HomeMy WebLinkAbout1141CONDUiViINIUM RIDER
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Tt~is CoNOOr~iNiv~t R~aeR is madc this. . . . . . . . . . . . . . . . . . .day o( . . . . . . . . . . . . . . . . . . . . . . . . . ..
19. 81., and is incorporatcd into-and shall bc dcrmcd to amend and supplemcnt a Mart~age, Deed of Trust o~ Deed
to Sccure Dcbt (h~rcin "securit~ instr~mcnt") datcd ai cvcn datc herewith, gi~en by thc undcnigned (hcrein
"Bo~mK•cr") to sccure Borrawcr's Notc to. FIRST NATIONAI.. BANK _ tr. TRUST _C~*tPANY, (?F ,$'('~JA~tT,,_ ...._.
S[u~~rt, .Florida _.,,.(herein "Lender") and covering the Prop:rt~• des;ribc~ in the security instrumcat and
lo:ated at. I_ot. _139, . Venture Out,. AlA; .Jensen Beach? . Florida .. 33457 .
(PrOpt-ty Addressl '
Th: Propert~~ comprises a unit in, to ether w•ith an undi~•ided intrrest in thr c~~mmon elcments o[, a condomir.ium
pmj:ct kn~~~~n as. VEI~TURE OI~T A~ ST. LUCIE, INC. ,
........... .... . ......................
(Nsme of ConOOm~n~um Pro~ecl2
. . . . . . . . . . . . . . . . ( hcrein "Condominium Projcct" ).
Co~no~t~ti~u~t CO~'t ti~NTS. In ad~lition tr the co~~~nants and agre~mcnts madc in the security inurument.
Borrowcr and Lendcr furthcr co~~cnant anci :~grcr as follews:
:~. :~ssessments. Borrow~cr shall prumptl~ ps~•, w~he~~ due, all acs.stments imposed h~ the Ouners Assckia:ion
or oth~r go~~erning bod~~ of th~ Condominium Pr~~Ject Ihcrein "Owner~ Associa!i~m") pursuant to the pro~~i~ions of the
de;laration, b}~-law~s, rnde ~t regulatians or other con~tiwent document of the Condominium Project.
B. Nazard Insura~ce. Sc~ lon~ as the Owners Assaciation maintains a"master" or "blar.ket" policy~ on the
Condominium Pmject which pro~~ides insurance co~~erage against fire, hazards included w~ithin the term "extended
co~~crace." and such other hazard~ ac Lendrr mat~ rcquire, and in such am~unts and for such periods as Len~er ma}
require, then:
(i) Lender w~ai~~es the pr~visior. in Uniform Covenant 2 for the monthl~~ pa~men! to Lender of one-tv-~clfth
of the premium installmcnts for hazard insurance on thc Property;
(ii) Borrower's obligation under Uniform Covenant 5 to maintajn hazard insurance coverage on thc
Propert~• is deemed satisficd; and '
(iii) the pro~•isions in Uniform Co~~enant 5 recarding appLcation of hazard insurance proceeds shall be
su~rseded b~ an~ prc~~~isions of the declaration, b}~-laws, ccxie of regulati~ns or other constituent document of the
Conduminium Project or of a~pplicable (a~• to the extent necessary to a~•oid a conflict bet~•een wch provisions anct
thr pro~~isions of l'nif~rm Co~~~nsnt S. Far any ~ricxi of time during uhich such hazard insurance eoverage is not
maintaincd, the immediatel~ preceding sentence shal) be deemed ta ha~•e no fc~rce or ef~ect. Borrower sh~ll Fi~~c
Lender prampt notice of an~ lapse in such harard in~urance coverage.
In the event oE a distributi,~n of hazard insurancc proceeds in li~u of restoration or rcpair following a loss to
the Propert~, khether to the unit ~r tu common elcments, any such proceeds pa}~ahle te Borrow~cr are hereb~• assigned
a~d shall be paid ta Lender for app:ication to the sums secured by the securit}~ instrument, with the excess, if an~.
paid to Borrower.
C. Lender's Prior Consent. Borrow~cr shall not, except after notice to Lendcr and w•ith Lender's prior u rittcn
consent, partition or subdi~~ide the Propert}~ or consent to:
(i) the abandonment or termination of thc Condominium P:oject, cxcept for abandonment or terminati~n
pro~~ided by law~ in the case of substantial d~structi~n by~ fire er other casualt}~ or in the casc of a taking b~• condemnation
or emincnt domain;
(ii) an~~ material amcndment to the declaration, by-laws or code of regulati~:ns of the Oµ~ners Association.
or equi~•alcnt constiwent documrnt of the C~mdominium Proje~t, incsuding, but not limited to, an} amendment which
would change the percenta~: i~terests of the unit owners in the Condominium Project; ~r
(iii) the efiectuation of any~ decision by the Owners Associa.ion to terminate professional managem:nt an~
assume self-management of the Condominium Praject.
D. Remedies. If Borrow~er breaches Borrowe~'s covenants and agrcements hereunder~ including the covenant
lo pa~ when due condominium assessments, then Lender may in}oke em• rcmedies provided under the securit~
instrument~ including, but not limited to~ Ihose provided under Unitorm Covenant 7.
1~ WIT~F55 WHEREOF, Borrowcr has cxccuted this Condominium Ridcr.
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