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Home My WebLink About2219CONDOMlNIUM RIDER THIS CONDIMINIUM RIOER is made this ' ~a r~ ~ day of December , 1980 , and is incorporated into and shall be deemed to amend and supplement a Mortgage. Deed ot T~ust or Deed to Secure Debt (he-ein "securily instrumenC7 dated ot even date herewith, given by the undersigned (herein "Borrower7 to secure Borrowers Note to Flrst Federsl Savln~s snd Loan Associatlon oi Ma~tin County~here~n ~~ t_ender'1 and cover~ng the Property descnbed in the securiry instrument and located at 9800 South AlA, Hutchinson Island, Jensen Beach, Florida 33457 The Property comprises a unit in, logether with an undivided interest in the common elements ot, a condominium project know as ~ ISLAND BEACH CLUB (herein "Condominium Project") CONOOMI NIUM COVENANTS. In addition to the covenants and agreements made in fhe security instrumenl. Bor- rower and lender further covenant and agree as follows: A. Ass~ssm~nts. Borrower shall promptly pay, when due, all assessments imposed by the Owners Association or other governing body ot the Condominium Project (herein "Owners Asso :~ation") pursuant to the provisions of the declara- tion, by-laws, code of regulations or other constituent document of the Condominium Pro~ect. ' B. Huard Inwranc~. So long as the Owners Associat~on maintains a"master' or'~blanket" policy on the Condo- minium Project which provides insurancecoverageagainst tire, hazards included within the term"extended coverage;' and such other hazards as Lender may require, and in such amounts and for such periods as Lender may require, then: () Lender waives the provision in Uniform Covenant 2 for the monlhly payment to Lender of one-iwetflh of the premium instatlments for hazard insurance on the Property. (i) Borrowers obligation under Uniform Covenant 5 to ma~nta~n hazard insu~ance coverage on the Property is deemed sat~st~ed; and ~ (ii) th~provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds shall be super- seded byany provisions of the dectaration, by-1aws, code ot reg~lations orolherconstituent document bt the Condomirnum Pro~ect or of appticable law to the extent necessary to avo~d contlict between such provisions and the~provisions of Uniform Covenant 5. For any period ot time during which such hazard insurance coverage is not maintained, the immediatety preced- ing sentence shall be deemed to have no force or effect Borrower shall gwe Lender prompt notice of any tapse ~n such hazard insurance coverage. In the event of a distribution ot hazard insurance proceeds in I~eu of restoration or repair following a toss to the Proper- ty, whether to the unit or to common elements, any such proceeds payable to Borrowe+ are hereby assigned and shall be pa~d to Lender for application to the sums secured by the s~curiry instrument, w~th the excess, it any, paid to Borrower. C. l.~ndars Prlor Conssnt. Bor~ower shall no!, except after notice to Lender and wlth Lenders pnor written con- sent, pahition or subdivide the Property or consent to: ~ () the abandonment or termination ot the Condominium P~o~ect, except for abandonment or termination provided by law in the case of substantial deslructron by i~re or other casualty or ~n ihe case of taking by condemnation or eminent domain: (i) any material amendment to the declaration, by-taws or code of regulat~ons ot the Owners Assoc~ation, or equ~vatent const~tuent document oi the Condominium Project, includ~ng, but not I~m~ted to, any amendment which would change the percentage interests of the unit owners in the Condominium Pro~ect; or (ii~) the efiectuation ot any decision by the Owners Association to terminate proiessionaf management and assume self-management ot the Condominium Project. D. R~msdles. If BoROVwr breaches Borrowsrs cov~nants and a9reements hsr~under,. including ths covenantto pay when dus condominlum assessm~nts, then l.~nd~r ni~y Invok~. any romedles providsd underths sscurlty Instrument, includtn~, but not Ilmited to~ thos~ provlded und~r Unfform Covsnant 7. IN WITNESS WHEREOF. Borrower has executed this Condominium R~der. ~ ~, f' 1/;~ ~ ~lti ~`~~~ ~tCtiuc-;1~ ti.i_c ~. 'c~.-v ~-t..0-~--C i~OCdALD J. M L LEONARD SEY~MOUR BARAHL _ • ` ~ ~ - ~// " ' ~_-. ,7UL E A. MOLL 51549~ ~~~ ~1'~ - ~ Cz~~ ~L Z'~-M . ~A~A~, 1981 f~~; -2 ~-~'. ~ S4 rlLEC Rhl F:C~:f'Jii ST.LUCIE CCi1ti7Y.FIN fZUGER PUI i RA~ CL~PK CI~C~JtT ~r~tlRi~ ~ , ~• • . , ~ ~ . ,7~/ CONDOMINIUM RIDER- 1 to4 Farr~dy- 6/75 - FNMA/FHLMC UNIFORM lNSTRUMENT ~ ..~ _ - ~:~~~~~.~.~ . _ Y RORROWER BORROWER BORROWER BORROWER ~~~ 347 p~~~~1~3 _~~~:~~ ~