HomeMy WebLinkAbout2462CONDOMINIUM RIDER
~~
..
THISCONDOININIUM RIDER IS f113dC lllli. . . . . . ~. . .- . . . . . . . . . . . . .day of. March . , . . _ . . . . . . . .
19.$1 ., and is incorporated into and shall bc dccmcd to amend and supplemcnt a Mongage. Deed ot Trust or Deed
to Sccure Dcbt (hcrcin "securit~ instrumcnC') dated of cven datc herewith, given by thc undersigned (herein
"8arrovrcr") to sccure Borrowcr's Note to FIRST.NATIONAL ,BANK, b. TRUST, ~O~IP~NY, ,Q~, $~'~l/\R'~, .$~~,~~-t
Florida, , , , , , , , , , , , , , (hercin "I.ender") and covering thc Property describcd in the securitr instrument and
, ~~_•.t. c,,.;*~ A 1 A .Tpn~vn , Reach~ .Flor~da. . .3.~457. . . . ..
Il~-Y\~.U a\. . .. . . tirr: .~. : .-. . . :' . . . . . . . . . . . . . . . . . . .. . . . .. . .
(Wop~Ry Address)
Th. Propcrt~~ comprises a unit in, togethcr with an undivided intcrest in thc common elements of. a condaminium
pr~~ject kno~~•n as. . .SNND. DO? LAR VILLAS CONDOMINIUM .E . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
• (Namt ol COndom~n~um P~o~ett)
. . . . . . . . . . . . . . . . (hcrein "Condominium Projcct").
Co~oo~tt~~urt Co~•EN~~.TS. In addition to the covrnants and agreements made in the security instrument.
BnrroWrr and Lendcr furthcr co~~cnant and agrcc as follows: '
~. Assessmenls. Bor~ov-er shall promptl~~ pay, when duc, all assessments impased b~~ the OwnerS Association
or othcr ~o~•erning bod~~ of the Condominium Project (herein "Owncrs Asso~iation") pursuant to the pro~isions of thc
declaration, by-laws, cnde of regulatians a~ other constituent document of the Condominium Project.
B. Hazard Insurance. Sc~ long as the Owners Association maintains a"master" or "blanket" policy on the
Condominium Project which provides insurance coverage against fire, hazards included within the term "extended
co.~er:~ge;' anci suc~i vther t~~~a~d~ a~ Lt~:#~r r~ay require, and in such amounts and for such periods as Lender ma~•
require. then:
(i) Lender waives thc provision in Uniform Covenant 2 for the monthly pa~'ment to Lender of one-tv-elfth
of thc premium installmcnts for hazard insurancc on the Property;
(ii) Borrower's obligation undc~ Uniform Covenant S to maintain hazard insurance coverage on the
Propertp is deemed satisfied; and
(iii) the pro.isions in Unifarm Covenant 5 regarding applicat~on of hazard insurance proceeds shall be
supcrsedcd b~• an~~ pra~•isions of thc declaratian, by-laws, code of regulations or othcr constituent document of the
Cenduminium Project or of applicable lavr to the extent necessar~ to a~~oid a conflict between such provisions and
thz pro~•isions of llniform Covcnant 5. For any period of time during w•hich such hazarci insurance coverage is not
maintained, the immediatel~~ precedins sentence shall be deemed to have na farce ar effect_ Borrower shall gi~•c
Lender prompt notice of an~~ lapse in such hazard insurance coverage.
ln the event of a distribution of hazard insurance proceeds ~n lieu oi res~~~at~or~ o~ ~eNa~. .:,l::,~:~~~c a~:.~ :~
the Propert~•, w•hether to the unit or to common elcments, any such proceeds pa~able to 8orrower are hereby assigned
and shall be paid to Lender for application ta the sums secured by the securit}• instrument, with the excess, if an~~.
paid to Borrawer. - •
C. Lender's Prior Consent. Borrow•er shall not, except attcr notice to Lender and with l.cnder's prior v-~rittcn
consent, partition or subdivide the Praperty or conunt to:
(i) the abandonment or termination of the Condominium Project, except for abandonment or termination
pro~•ided by law in the case of substantial dcstruction by fire or other casualt~ or in the case of a taking by condemnation
or eminent domain;
(ii) any material amendment to the declaration, by-laws or code of regulations of the Owners Association,
or equi~~alcnt constitucnt document of the Condominium Project, including, but not limited to, any amendmcnt v-hich
w•ould change the percentage interests of the unit owners in the Condominium Project; or
(iii) the effectuation of any dccision by the Owners Association to terminate professional management and
assume self-management of the Condominium Project.
D. Remedies. If Borrower brcaches Borrower's coveaanls and agrcements 6ereunder, including the covenant
to pa~~ w~hen due condominium assessments, then Lender may invoke any remedies provided under the security
insfrument, including. but not limited to, lhou provid~d under Unitorm Covenaat 7.
I~f WITNESS WHEREOF, Borrow~r has exccuted this Condominium Rider.
L O R . -eorrowe.
-Borrowe-
5+zU6~4
1981 NJlR 17 Ph' 12~ 36
F11E0 e~C s: CORiT(p
CONOOMIMIUM RIDER -1 to 4 f~mily-6175-iNMAIfNIMt UNIFO~M IIfSTRUMENT S rCGF~ ~pj; j~~s'~•
- '__~LCFK CI.?l'bl! ~~i~~
- . .,-~~. ,.
~~ x350 ~~~~~60