HomeMy WebLinkAbout1571...L CONDOMINIUM RIDER
T111S CONDOMINIUI~i RIDER IS tilaclC thlS. ., Y. ~
. . ~Q ~ . . . . . . . . . day of . . . . . . . . . . . . . . . . . . . . . . . . .
.,
19 ..... and is incorporatcd into and shall lx decmed ta amend and supplemcnt a Mortgage. Dced of Tnut or Dced
to Secure Debt (herein "security instrument") dated o[ even date hercwith, given by the undersigned (herein
"Ba~rowcr") ro sccurc Borrowcr's Notc to. . ~~~CAYN~ .~~D~RA~, .~?Y~NG~. ~1NR .i~4AN. AS,~QC,;~~~0~ . , , , , ,
. . . . . . . . . . . . . . . . . . . . . . (herein "Lcnder"-) and rnvcring Ihe Propehy describcd in the security instniment and
located at. . . . . 9800 .SOUTH A1,A, . ~304. . ., ..jE~l$~N .Q~yrH,. F.44RIOA. 3~u.~7 . . . . . . . . . . . . . . . . . . . . . . ..
(PropMty AAdr~ss)
Thc Propcrty comprisc~ a unit in, togethcr with an undividcd intcrest in thc common clcments of, a condominium
project kn~wn a;. . ..•: ISLAND BFACH CLUA CONDOMQNIt1M . . . .. . . . . . . . . . . . . . . . . . . . .. . . . . .. .. . . . . . .
(Nime d Condani~ium ProiKtl
. . . . . . . . . . . . . . . . (hcrcin "Condaminium Project").
CUN[~!NINIUAI CovE!v~NTS. In addition to the covenants and agrecmcnts madc in the security instrument,
Borrowcr and Lendcr furthcr covcnant and agrcc as follaws:
A. .lssessments. Borrower shall promptly pay, when due, all assessments imposed by the OwnerS Associatian
or othrr go~~erning bociy of the Condominium Project (herein "Ownerc Association") pursuant to the provisions of ihe
declaration, by-laws, ce~cie of regulatie~ns or other constituent document of the Condominium Project.
B. Hazard Insurance. So lang as the Owners Association maintains a"master" or "blanket" policy on the
Condominium Projcct which providcs insurance coverage against fire, hazards included within the term "extended
coverage; ' and such other h:~zards as Lender may require, and in such amounts and for such perioeis as Lender may
rcquirc, then:
(i) Lender waives the provision in UniForm Cavenant 2 for the monthly payment to L.ender of one-twclfth
of thc prcmium installmcnts for hazard insurancc on thc Property;
(ii) Borrower's obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the
Prapcrty is dccmcd satisficd; and
(iiil the. pro~•isions in llnifc~rm Covenant 5 regarding application of ha7ard insurance proceeds shall he
superseded b~ an~• pn~~•isions of the declaration, by-la~++s, ccxie of regulations or other constituent doeument of the
Condominium Prc~jrct or of applicable law to the extent necessary to avoid a conflict between such provisions anci
the provisions of Uniform Covrnant 5. For any perioci of time during v-hich such hazard insurance coverage is not
m~intained, thc immediately preceding sentence shall t~e deemed to have no force or eHect_ Borrower shall gi~~e
Lender prompt notice of any lapse in such hazard insurance coverage.
In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to
the Propcrty, w hethcr to thc unit or to cc~mmon elcments, any such procccds payable to Borrower are hereby assigned
and shall be paid to Lender for applicati~-n to the sums secured by the security instrument, with the excess, if any.
paid t~~ Borrowcr.
C. Lendcr s Prior Consent. Borre~wcr shall not, cxccpt aftcr noticc to Lendcr and with Lcndcr's prior writtcn
consent, partiti~-n or subdividr the Property or rnnsent to:
(i) the abandonment or termination of the Condominium Project, except for abandonment or termination
provided by law• in"the case of wbstantial dcstruction b~• fire or othcr casualh~ or in the case of a taking b~ condemnation
~~r cmincnt domain; ~
(ii) an~~ matcrial amcndmcnt to thc drelaration, by-lavrs or codc of regulatians of thc Owncrs Association,
~~r cyui~•alcnt c~msti~ucnt dc~cumcnt of thc Con:l~~minium Pruject, including, but ncit iimitcd to, any amcndmcnt which
would changc thc pcrccnta~c intcrests oF thc unit owncrs in thc Condominium Project; or
Iiii) thc eBecwation uf ~m• dcrision b~ thc Owners Association to terminate professional management and
assumc sclf-managcmcnt of thc ConJuminium Projcct.
D. Reme~lies. IE Borrower breaches Borrower's covenants and agreemeats hereunder, iaclnding tbe covenan!
to pa~~ w~hen d~~e condominium assessments. t6en Lender mav invoke any remedies provided under the secnrit~
ipstrument. inclndinR, but not limitcd to, lhose provided under Lnifona Covenant 7.
fN WiTNf:ss WtiFRFOF. Bormwcr has cxrcutcd this Candominium Ridcr.
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"~ MEREDI~ . KE'~'TL .FWF,LL, ANBBorrower
v ~`' 1,~[~"`"%~- ~ . ~...1~-.~.t~~-- . ~
RUTH E. KE""!'LFhfF.LL, HIS WIP'~orrower
-Borrower
i CONDOMINIUM RIDER-l to 4 Familr-6l75-FNMA1fNlMC UNIFORM INSiRUMENT
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