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Home My WebLink About2435~ . . ~ ' . i , ,4.. . ~ ~• . ' • ~ ' . s ~' • ~ , i n :: ~~ - . . -~ ~ ` ~ ~. 4 ~J , e ~,. CONDOMINIUIVI RIDER THIS CONDIMINIUM RIOER is made this 13TH day ot JANUARY. 1931 , and is incorporated into and shail be deemed to amend and supplement a Mortgage. Deed of Trust or Deed to Secure Oebt (herein "securiry instrumenY') dated ot even date herew~th, given by the undersigned (herein "Borrowet') to secure Borrowers Note to First Federal Savingsand l.oan Association oi Martin County(herein"1_ender') and cover~ng the Property described in the securiry instrument and located at :1010~ S. A1A. 744-A, JEhSEN E+EACH. FLORTI~A 33457 The Property comp~ises a unit in, together with an undivided inlerest in the common elements of, a condominium project know as ATLATlT I S (herein "Condominium Pro~ect") CONOOMINIUM COVENANTS. In addition to the covenants and agreements made in the security instrument, Bor- rower and Lende~ further covenant and agree as-follows: A. Ass~samsnts. Borrower shall promptly pay, when due, all assessments ~mposed by the Owners Association or other governing body of ihe Condominium Project (herein "Owners Association"~ pursuant to the provis~ons ot the declara- tion, by-laws, code oi regulations or other constituent document of the Condomimum Project. 8. Hazard Insurane~. So long as the Owners Association mamtains a"master' or ~~blankeP' policy on the Condo- minium Project which provides insurance coverageagainst tire, hazards included within the term "extended coverage;' an~ such other hazards as Lender may require, and in such amounts and for such per~ods as Lender may require, then: () lender waives the prov~sion m Uniform Covenant 2 for the monthly payment to Lender ot one-twelfth of the premium installments tor hazard insurance on the Property, (i) Borrowers obligalion under Uniform Covenant 5 to mam;a~n hazard msurance coverage on the Property ~s deemed satisfied: and (ii) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds shall be super- seded byany provisions of the declaration, b~laws. code of regulations or other const~tuent document ot the Condominium Project or of applicable law to the extent necessary to avoid conf lict between such provisions and the provisions a1 Uniform Covenant5. For anyperiod of timeduring which such hazard insurance coverage is not mainta~ned, the immediatetyprece~ ing sentence shall be deemed to have no torce or effecl Borrower shall give Lender prompt notice of any lapse in such hazard insurance coverage. In the event of a dist~ibution ot hazard ~nsurance p-oceeds ~n lieu of restorat~on or rep~~r following a toss to the Proper- ty, whether to the unit or to common elements, any such proceeds payable to Borrower are hereby assigned and shall be paid to Lender for apptication to the sums secured by the security instrument, w~th the excess, il any, pa~d to Borrower. C. l.snders Prlor Consent. Borrower shall not. except atter notice to Lender and w~ih Lenders prior wr~tten con- sent, partition or subd~vide the Property or consent to: (i) the abandonment or terminalion of the Condom~n~um Pro~ect, except for abandonment or term~nation provided by law in the case of substantia! destruction by fire or other casualty or ~n the case of taking by condemnation or eminent domain. (i) any matenal amendment to the declarat~on, by-laws or code of regulat~ons of the Owners Assoc~at~on, or equivalent constiluent document of the Condominium Pro~ect, ~ncluding, but not I~m~ted to, any amendment which wouid change the percentage mterests ot the umt owners in the Condom~rnum Pro~ect, or (ii) the e(fectuation oi anv decision by the Owners Assoc~ation to terminate professional management and assurne self-management of the Condominium Project. D. Remedlss. If Borrower brsschas Borrowars covsnents snd agreements hereunder, including the covsnsntto pay whsn due condominium assessments. then Lendsr msy invoke, sny ~emedlss provlded underthe sscurlty Instrument~ Including, but not Itmlted to, thoss provfded undsr Uniform Covenant 7. IN WITNESS WHEREOF. Borrower has executed this Co om~rnum R~der. i - ~~ ~s~-~ ;~~-~ J981 ~ J~H I 5 P:~ I?: 03 . I~WAYi~L~ F . FLEEhEF: F't.EG RAC =! C~n;,t ~ ~ r~ Si.lllCtF C;',UYTY.ic ti. ~ .~/', RCIGEF? PGtiRAS (~~J ~ ~I . /~, ~'J-r,~.~-4,` CLEi'2K C~;: ~;:? - "^ ' ~ ~. ~-~"~~~~}~ ' = - ~- CHEF:YL W. FLEEI~lEFi 513~84 ~ CONDOMINIUM RIDER• - - ~3~ .~ - --~ : ~~ ~=~:',=_-. _, BO~K346 PAGE2431 t to4 Family- 6/75 - FNMA/FHLMC UNIFORM INSTRUMENT BORROWER BORROWER BORROWER BORROWER A-302 6/79 ,~ _ ~~ _ .~