HomeMy WebLinkAbout2726~ CONDO;ViINIUM RIDER
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~ and is incarporatcd into and shall bc dcemcd to amc~d and supplcmcnt a Mon , Dced of Trust or Dced
to Secure D~bt lhc~cin "security instrumenC') dated of even date herewith, given by the undersigned (hercin
..I3orrowcr"1 t~, cccurc Borrowcr's Notc to. . ~~~~:.AYN~ .~~D~~AI, .&~lY~l`1G~. ANR .~94~N. ~S~RG~A~~ox . . . . . .
. . . . . . . . . . . . . . . . . . . . . . (hcrein "Lcndcr') and covcring thc P~opcny dcscribcd in the sccurity instrumcnt -and
lacatcd at. ,,, 2400 SOUTH OCEAN BLVD. ~#7432, FORT PIERC,E~ _FLORIDA 33450 . .
(P~opeAy AOdnss)
Thc Prapcrty comprisc~ a unit in, togcthcr with an undividcd intcrest in thc cammon clcmcnts of, a condominium
CATAMARAN II
project known as ...............................................................................
lNsme o/ Condominium ProjetU
. . . . . . . . . . . . . . . . (hcrcin "Candominium Projcct").
CONDO\tIN1Ul1t COYENANTS. Ifl addition to the covenants and agrecments made in the security instrument,
~orrowcr and Lcndrr funhcr covcnant and agrec as fallows: - ~
A. Acsecsmentc. Borrower shall promptly pay, when duc. all assessments imposed bp the Owncrs Assaciation
ar othrr go~•crning bocfy of thc Condominium Project (hcrein "Ownen Assceiation") pursuant to the provisions of thc
declaration. hy-laws, ccxle of rcgulations ar other constitucnt dc~cument of the Condominium Project.
B. 1lazard Insurance. S~i long as the Owners Association maintains a"master" or "blanket" policy on the
Condominium Project w~hich pmvides insurancc covcrage against fire. hazards included within the term "extended
coverage: ' and such other hazards as Lender may rcquire, and in such amounts and for such periods as Lender may
rcquirc, then:
(i) Lender waives the provision in Uniform eovenant 2 for ihe monthly payment to l.ender of one=twelfth
ot thc prcmium installmcnts for hazard insurancc on thc Propcrty;
(ii) Borrower's obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the
Propcrty ic dccmcd satisficd: and
(iii) the pravisions in Uniform Covenant S rcgarding application of hazard insurance proceeds shall bc
superseded b~~ an~• provisions of the declaration,~ by-laws, code of regulations or other constituent document of the
Cond~~minium Project or of applicable law to the extent necessary to avoid.a conflict between such provisions ancl
thc pm.~isions of Uniform Covenant 5. For any period of time during which such hazard insurance coverage is not
m•rintaincd, thc immediately prcceding sentence shall be deemed to have no force or effect. Borrower shall give
Lender prompt notice of any lapse in such hazard insurance corerage.
In thc cvcnt of a distribution of hazard insurance prc~ceeds in lieu of restoration or repair following a loss to
thc Propcrty, whether to the unit or to cc~mmon elemcnts, any such procecds payable to Borrower are hereby assigned
and sh:~ll be p:~id to l.ender for application to the sums secured by the securit~ instrument, with the excess, if any.
paid to Borrowcr.
C. Lendcr's Prior Consent. Borrower ~halt not, except a[tcr notice to Lender and with Lcnder's prior written
consent, partiti~m or subdivide the Property or consent to:
(i) thc abandonment or terminatiore of the Condominium Project, except for abandonment or termination
pro~~ided by law• in the case of cubstantial destruction by fire or othcr casualty~ or in the case of a taking by condemnation
or cmincnt domain:
(ii) am material amcndment to thc declaration, by-laws or code of regulations of the O~vners Association.
or equi~~alent c~mstitu~nt dc~cument of thc Condominium Project. including. but not limited to, any amendment which
vrould change the percentage interests of thc unit ownen in the Condominium Project; or
(iii) the effectuation ~if an~ ~decision by the Owners Association to terminate professional management and
assumc sclf-managcmcnt af thc Condominium Projcct.
D. Reme~lies. Ii Borrower breaches Borrower's covenants and s~greemeats hereunder, including the rnvenant
to pa~• when due condominium assessmenls~ then I.ender may iavoke anv rcmedies pmvided u~der !he security
imtrumcnl. inclndinR, but not limitcd to, Ihose provided under Uniform Corenant 7.
]N WITNESS ~V}~EREOF, Borrowrr ha~ cxrcuted this Condominium Ridcr.
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CONDOMINIUM RIDER-1 fo 4 Familr-6/)5-FNAiIAIFNLMC UNIiONM INSTRUMENT
BOOK 346 P~~~ 2721
198i J.;'~ 16 A;~; ;-~ 24
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