HomeMy WebLinkAbout1188CONDOMINIUM RIDER
March
~~11S CONDOMINIUM RIDER IS I118dC thls . . . . . . .~ / . . . . . . . . . . . . . . . . . . day of . . . . . . . . . . . . . . . . . . . . . . . . . . ~
19. ..., and is incorporatcd into and shall bc dcrmcd to amcnd and supplemcnt a Mortgage. Deed of Trust or Dced
to Sccure Dcbt (he~cin "securit~ inst~umcnt") dated ot cven ~datc hercwith, given by thc undersigned (herein
"8orrou•c~") to sccure Borrowcr's Note to. FIRST NATIONAL BANK ~ TRUST COMPANY OF _STUART.,. ._...
Stuart, Florida , tfiercin "Lendet'j and coveri-ng the Prop~;n~ deicritxd in the securitr instrumtnt and
Ic+rated at. 31UU~ Pruitt Road, Port St. Lucie, Florida 33452 ,. .
(PropNty Ada-~ss)
Thc Propert~• comp~ises a unit in, together with an undivided intcrest in tl~c common clements ot. a condominium
pr.~jcct kno~en as. . TARPON. BAY. YACHT _ CLUB CONDOMINIUM .B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
....... ... ....... ............ .. .
(N~mc o1 ConGOm,n~um pro~ccll
. . . . . . . . . . . . . . . . (hcrrin "Condominium ProjccC').
Co~no~t~w~ut~t Co~'EN~t~TS. In adJition to the cavcnants and agrerments made in the security instrument.
Borrow~cr and Lendcr furthcr corcnant anJ agrcc as fallows:
~. ~ssessments. Borrov-•cr shall promptl~• psy, whcn duc, all asscssmcnts imposed b~• the Owncr~ Assaciation
or ath~r go~•erning body of thc Condominium Praject (herein "Owncrs Association") pursuant to the provisions of thc
declaration. by-lav-s, ec~de of regulations or other constituent document of thc Condominium Project.
B. Hazard Insurance. So long as the Owners Association maintains a"master" or "blanket" pnticy on the
Condominium Project w~hich provides insurance coverage against fire. hazards included within the term "extended
co~•er:~ge; ' and such other hazards as Lender may require. and in sucb amounts and for such periods as Lender ma~•
require, then:
(i) Lender waives the provision in Uniform Covenant 2[or the monthly pa~~ment to Lender of one-tw•elfth _
of the premium installmcnts for hazard insurancc on the Property;
(ii) Borrower's obligation under Uniform Covenant S to maintain hazard insurance coverage on thc
Propert~~ is deemed satisfied: and
(iii) the pro~isions in Uniform Covenant 5 regarding application of hazard insurance proceeds shall be
superseded b~~ an~• pro~•isions of thc declaration, by-laws, code of regulations or othcr- constituent document of the
C~ndominium Project or of applicable law• to the extent necessary to avoid a conflict between such provisions and
the pro~•isions of l.'niform Cov~nant S. For any period of time during v~•hich such hazard insurance coverage is not
maintained, the immediatel~~ preceding sentence shall be decmed to have no force or efiect. Borrower shall gi~•r
Lender prompt notice of any lapse in such hazard insurance caverage_
In the event of a distribution of hazard insura~ce proceeds in lieu of restoration or repair following a loss to
the Propcrt~~, vvhethcr to thc unit or to common clcments, any such prnceeds pa~able to Borrower are hcreby assi~ncd
and shall be paid to Lender for application to the sums serured b~ the securit~• instrument, with thc excess, if an~-.
paid to Borrower.
C. Lender's Prior Consent. Borrow~er shall not, except after notice to Lender and v-~ith L.ender's prior w~ritten
consent, partition or subdi~~ide the Property or consent to:
(i) the abandonment or tcrmination of the Candominium Project, except for abandonment or_ termination
pro~•ided by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation
or emincnt domain;
(ii) any matcrial amendmcnt to the declaration, by-laws or code of regulations of the Owncrs Association.
or equi~~aicnt constitucnt document of the Con~+ominium Project, including, but not limited to, an}• amendmcnt w•hich
w•ould change the percentage interests of the unit owners in the Condominium Project; or
(iii) the effectuation of any decision by the Owners Association to terminate professional management and
assume self-management of the Condominium Project.
D. Remedies. If Borrower brcacbes Borrower's covenants and agreements 6enunder* including the covenant
to pa~~ when due condominium assessments, then Lender may invoke sny rcmedies provid~d under the securit~-
insfrument, including, but not limited to, those provided nnder Unifonu Covenan! 7.
I` WITNESS WHEREOF. Borrower has executed this Condominium Ridcr.
lZc ~.~.~ ~}~~ ~i ~ ~~'
REBECCA M. ERNST -eo-.ow~.
'i~ ~~alS!!T =a~
-6orrowe.
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CONDOMINIUM RIOER -1 to 4 F~milr-6/75-FMMA/fNIMC UMtfORM INSTRUMEIIT ~LEi~K CIFCIII ~ COI.~t~
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