage on the
Propcrty is dccmcd satisficd: and
(iiil the provisions in Uniform Covenant 5 rceardine application of hazard insurance prceeeds shall bc
superseded b~ an~• pn~visions of the declaration, b}•-1aws, ccxle of regulations or other cc~nstituent doeument of thc
Condominium Project or of applicable law• to the extent necessary to avoid a conflict between such provisioris anel
the provisions ~~f Unifarm Cavrnant S. For any periai of timr during which such hazard insurance coverage is not
maintained, thc immediately preceding sentence shall be deemed to have no force or eftect. Borrower shall gi~~c
Lender 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 lass to
the Pmpcrty, w hether to the unit or to common elements, any such proceeds payable to Borrower are hereby assigned
and shall be paid tc~ Lender for applicatiun to the sums securcd by the sccurity instrumen[, with the excess, if any.
paid to Borrowcr.
C. Lender's Prior Consent. Borro~~er shall not, except a[ter notice ro Lender and with Lender's prior vrritten
consent, rartiti~~n or subdivide the Propert~• rn consent to:
(i) the abandonment or termination ~~f the Condominium Project, except for abandonment or termination
providcd by la~~ in thc casc of ~ubstantial d.:struction b~• firc or othcr casualt~ or in thc casc of a taking by condcmnation
ur cmincnt domain; ~
(ii) an~• material amendment to th~ decl:~ration, by-law•s or cale c~f regulations of the Owners Association.
~~r cqui~•alcnt c~~nstitucnt ducumcnt of thr Cond~~minium Projcct, including, but not limitcd tc~, any amendmcnt which
would changc thc pcrccnta~c intcrrsts cif thc unit ~~wncrs in thc Condominium Project; or
Iiii) thc cticctuation uf any~ dccision b}~ thc (hvners Association to terminate professional management and
assumc sclf-managcmcnt ~-f thc Cond~~minium Projrct.
D. Remedies. If Borrower breaches Borrower's covenants and ~reements 6ereunder. iecluding the covenaat
to pa~ w~hen due condominium acsessments. then l.ender may invoke any remedies pmvided under the secnrity
instrumenf. includinR, but not limited to. Ihose pmvided under Unitorm Covenanf 7.
IN WITNFSti WHEREOF, Borrowcr hac cxrcutcd this Condominium Ridcr.
./ ~v~~L1'~ r''~'~
MICHAEL J. R, AND Borrower
~ ~ _~Sl ~ ~ •~
SUSAN J. RAY~ HIS WIF -Borrower
-Borrower
CONDOMINIUM RIDER-1 to4 Family-6/75-iNMA/FNtMC UNIFO~M INST~UMENT
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-Bo-rower
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-Borrower
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SL ( l1ClF COUN f Y. ft M.
ROGER P01 i fil:$
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