HomeMy WebLinkAbout0541~ CONDO;ViINIUM RIDER
T~u.('o~~x~~u~iv~~ R~nt:R is mad~ thi~, x - - . . . . . . ~ ~ . . . . . . . .day ot. . . ~~R.l.'t!4 . . . . . . . . . . . . ..
19,~./., an~i is incorporatcd into and .hal) tk dcrmcd ti~ amrnd and supplemcnt a Mortgage, [hed ot Trust or Dced
tu Secure Debt (herein "security instrument"1 dated of even date herrwith, given by ~he undersigned (he:cin
..F3orr~~~•cr") t~~ s~curr Borrowcr's Notc ta. . BI$CAYNF ,FED~It~I~ .SAVINGS. I~il . ~.Q~1N. ~1SSQ~~A~~0~1 . . . . . .
. . . . . . . . . . . . . . . . . . . . . . (hcrcin "LcnJe~') and covcrinF thc Propcrty dcscribrd in the s~curity instrumcnt and
locatc~i at. . . . . ..°g00 .SOU'!'H. A-,1-A, .l~;i0~.~. :TM.P#SRh. R~A~H, ,FiAAT!?4 _3"~~i~? ... . . ... .. . . .. ... .. . ..
' . (Property AdCress)
Thc PmFx rt}~ compriscs a unit ~n, toccthrr with an undividcJ intrrest in th~ rommon ctcmcnts of, a rnnd~minium
T~i.A'dD T~FprT! rLt1T~
projcct kn~~w•n as ..............................................................................
(tlame o/ Condom~mum Pro~e~q
. . . . . . . . . . . . . . . . ( hrrcin "Cundominium Projcct" ) _
Co`nci~ti~ttr~t Co~'C.N~NTS. I11 addition ro thc covcnants and agrccmcnts madc in thc sccurity instrument,
Borrow•cr and Lcndc~ furthcr covcnant and agrec as follows:
A. Acsessments. Borrowcr shall promptly pay, when due, all assessments impc~sed b~~ the Owaers Association
or othcr g~~~erning hod~• of thr Condominium Project (herein "Owners Association"? pursuant ta the provisions ~( thc
dcclaration. b}~-1.~~~•s, ccxlc of rcgulaticros or othcr constitucnt ciocumcnt af 1hc Condominium Project.
I3. flazard fnsurance. S~~ long as the Owncrs Association maintains a"master" or "blanket" polic~~ on the
Conduminium Pruject K~hich pravides insurance coverage against fire, hazards included within the tcrm "extended
rn~~cr;~gc." an~f s~ch ather hazards as Lendcr may require, and in such amounts and for such periocis as Lender may
requirr, thcn:
(i) Lcndcr ~vai~~es the pro~~ision in Uniform Covenant 2 for the monthl~• pa~~ment to Lender of one-twelfth
of thc prcmium installmcnts for hazard insuranct an thc Propcrt~; ~
(ii) Rorrower's oblication under Uniform Co~~enant 5 to maintain hazard insurance coverage on the
Propert~~ i~ d:cmcd satisfird: and
(iii) the pre-~~+sions in Uniform Covenant 5 regardine application of hazard insurance proceeds shall be
suprrsrded b~ an~~ pro~~isi~ns of the declaration, b}~-laws, ccxie of regulations or other constituent document af thc
Cc~nd~~minium Pr~~ject or of applicable law• to the extent nececsary to avoid a conflict betw~een such provisions ancl
thc prrn~isions ~~f Un~torm C:ovcnant S_ t-or any pericxi of timc during Nnicn Su~~ i~azar~ u~~uiaii~e iu~e-agc is +~.'~i
maintained, thr immediatel}• preceding sentence shall be deemed to have no force or eBect. Borrower shall gi~~c
Lcnder prompt noticc of an~ lapsc in such hazard insurancc co~~cragc.
In thc rvent of a distrihution of hazard insurance procceds in licu of restoration or repair following a loss to
thc Pruperh~, whether to the unit or to c~~mmon elements, an}~ such proceeds payable to Borrow~er are hereby assigncd
and shall be paid tc~ Lender for applicatiun to the sums secured by the securit~• instrument, w~ith the excess, if am~.
paid tu Bc~rr~a~cr.
C. Lcndc~ s Prior Consent. Borrowrr ~hall not, c~cept a[tcr noticc te Lender and with Lcader's prior w~riucn
con~cnt. Partitiun or subdivi~le the Pro~xrh• or consent to:
(i) the abandcmment or termination of the Condominium Project, except for abandonment or termination
pmvid~c~ by IaN~ in th~ casc of wbstantial dcstruction b~• fire or othcr casualt~~ or in thc casc of a taking b~~ cond~rnnatirni
~ir cmincnt d~~main;
(ii) .~n; materi~l amcndment ro the declaration, by-law~s or cocle of regulations of the Owners Association.
<~r cyui:~alcn! c~~nstiturnt dc~cumcnt of thc Conduminium Projcct, including, but not limitcd to: any amendmcnt vrhich
w~c~ul~1 rh~nEC th~ percrntaec intrrests of thr ~nit ow~ners in the Cond~~minium Project; or
(iii) thr effectuati<~n uf any~ dcri~ion b}~ the O~~ners Association to terminate professional management and
a~sumc sclf-manasrmcnt ~~f thc Conduminium Projcct.
D. Reme~lics. Ii Sorrow•er breachec Borrower's covenants and agreeme~ts hereunder, including the covenant
to pa} when dne condominium assessmcnts. then Lender may im•oke an}~ remedies pro~•ided under the securit~~
in~trumcnt, iaclndinR. but nol limited to, those provided 6nder lJniform Covenant 7.
ly ~ViTtits~ WH[REOF. BOffOwcr hat cxrcuted this Canduminium Ridcr.
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-Borrower -Borrower
CONDOMINIUM RIDER-1 to 4 Fam~ly-6!75-FNMA/FHLMC UNIFORM INSTRUMfNT
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