HomeMy WebLinkAbout1556...1._ CONDOMINIUM RIDER
T111S CONDOMINIUM RIDER IS I118cIC lllls . . . ./. ~. . . . ~ 7 ~~. . . . . . . . . . . . day of . ~'~~e~ :~~! : . , , , . , , . , ,
19.~0., and is incorporated into and shall bc de~med to amend and supplemcnt a Mortgage, Dced of Trust or Deed
to Secure Debt (hercin "security instrumcnt") dated of even date herewith, given by the undersigned (hercin
••Borrowcr" ) to secure 8orrowcr's Notc to. . $~$~YN$ .F~P~~ .$~Y~N~~. ANR .I~4AN. ~S~QGI~P~~9Pi . . . . . .
. . . . . . . . . . . . . . . . . . . . . . (hercin "l.ender") and covering the Property described in the security instrument and
located at. . .. . .9$00. S.O.U.TH.AIA,. #.~05._ ,. JENSCN.BR.Af.Fl, •FLOR~W4 •334~? ....: . ... .. . .. . ........
(Property Address)
The Propeny comprises a unit in, together with an undivideJ interest in th~ common elements of, a condominium
projcct kn~wn as. . . . _ ,ISLAND BEACH. CLUA CONDOMINIUM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. ......... ..... .
(Nsme o/ Condominium Projecq
. . . . . . . . . . . . . . . . (hrrein "Condominium Project"). ~
CON[)o111NtUM COVf.NANTS. ln addition tb the covenants and agrccmer.ts madc in the security instrument,
Borrowcr and Lendcr funher covenant and agsec as follows:
A. Assessments. Borrower shall promptly pa~~, v-hen duc, all assessments imposcd by the Owner$ Association
ar other go.•crning bociy oi thc Condc~minium Project (herein "Owners Ass~ciation") pursuant to the provisions of thc
declaration, hy-laws, ccxie of regulations ar other constitucnt document of the Condominium Project.
B.. Nazard Ir~surance. S~~ long as the Owners Association maintains a"master" or "blanket" policy on the
Condominium Project v~•hich provides insurance coverage against fire, hazards included within the Cerm "extended
coverage: ' and such other hazardS as Lcnder may require, and in such amounts and for such periods as Lender may
requirc, then: ~
(i) Lcnder waives the provision in Uniform Covenant 2 for the monthly payment to Lender af one-twelfth
oi the prcmium installmrnts for hazard insurancc on thc Propcrty: _
(ii) Bc-rrow•cr's obligation undcr Uniform Covenant 5 to maintain hazard insurance coverage on the
Propcrt~° is dccmcd satisficd; and _
(iiil the provisions in Uniform Covcnant 5 regarding applicatiun of hazard insurance proceeds shall hc
super~ecied b~~ any provisions of the declaration, b~•-laws, code of regulations or other constituent document of the
Condominium Pre~jeet or of applicable law to the extent necessary to avoid a conflict between such provisions ane{
the provisions of Uniform Covenant 5. For any period of timc during which such hazard insurance covcrage is nM
maintained, thr immediately preceding sentence shall be deemed to have no force or efTect. Bormwer shall give
Lcndcr prompt noticc of any lapsc in such hazard insurancc co~~cragc.
In thc cvcnt of a Jistribution of hazard insurancc procccds in licu of restoration or repair following a loss to
the Propcrt~~, N hether to the unit or to c~~mmon clements, any such proceeds payable to Borrower are hereby assigned
and shall be p:~id to Lender for application to the sums secured by the security instrument. with the excess, if an~~.
paid tu Borrowcr.
C. Lender's Prior Consent. Borrower shall not, exrept after notice to Lcndrr and with Lcnder's prior written
consent, rartiti~-n or subdivide the Propert~~ or consent to:
(i) the abandonment or termination c~f the Condaminium Project, except for abandonment or termination
provided by (au~ in the case of cubstantial d~struction b~~ fire or other casualty or in the case of a taking by condemnation
ur cmincnt domain:
(ii) am~ matcrial amcndmcnt to thc dcclaration, by-laws or codc of regulations of thc Owners Association.
i~r equi~•alent c~~nstiwent documcnt of thc Cemdominium Project, including, but nc~t limited t~, any amendment v-~hich
would change the percentagc inter~sts of thr unit ow~ner~ in the Condominium Project; or
(iii) the etTectuatic~n ~~f anp dreision b~~ the (?wners Association to terminate professional management and
assumc sclf-managcmcnt of thc Condominium Projcct.
D. Remedies. !f Borrower br~aches Borrower's corenants and s~reements t~ereunder, iocluding the covenant
to pa~• w~hen due condominium assessments. Ihen Lender may invoke anv remedies provided nnder the secntity
instrument. incli~dinR. but not limited to, those provided under Unifonn Covenanf 7.
IN WITNESS WHERFOF. Borrowcr has c~rcutcd this Conduminium Ridcr.
./ ~lc~-ia.~o /Y1a~r.2o
'~iARIANO MAR7.0, AND -BorroWer
L / `~~r,~ ~~' ~• ,/,l'~ o
LUT.' MA~A MA~ZO, HIS I~IFE {~orrower
-Borrower
_~.
-s. ~ ..
-Borrower
~~~J~~
CONDOMINIUM RIOER-~ to 4 fxnilr-6l75-FNMA/FIILMC UNIFORM INSTRUMEIIT
. ~
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~~ JAN I 3~; 3~ ~ 8
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