HomeMy WebLinkAbout1627CONDO?VIINIUM RIDER
, . ., `.I
t//U`- ` (L~~.Lt,~t-,~-,..,
T:IIS CONDOMINIUM RIDER !S R1alIC lhlti. . . . . . . • • • . ~~. T _ . . . . . . . .day o!. . . . .`~'~. . . . . . . .~ . . . .,
19$~. ., and is incorporated into and shall bc dcrmed tu amrnd and wpplem~nt a Mortgage, Deed of Trust br Deed
to Secure I?ebt ( hercin "securit~~ instrumcnt" ) dated of r~•en datc her~ with, given bt~ the undersigned (herein
"Borrowcr") to sccurc Borruw~r's Note to..~IRST..EEA.ERAt.. SAVINGS..ANIl .LDAN..ASS.OCIATI.U~I.
Q~ .~.~1~~, WQRTH_ _.__(hcrein "Lender") and cuvering the Prop~rty described in the security instrument and
located at. , 5155 State, Road AlA, , Fort P~~X~~,,_ F~qX~da, 33QSp . . . . . . . . . . . . . . . . . . . .
(Property Addressl
The Property comprisc~ a unit in. togeth~r w•ith an undivided interest in th~ common elcments of, a condominium
projrct known as. . QCEAN. HAR&~U~.CONIX1MItVIUM. C . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..
(Name of Condomin~um Project)
. . . . . . . . . . . . . . . . ( hcrcin "Cc~ndominium Proj~ct" ).
CONDOti11N1UAt COYENANTS. IIl addition to ~he co~•~nant. and agrecments made in the security instrument,
Borrow~r and Lendrr furthcr co~•cnant and agrcc as follows:
A. Assessments. Borrower sh~ll prumptl~~ pa~•, vvhcn due, all asscssmcnts imposed by the OwnerS Association
or othrr governing bociy of the Condominium Project (herein "Owners A~sociation") ~pursuant to the provisions of thc.
declaration, by-laws, c~xle of regulations or other constituent document of the Condominium Project.
B. Hazard Insurance. Sc~ long as thc Ow~ncrs Assc~ciation maintains a"master" or "blanket" policy on the
Condominium Project w~hich provides insurance a~~•crage ag~inst fire, haz~rds includcd within the ter~n "ex:ended
coverage," and such othrr hazards as Lcn~lrr ma}• rcyuirc, and in such amounts and for such periods as Lender may
require, then:
(i) Lender w°aives the provision in l?niform Co~~~nant 2 for the monthly~ pa~~ment to Lender of one-twelfth
of the premium installmcnts for hazard insurance c-n the Propert}~;
(ii) Borrower's obligation under lJnifurm Co~cnant 5 tc- ;naintain harard insurance coverage on the
Property is deemed satisfied: and
(iii) the pruvisions in Unifurm Cu~~cnant 5 FtYar~ing application of hazard insurance proceeds shall be
superseded b}~ an~~ pravisi~~ns of the dccl~ratic~n, b~-I~ws, ccxie of regulati~~ns or other constituent document of the
Condominium Project or of applicable law• to the e~tent necrssary tu a~•oid a conflict betw•een such provisions~ and
the provisions of Uniform Cov~nant 5. For am~ ~xriod of tim~ during which such hazard insurance covcrage is not
maintained, the immrdiatel~ preceding sentenc~ shall tx elrcmrd t~~ ha~~c n~~ f~~rce or eHect. Borrower shall give
Lender prompt notice of am lapse in su:-h hai~rcl in~eiraurc c~~~•era~~.
In the c~•ent ~~f a distributiun ~~f hatar~i insuranc~ pnx~e~ls in Iiru ~~f r~stvration or repair following a loss to
the Propert~-, w•hether te~ the unit ~-r t~+ a~mmc~n ciem~nt., am such pnx~eds pa~able to Borrower are hereb}' assigned
and shal~ be paid tu Lrnder f~r applicatiun t~- the wms secured M the securit~ instrument, with the exeess, if any,
paid to Borrow~cr.
C. Lender's Prior Consent. [3c~;ruHrr ~half n~~t. ~xc~pt aftrr ni~ti~e tu Lender ~nd with 1_cnder's prior ~~ritten
conscnt, partition or sutxli~~idc thc Pro~rt~ c~r ~cmknt t~~:
(i) the abandemnrent c~r terminati~m ~~f the ('un~e~minium Prc~ject. ~xcept for abandonment or termination
pro~•ided b~~ law in thc case of tiuhs~s:stial d~structi~~n h~ tire or c~th~ r cawalty ~~r in the :as~ of a taking b~• condemnation
or eminent domain: '
(ii) any material am~ndment tc- th~ declaratic~n, by-IaH~~ or code of regulations of the Ow~ners Associetion,
or equivalcnt ccinstitucnt documcnt af thc C~mJc~minium Pr~>jcrt, including, but not limitcd tc~, any amcndmcnt which
woufd change the percentaee inter~sts c~f thz unit ~~~~~r._n in the (~c~ndc~minium Project; or
(iii) the effectustion ~~f an~~ ~irci,icm b~ thr n~.rrrs Associati~r. to terminate prefrssional management :ind
assume self-management c~f the Cundc~minium Prc~jrct
D. Remedies. If Borrow~er breaches Borrow~er's corenants and agreements hereunder, including the covenaat
to pa~~ when due condominium assessments, then I.ender may in~•oke any remedies provided under the securit~•
instrument. includinR. but not limited to, those pro~•ided under l.'niform Covenant 7.
I~1 WITNESS WHER[OF, B~~rrou~cr ha~ czrcut~d thi~ ('c~~i~ic~minium Ridcr.
2-~ Qr 2~ ~%/ ~ .
~~u~ ~.~~ l~t C-1_ c-. i S~ "`~~-- ~ l'L 1 t ~ c
SS - ----- j _~
~ tA~ -J~;~.;`' ; ;. Al1eyne~Kinney -~ or.owa
~ ~ ~_~ • .' `~
~~ 1Ui~; ;.~.~C1~~.:•~' ,,
~ ~~~,G`.p f _ _ . -•,:' f
ctf-~~''' `~;~ -
_ _ --- --- - - - - - ----
~ ---so.-~~.
si~:~~~ ,
RP~! :.t!236208
. :: ~x 35i P~vE 1fi23
CONOOMINIUM RIDER-~~o4iamiiy-6')5-FNMAlFHLiIC UNIFORM IMSTRUMENT