HomeMy WebLinkAbout1580~ ~ CONDOMINIUM RIDER
pT IIS CONDOMINIUM RIDER IS I118dC 1F11s. !~.~~, , , , , , , , , , , , ,d8y O~. . . . . . . . . . . . . . . . . . .,
19.4 ~. and is incorporated into and shal! bc decmcd to amcnd and supplemcnt a Mortgage. Dced of Trust or Deed
to Secure Dcbt (hcrcin "security instrumcnt") datcd of cven datc hercwith, given by the undersig~ed (herein
••Borrower") to secure rrower's Note to. . $~~CAYN~ .~~P~~. .~~Y~N~~. AN1? .L44,N. AS~QC~A~~ODI . . . . . .
. . . . . . . . . . . . . . . . . . ~ (herein "Lender") and covering the Property described in the security instrument and
located at . . . . , .Q800 SOUTH A1 A ~ ~ l00 , JENSEN REACH ~. FLORIDA 33451 . . . . . . . . . . . . . . .
~P.ow.~r ~oa..:s~ . . . . . . .
The Property camprises a unit in, tagether with an undivided interest in thr cammon elements of. a condaminium
ISLAND BEACN CLUA
pmjcct known as ..............................................................................
(N~me o1 Condominium Projetl)
. . . . . . . . . . . . . . . . (hcrein "Condominium Projcct").
CON[~~11NIUM COVENANTS. ~Il addition to the rnvcnants and agrerments madc in the sccurity instrument,
Borrowcr and Lendcr furthe~ covcnant and agrec as follows:
A. Assessments. B~~rrowcr shall promptly pay, whcn due. all assessments impased by the OwnerS Association
or athcr governing bod~~ of the Condominium Project (herein "Owners Associatian") pursuant to the provisions of the
declaration, b}~-laws, ccxie ot rcgul~tions or other constituent document of the Condominium Project.
B. Hszard Insu~nce. So long as the Owners Association maintains a"master" or "blanket" policy on the
Condominium Projcct which pmvides insurance coverage against fire, hazards included within the term "extended
coverage," and such other hazards as Lender may require, and in such amounts and for such period~ as Lender may
requirc, thcn:
(i) Lcndcr waives the provision in Uniform Covcnant 2 for the monthly payment to Lender of one-twelfth
of thc premium installmcnts for hazard insurance on thc Property;
(ii) Borrowcr's obligation undcr Unifarm Covenant 5 to maintain hazard insurance coverage on the
Property is decmed satisficd; and
(iiil thc provisions in Uniform Ccncnant 5 rcgarding application of hat.ard insurance procccds shall bc
superscded b~~ any pro~~isions of the declaration, b~•-laws, code of regulations or other constituent document of the
Cond~~minium Project or o[ applicable laK to the extent necessary to avoid a con0ict between such provisions aml
the provisions of Uniform Covenant 5. For any period of timc during which such hazard insurance coverage is not
maintaiaed, the immediately preceding sentence shall be deemed to have no force or efiect. Borrower shall gi~•c
Lcndcr prompt noticc of any lapsc in such hazard insurance covcragc.
In thc c~~nt of a distribution of hazard insurancc prc~cceds in licu of restoration or repair following a loss to
the Propert~~, v-hether to the unit ar to cammon elements, any such prc~ceeds payable to Borrower are hereby assigncd
anJ shall be p:~id to Lender for applicati~-n ta the sums secured by the security instrument, with the eacess, if an~.
paid tc- Bormwcr.
C. Lender's Prior Consent. Bormw~er ~hall not, except after notice to Lender and with Lender's prior w~ritten
conscnt, partiti~~n or subdividc thc Propcrty or consent ta
(i) the abandonment or termination of the Condominium Project, cxcept for abandonment or termination
provided by law• in thc case of cubstantial destruction br fire or othcr casualt~ or in the case of a taking by condemnatiori
~-r cmincnt domain;
(ii) an~~ material amcndmcnt to thc dcclaration, by-laws or codc ~f regulations of the Owners Association.
i~r cquivalcnt c~~nstiwcnt dckumcnt of thr Condominium Projcct, including, but not limitcd to, any amcndmcnt which
w~ould change the percentage interests ~f the unit owners in the Condominium Project; or
(iii) the efTectuation uf any decision by the Owners Association to terminate professional management and
assumc sclf-managcmcnt ~~f thc Cond~~minium Prujcct. ,
D. Reme~lies. Ii Borrower breaches Borrower's curenpnts and agreemenls 6ereunder, including tbe covenaat
to pa~~ w•hen due condominium assessments. Ihen Lender may invoke anv remedies provided nnder the secority
iadrument. inclndin~{. but not limited to, lhose provided under Uniform Covenant 7.
IN WITNF.SS WNEREOF. Borrow~r ha~ cxrcutcd this Condominium Ridcr.
,/
-Bo~rower
C S HEN A. ,~RUtJKEL, RND -Borrower
:/ ~ ~. ,/~~~~
-BorroWer ~Of°"'~'
~ ~YNTHIA L. RUNKEL, HIS FIIFF.
-Borrower -BorroWer
~ 5~ .?;~'~'S
COMDOMINIUM RIOER-i to ~ f~~~r-6-~s-~tu~u~FNiwc uNiFO~M INSTRUMENT ~~~ .~e~'~ ~ 3 ~ E~ QQ
FIl E~ tp[ F; CORDF~
S1.lUGE COUNTY.F I d.
ROGF.R PQITRAS
CLERK Cf~CU;? C!~1,~ ~
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