HomeMy WebLinkAbout1547..,L, CONDOMINIUM RIDER
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TIIISCONDOMINIUM RIQkRIS(i18(1Cthls.~~. ~u~~~G~:~..... ,dayof.. !1~':.~L~~tl~~~:~!.....,
19.~ ~ and is incarporated into and shall bc decmed to amcnd and supplemcnt a Mortgage. Dced of Tcust or Deed
to Secure Gebt (hercin "security instrument") dated o( even date herewith, given by the undersigned (hercin
••earrowcr" ) to ~ecure Borrower's Natc to. . $~$~AYN~ .~$p~~, .S~Y~I`~S. AN~? . ~OAN. AS$QGI~~~9I~i . . . . . .
. . . . . . . . . . . . . . . . . . . . . . (herein "Lender") and covering the Property described in the security instrument and
located at_ .._. Q800 SOUTH AtA, #112 , JENSEH AEACH~ FLORIDA 3~457
(Prope~fy Address) •
The Propeny compriscs a unit i~, together with an undivided interesi in thc rommon elements ot, a condominium
ISLAI~D AF.ACH CLUB
pmjcct kn~wn as ..............................................................................
(Nsme o1 Conduminium Pro~ecq
. . . . . . . . . . . . . . . . (hcrein"Condominium Projcct").
COND()~11NIUM COYENANTS. ~1l addition to the covcnants and agrecments n~ade in the sccurity instrument.
Borrowcr and Lendrr further covenant and agrec as follows: .
A. Accessmenls. Borrower shall pramptly pay, whcn due, all assessments imposcd by the Owne~ Association
or othrr go~~erning bod~~ of the Condominium Project (herein "Owners Associatian") pursuant to the provisions of the
declaration, by-laws, ccxle of rc~ulations or other constituent document of the Condominium Project.
B. Hazard Insurance. So long as the Owners Association maintains a"master" or ''blanket" policy on the
Condominium Project w•hich provides insurance aiverage against fire, hazards included within the term "extended
coverage; ' and such other hazarJs as Lender may require, and in such amounts and for such periods as Lender may
requirc, thcn:
(i) Lcndcr waivcs the provision in Uniform Covenant 2 for thc monthly pa~~ment to I.ender of one-twelfth
of thc prcmium installmcnts f~r hazard insurancc on thc Propcrty:
(ii) Borrower's obligation undcr Uniform Covenant 5 ta maintain hazard insurance coverage on the
Propcrt~~ i~ dccmcd satisficd: and _
(iii) tfie provisions in Unifc~rm Covenant S rcgarding application of hazard insurance proceeds shall hc
superseded b~~ an~• pr~~~~isions of the declaration, by-laws, cc~de of regulations or other constituent document of the
Cc~nd~~minium Prc-jcct e~r of applicablc lav- to thc extent nccessary to avoid a conflict between such provisions and
the provisions of Uniform Covenant 5. For any period of time during which such hazard insurance coverage is not
maintained, the immcdiatcly preceding sentencc shall be deemed to have no force or eftect. _ Borrower shall givc
Lender prompt notice of any lapse in such hazard insurance co~~erage.
In thc cvcnt of a distribution of hazard insurancc procccds in licu of restoration or rcpair following a lass to
the Propcrt}~. ~hcther to thc unit or to a~mmon clcments, an~~ such procccds payable to Borrower are hereby assigned
anJ sh~ll be paiJ to Lender for applicati~m to the sums secured by the securit}• instrument, with the excess. if. any.
paid t~i Borrowrr. ' ~
C. Lendcr's Prior Consent. Borrow•cr shall not, except after notice tu Lender and with. l.ender's prior written
consent, partiti~m or subdivide the Property or consent to:
(ij the abandonment or termination of the Condominium Project, except for abandonment or termination
provided by lau• in the case of cubstantial destrurtion by fire or ather casualty or in the case of a taking by condemnation
or cmincnt domain:
(ii) any matcrial amcndmcnt to thr dcclaration, by-laws or codc of rcgulations of thc Owners Association.
~~r cyui~•alcnt ci~nstiwcm d~•cumcnt of thc ('ondominium Project, including, but not limitcd to, any amcndmcnt which
would change the perc~ntage intrrests of thc unit owners in the Condominium Project; or .
(iii) the effrctuaticm uf an~ decision b~• the Owners Associatian to terminate professional management and
assumc sclf-managcmcnt uf thc Conduminium Prc~jcct.
D. Reme~lies. 1f BorroM~er breaches Borrower s covenants and agreements hereunder, including the coveaan!
to pay when due condominium assessments. then Lende~ mar• invoke aav remedies provided under the securit3•
instrument. inclndin~, bul not limited to, those provided under lJniform Covenant 7.
IN WITNESti W}~F.RFOt, Borrow~r ha~ czrcutcd this ConJaminium Ridcr.
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/KATHIE ANN ALEXAND R, A SIN~f~N
-Borrower
-6ono..e.
-Borrower 51 325~ 'Borrower
1~1 J~~~ I 3 A.~ ~ 4 6
~ CONDOMINIUM RIDER-1 to ~ Fam~ly-6/75-FNMA/FMIMlC YMIFORM IIfST~UMENT f'lEC ~!iC F: CGRGt D +'
ST.LUCIf COU~iKFIA. '
RbGER POITRAS 4
~ CLERY. Ci~CUiT C4URT~ ±
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