HomeMy WebLinkAbout0940...,L CONDQMINIUM RIDER
T~ii~ Co~oot-t~~iuH RioeR is madc this.~ . . . ~~. ~. . . . . . . . . .day of. . ~ . . . . . . . .. . . . . . . .,
19 ~/. and is incorporated into and shali br decmed to amcnd and supplemcnt a Mongage. D~~ed ot • rust or Dced
ta Secu~e Dcbt (herein "security instrumenC') datcd of evcn date henwith. given by the undersigned (hercin
••earrowcr'•) to cccurc IIorrowcr's Notc to..S~~~Y~~.~F~~~AI..&~lY~@~S. ANR.L9AN. AS~QGI4IT~~N ......
. . . . . . . . . . . . . . . . . . . . . . (herein "Lender") and covering the Property dcscribed in the sccurity instrumcnt and
located at. . , , . . 4800 SOUTH A-1-A, •?_03, JENSEN AEACH, . P'LORIDA 3~457 _ _ . .
(Prow~ty Addnss)
The Propcny comprises a unit in, to~ether with an undivided interest in the common elements of. a condominium
ISLAND AEACH CLUB
projcct kn~~wn as ..............................................................................
(N~m! 01 COndOmi~ium Prolltl)
. . . . . . . . . . . . . . . . (hcrcin "Condominium Project").
CO:vDO~1~NIUM CovENANTS. In addition to the cavcnants and agrecments madc in the sccurity instrument,
Borrowrr and Lendcr further covcnant and agrec as follows:
A. Acsessments. Barrower shall pramptly pay, when due. all assessments imposed by the Owners Association
or othrr go.•c~ning body of thc Condominium Project (herein "Ownerc Association") pursuant to the provisions af thc
declaration, b~-laws, code of regulations or other constituent document of the Condominium Project.
B. Hazard Insurance. S~~ lang as the Owners Association maintains a"master" or "blanket" policy on the
Conduminium Project which pmvides insurance coverage against fire. hazards included within the term "extended
coveragc: ' and such other hazarJs as Lender may rcquire, and in such amounts and for such periods as [.ender may
requirc, thcn:
(i) Lender waives the provision in Uniform Covenant 2 for thc monthly payment to [.ender of one-twelfth
of the prcmium installmcnts for hazard insurance on the Property;
(ii) Borrower's obligation under Uniform Covenant S to maintain hazard insurance coverage on thc
Propcny i~ dccmcd satisficd; and
(iiil the pro~~isions in Uniform Coveoant S rceardin¢ apolication of hazard insurance proceeds shall t~c
supcrscded b~~ any provisions of the declaration, by-laws, code of regulations or other constituent document of thc
Condominium Projcct or of applicable law to the extent necessary to avoid a conflict between such provisions anil
the pro~•isions of Uniform Covrnant S. For any period of time during which such hazard insurance coverage is not
maintaincd, thc immcdiately prcceding sentcnce shall be deemed to have no force or effect. Borrower shall givc
Lender prompt notice of any lapse in such hazard insurance co~erage.
In thc evcnt of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to --
the Property, whethc~ to the unit or to common elements. any such procecds payable to Bonower are hereby assigned
and shall be paid to Lender for application to the sums secured by the securicy instrnment, with the excess, if any~.
paid tu Borr~vrcr.
C. Lender s Prior Consent. Borrower ~hall not, except after notice to Lender and with L.ender's prior w~ritten
conscnt, partiti~-n or subdivide the Property or consent to:
(i) the abandanment or termination of the Condominium Project, except for abandonment or termination
provided by law• in the case of cubstantial dcstruction by fire or other casualty or in the case of a taking by condemnation
ur cmincnt domain;
(ii) an~~ material amendment to the declaration, by-laws or code of regulations of the Owners Association.
~~r equivalent cc~nstituent dc~cument of the Condominium Project, including, but not limited to, any amendment which
would change thc perccntagc interests of the unit owners in the Condominium Project; or
(iii) the effectuation uf any decision b~ the Owners Association to terminate professional management and
assumc self-managcmcnt c~f thc Condominium Projcct. -
D. Reme~lies. If Borrower breaches Bomower's covenants and agreemeofs 6ereunder, including the covenant
Io par• when due condominium assessments. then Lender may invoke any remedies pmrided under the secority
imtrument, incl~~dinR. but not limited to, those provided under LJnifonu Covenant 7.
]Y WITNESS WNFREOF. Borrowcr hac cxccutcd this Candominium Ridcr.
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CONOOMINIUM RIDER-1tolFsmdr-6J15-FNYAIFNLMC UNIiONM INSTRUMENT
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