HomeMy WebLinkAbout0552~ COND~MINIUM RIDER
' Thirteenth March
THis CoNOOtNit~tukt RioER is made this. .' . . . . . . . . . . . . . . . . . . . . . . . .day ot. . . . . . . . . . . . . . . . . . . . . . . . . .,
19. 8.1, and is incorporated into and shall be deemed to amend and supplement a Mortgage, Deed of Tnut or Deed
to Secure Dcbt (herein "security instrument") dated of even date herewith, given by the undetsigned (herein
"Borrowcr") to secure Borrower's Note to, .~~S~YN~ .~~D~~ .~AY~~S. A~1~.~4AN. AS~QG~~~~oK . . . .. .
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.~nerein LCIIQC[ J af1U CUYCIIII~ UIC flV~7Gtty Yw~:iiiivu iii ~i^. ~:~.uiii~ iii:ai'~i„~~"::: o.:::
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located at _ . . . . . . .~~00. SOIITH A1 A. #. ?O9, . JF.NSEN .P.F.ACH.,. FLORIDA, 3~U57, , , , , , , , , , , , , , , , , , , , , , ,,
. . . . . . . . . . . . . . . . . . . . . . .lPropMfY Addnss)
Thc Property comprises a unit in, togethcr with an undivided intcrest in thc common clcments of. a condominium
project kn~wn as. . . . . . . ,ISLAND BEA('H CLUA COTIDOMINIUM . _ _ _ _ _ _ _ _ _ _ _ _ _
(Name o/ Condomi~ium Proi~ct)
. . . . . . . . . . . . . . . . (herein "Condominium Project"). ~
CONDOMINIUM CO~ENANTS. ~Il addition to the covenanu and agreements made in the security instrument,
Borrower and Lendcr further covenant and agree as follows:
A. Assessmeats. Borrower shall promptly pay, when due. all assessments imposed by the OwnerS Association
or other governing body of the Condominium Project (herein "Ownecs Association") pursuant to the provisions of the
declaration, by-Eaws, code of regulations ~r other constituent document of the Condominium Project.
B. H:zard Insurance. So long as the Owners Association maintains a"master' or "blanket" policy on the
Condominium Projcct which provides insurance coverage against fire. hazards included within the term "extended
coverage," and such other hazards as Lender may require, and in such amounts and for such periods as I.ender may
re5uire. then:
(i) Lender waives the provision in Uniform Covenant 2 for the monthiy payment to L.ender of one-twelfth
of the premium installmenis for hazard insurancc on ihe Property;
(ii) Borrower's obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the
Property is decmcd satisfied; and
(iiil the provisions in Uniform Covenant 5 rcgarding application of hazard insurance proceeds shall t~c
superseded b~~ any provisions of the declaration, by-iav-s, code of regulations or other constituent document of the
Condominium Project or of app~icablc law to the extent necessary to avaid a conflict between such provisions and
..... .,.,,..:~:,...~ ,.r ~r~;r~..,, ('~yrnant S Fr,r a~v nericxi of time durine which such hazard insurance coverage is not
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maintaincd, thc immedately prcceding sentencc shall be deemed to have no force or efiect. Borrower shall givc
l.ender prompt notice of any lapse in such hazard insurance coverage.
In thc cvcnt of a distribution of h~zard irzsurance proceeds in lieu of restoration or repair following a lass to
the Property, v-hether to the unit or to cc~mmon elements, any such procecds payable to Borrower are hereby assigned
and shall be p:+id to Lender for application to the sums secured by the security instrument, with the excess, if any.
paid tu Barrowcr.
C. l.ender's Prior Consent. Borrower ~hall not, except after notice to Lender and with l.ender's prior written
consent, rartiti<~n or subdivide the Property or consent to:
(i) the abandanment or termination of the Condominium Project, except for abandonment or termin:.tion
provided by law~ in the case of ~ubstantial dcstruction h•~ fire or othcr casualty or in the case of a taking by conden:ilatii,.^.
or cmincnt domain;
(ii) anp material amendment to the deciaration, by-laws or code of regulations of the Owners Association,
nr equivalent c~mstitucnt document of thc Condominium Project, including, but not limited to, any amendment which
would change the percentage interests of the unit nwners in the Condominium Project; or
(iii) the ef~ectuation of any decision by the Owners Association to terminate professional management and
assumc seif-management of the Condominium Project_
D. Remedies. If Borrower breaches Borrower's covenants and agreemenfs 6ereunder, iocluding the corenant
to pa~ when due condominium assessments, then Lender may iovoke any remedies provided nnder ti~e security
instrument. includinR, bul not limited to, fhose provided under Uniform Coveosnt 7.
IN WITNESS WHEREOF, Borrower haa exrcuted this Conc~ominium Rider.
IV~ F.F L'~t,
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R ~ ~~1~ ~ -
JOH"J~ I~GI!~iS,'~~i7RMAN UF$°I~'O~ARD
-Barower
-Borrower • -BOf°~"~~
-Borrower ~~~~3~ -Borrower
~~I ~~~~ 2~ i`:: i2= 7~
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