HomeMy WebLinkAbout1538~ CONDOMINIUM RIDER
TtiisCoNOOMiNwM R~~eR is made this.~ . . . . . .I ~ ~.$.~. . .day of . . .. . .. . . . . .. . .. . . . . .. . . .
..
19. .... and is incarporated into and shall bc decmed to a cnd and supplemenl a Mortgage. Dced of Trust or Deed
to Secure Dcbt (herein "security instrumcnt") dated af even datc hcnwith, given by thc undersigned (hercin
••Borrower") to s~-cure Borrower's Note to. .$~$~AYN~ .F~D~#~ .~~Y~NG~. ANR.~OAI`i. AS~QC~AT~~I~I ... ...
. . . . . . . . . . . . . . . . . . . . . . (hcrein "Lcndcr') and cavcring the Propcrty dacribcd in the sccurity instrumcnt and
located at . . .?8Q4. S~UTH . ~~ A,.11.Q2 . . .. JFNS$N . A~l~~H,. .F40RIaA .33457 . . . . . . . . . . . . . . . . . . . . . ..
(VroDMtY Add-!ss)
Thc Propcrty compriscs a unit in, togcthcr with an undividcd intrrest in thc common elcments ot, a condaminium
ISI.AND BEACH C[.UP CONDOMQNIUM
pmjcct kn~wn as ...................................... .......................................
(Name o1 Ca~dom~n;um Projsct)
. . . . . . . . . . . . . . . . ( hcrcin "Condominium Projcct" ).
CoNtx~~tinw~t CovENANTS. I11 addition to the covenants and agreements made in the security instrument,
Borrowcr and Lendrr furthcr covcnant and agrec as follows:
A. Acsessments. Borrowcr shall promptly pay, whcn duc, all assessments imposcd by the OwnerS Association
or othcr go~~erning baiy of tM. Candominium Praject (herein "Owncr~ Association") pursuant to the provisions of thc
declaration, b~~-laws, ccxie of regulations or other constituent document of the Condominium Project.
B. Hazard Insurance. So long as the Owners Associatian maintains a"master" or "blanket" policy on the .
Condominium Project which provides insurance coverage against fire, hazards included within the term "extended
covera~e: ' and such ather hazards as Lender may rcquire, and in sueh amounts and for such periods as Lender may
require, then: .
(i) Lcndcr waives ihe provision in Uniform Covcnant 2 for the monthly payment to Lender of one-twelfth
of thc prcmium installmcnts for hazard insur:~ncc on thc Property;
(ii) Borrower's obligation under Uni(orm Cavenant 5 to maintain hazard insura~ce coverage on the
Propcrty is dccmed satisficd: and
(iii) the pm~~isions in Uniform Covenant 5 regarding application of hazard insurance proceeds shall be
superseded b~~ an~~ prorisions of the Jeclaration, b~~-laws, ccxle of regulations or ather constituent document of the
Condominium Project ~~r of applicablc law ta the extent necessary to avoid a conflict between such provisions anc{
thc provisions <~f Uniform Cov~nant 5.. For any perioci of timc during which such hazard insurance coverage is not
maintained. thr immcdiatcly preceding sentencc shall be deemed to have no force or eRect. Borrower shall givc
Lcndcr prompt noticc o( anp lapsc in such hazard insurance co~~cragc. ~
In thc cvcnt of a distribution of hazard insurancc prc~cecds in licu of restoration or rcpair following a loss to
thc Propcrty, whcthcr to thc unit or to c~~mmon elements, any such procecds payab~e to Borcower are hereby as~igned
and shall be paid to Lender for application t~ the sums secured by the security instrument, with the excess, if an)~.
paid ti~ Borrow~cr_ ~
C. Lendc~'s Prior ConseM. BorroH~er ~hall nat, czcept after notice ta Lendrr and with Lender's prior written
consent, ~artiti~m or subdivide the Property or consent to:
(i) thc abandonmcnt or tcrmination of thc Condominium Project, cxcept for abandonment or termination
provided by lau• in the case c~f substantial destruction by~ fire or othrr casualh~ or in the case of a taking b~~ condemnati~n
~~r cmincnt domain;
(ii) any material amendmcnt ro thr declaration, by-faws or code of regulations of the Owners Association.
iu cquivalcnt c~~nstitucnt documcnt of thc Cunduminium Projcct, including, but not limitcd to, any amcndmcnt W hich
would change the pereentage intrrests of ~he unit owners in the Condominiurri Project; or
(iii) ihc c:Tcctuaticm uf anp derisian b~~ thc Owners Association to terminate profcssional management and
assumc scli-managcmcnt of thc Condominium Pruject.
D. Remeilies. If Borrower breachec Borrower's coveeants and ngreements ixreunder, inclndiug tbe coveos~nt
Io pa~• when due condominium assessments. Ihen Lender mav invoke any remedies pmvided under the security
in~trument. inclndinR, but not limited tb, those provided under Uniform Covenant 7.
IN WITNESS WlIERF.OF, Borrowcr has cxrcutcd this Con~fominium Ridcr_
/ l
/ • ~ ~ er
-Borrower
-Borrower
CONDOMINIUM RIOER-ito+f~ily-6175-FNMA/fNtMC UNIi011M INST~UMENT
~~ox ~4~ P~~E 1534
_s~.,~,~-
-8orrower
-Borrower
51324~
1981 J~~ i ~ ~~ ~. ~ s
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RCG~f~ POItRA$
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