HomeMy WebLinkAbout1657CONDOMINIUM RIDER
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TtiisCo~noMiriu~t R~~ER i~ madc thiti . . . . . . . . . . . . . . . . . . . . . . . . . .~iav af. . . . . . . _ . . . . . . .. . . . . . . .,
19 SL •. and is incorporated into and shall tx de~med to amrnd 3nd tiupplemcnt a Mortgage, D~.ed of Trust or Deed
to Secure Ihbt 1 herein "securih~ instrumcnt" ) date~! of even dat~ her~with, giv~n by the undersigned (herein
"Borrowcr") ta s~curc Borraw~r's Iv~tc to. .EIRST..EEA.~RAL. SAVZIv~S..ANI~ .L4AN..ASS.OCIATiUN.
Q~„j.~K~. WQR,'~H, ,,__(hcrcin "Lrndcr") and covrring thc Prop:•ny dcscribcd in the sccurity instrumcnt and
located at. . .5~55. State .RQ~d. AlA.. .FOrt. ~.i.~xce. . F~ox.~da . . 334.5.0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..
IP.operty Aaeress)
The Property camprises a unit in, togethcr w~ith an undivided interest in thr rommun elemcnts of, a condominium
proj~ct known as. . .QCEAN. HAR~DUR. C~fu1QMIHIUIrL G . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(N~me of Condom~nium Projecq '
- - • - - - . . - - - - • . - (hcrci~ "Condominium Prujcct" i.
('o:voo~t~y~urt Co~ txaxTS. In addition t~ the cor~nants and agrerments made in the security instrument,
Borror~•er and Lendrr furthcr c~~vcnant and agrec as foU~~H~s: '
A. Assessments. Borrow•cr shall promptl~~ p~~•, H~hc n dur, all ~sscssmcnts imposed by the Owner$ Association
or ~thcr go~~erning bcxi}~ of the C~~ndominium Project (h~rein "Ow~ners Associati~n"l pursuant to the provisions ot the
deciaration, b}'-iaws, ccxic o[ reguiatiun~ nr otnrr constiwrnt dcxumcnt ~-i ifir ConcSumiuiu~n Frujeci.
B. Hazard I~uurance. Sc~ I~-ng a, the Ow•ners Ass~iciatiun ~~aint~ins a"master" or "blanket" policy on the
Condominium Project ~nich pro~~ides insuranr, co~~eragc BL~tf1S[ fifC, Il"a1"L'3fl~S included within the term "ezter.ded
rnverage." :-nd such other hazards as Lendr~ may rryuirc, ~nd in such amoants and for sueh periocis as Lender may
rcqu6rc, thcn:
(i- Lendcr w~ai~~es thc pro~~ision in l,niform (~~~~•enan: ? for thc mc~nthl~~ pa~~ment to Lender of one-twelfth
of thc prcmium installmcnts f~~r hazard insurancc on thc Prc~pcrt}':
(ii) Borrowe: s ohlieaticm under llnifurm Ce~~•enant 5 t~ maintain hazard insurance coverage on the
Propert}' i~ deemcd satisfied: and '
(iii) the pro~•isions in l;nif~rm (~cnrn~nt 5 re~a:di+~g applicati~~n ~f ha~ard insurance proceeds shall be
superscded b~ am~ pm~~isions c~f Ihe d~cl~ration. M-IawS. ccxle of regulatic~ns or other constituent document of the
Condominium Projcct or ~f applicabk 1:w~ to the eYtent nccessar}~ te~ a~~oid a conflict beta•een such provisions and
the provisions e~f l;niform Covrnant 5. Fcx ~n~~ ~xri~~d ~~f tim~ during which such hazard insurance cov:rage is not
maintaine~~i, the immcdiatet~~ pr~ceJin£ sentrnr~ sh~l1 tk decmed t~~ h:~vc n~~ forcr or eNect. Bormwer shal! give
Lender prompt notire c~f ani lapsc in such h:-~ar~i in~uranrc r~~~~cra~~.
In thc c~~ent ~~f a distrihuticm c>f hazsr~f insura~c~ ~nx~r~i~ in !i_u vf r~~tit~~ration ~~r repair following a loss to
the Propert~-. whether te~ the ~nit ~~r t~~ ce-mmc~n ~lemenh. am such ~~c~c~~ds pa~:+hle t~ Borrower are hereb}• assigned
and shall t>e paid tc- Lend~r fc~r applicatii~n ti~ th~ .umc t~curcd b~ the ~ecurit}~ instrument, with the exeess, if any.
paid to B~-rrciw•er.
C. Lender's Prior Con~ent. B~~rn~Hrr ~h~tl n:,t, exc~~n sft~r n~~tice t~~ Lender and u~ith Lcnder's prior w~ritten
eansent, partiticm or wbdi~•idr thc Prc~pert~ c~r amscnt m:
(i) ~he aband~~nmem ur tcrminati~~n c~f the ('~m~i~~minium Prc~ject. except for abandonment or !ermination
pro~•ided by law 6n the c:.sc ~f ~ub.tantia~ ei~structi~~n b~~ fire ~~r:~thrr rasualh• c~r in the case ~f a takin~ b~~ condemnation
or cmincnt ~iumain:
(ii) anc matcrial amc~Jmcnt tc~ thr dccl~ratiun, b}-laws ~r ccxle ~f reeulations of thc Ow~ncrs Association,
or~quivalent constituent dcxum~nt ~~f the C'e~n~iuminium Prc~ject. incluciing. hut not limited to. an~~ amendment w~hieh
w~ould change the percentage intr:~sts c~f thr unit uHnrr~ in the ('un~i~minium Prc-ject: or
(iii) the efiectuation e~f am d~ci,i~m h• thr ~1~cners A~sc~cia!i~~n ,c~ terminatc professianal management and
assume sclf-management ~f thr ('~~nduminium Pruject.
D. Remedies. If Borrower breaches BorroN~er's co~enants and a~reements hercunder. inciuding tbe co~~enant
to pay when due condominium assessments. Ihen I.ender ma} im~oke an~~ remedies provided under the securit~•
instrument. includin~, but no~ limited to, those pro~ided under t°niform Covenant 7.
1~ V1'~7~t:ss ~'~"t~E~trt~t . B~~rrc~w~,r ha~ exr,uteci thi~ ('c,:icic~minium Rider.
~,~`~ `~ R~, ~ ~ 1
19~~ ti, ::;.~-~,~.~r
. ~c;,ry: ~-~ ~-R:.`~ ;~
c•~ C~i~ `r ~ t ~
L` ~' f t~
5~19'79
~~~ __ ___ ~~
Albert A, Adams
-eo..~~.
1(~~,~ ~f , ~1 _ -L~'~ -GK~~'?~'`~~-
At1~I'1 'M. dIi1s -Bo.rvwer
RRNI L~? 215886
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CONOOMINIUM RIDER- i to 4 fam~Iy-6 75-FNMA/FHIMC UNIfONM INSTBUMEt{t ~~ ?~~~` t'~~~1~53