HomeMy WebLinkAbout1686C0~IDOMINIUM RIDER
~, _
THIS CONDOMiN1UA1 RIDER IS f113c1C lllls . . . .Y~~ ./. . _ . . . . • - • • • . . . . . c1:ly of ~: ~~~lv~~. . . . . . . . . ,
~ q_ 81 , and is incorporated into and shall tx: dc~ mcd to am~ nd and supplcmcnt a Mortgage, Dced of Trust o~ Deed
to Secure De,bt (herein "security instrum~nt") dated of ~ven datc her~with, given b~~ the undersigned .(herein
"Borrawer") to se~urc Borrow~r's Notc to. .FIRST_ .FEA.~RAL . SAVINGS..ANII .LDAN..ASS.OCI.ATi0~1.
Q~ .~~K$. W4~.'~H.....(herein "Lender") and covering the Property descritxd in the security instrument and
located at. . . .5151 .North _State_ Road ,A~A,_ ~o~~ ,~~gXce,, ,~lOr~dc1 .33450 . . . . . . . . . . . . . . . . . . . . . ..
(P.operty Adaress)
The Propert~~ comprises a unit in, togethrr with an undi~~ided int~rest in th~ comm~m elements of, a condominium
project knawn as. . QC~AAT. HARBd1UR _COND~MINIUM. C . . . . . . . . . . . . . . . . . . . . . . . . . . . • • • . . . . . . . . . . . . . . . .
(Name of Condomin~um Projecf)
. . . . . . . . . . . . . . . ( herein "Conduminium Project" ).
CONDO\11NIUM CovENAhTS. III ail~ition to thc cc-~-~nants and agreerr.ents made in the security instrument,
Borrower and Lcndrr furthcr rnvcnant and agrec as follo~ti~s:
A. Assessments. Borrowcr shall promptl~• pay, w~hcn duc, all askssments imposed bp the OwnerS Association
or oth~r governing bod}~ of the Condominium Praject (hrrein "Ow~ncrs Association") pursuant to the provisions of the
declaration, by-laws, cc~e of regulatiuns or other c~nstituent documcnt uf the Condominium Project.
B. Hazard Insurance. So Icm~ as the Ow~ners Association maintains a"master" or "blanket" policy on the
Condominium Projret which prc~viJes insurance rn~•erag~ against fire, hazards included A~ithin the term "extended
coverage," :~nd such othcr hazards as Lcnder n~a}~ r~yuire, and in such amounts and for such periods as Lender may
rcquire, th:n:
(i) LcnJer waivcs the p:o~•ision in Unif~~rm ('o~~rnant ? for the monthl~~ pa~•ment to Lender of one-twelfth
of the premium installments for hazard insur~nce on thc Propert}~;
(ii) Borrower's obligation urxier l;nif~~rm Cu~•cnant 5 tc, maintain haz3rd insurance coverage on the
Property is deemed satisfied; and
(iii) the provision, irz Uniform C~n•rnant 5 rrLar~lin~ applicatic~n of hazard insurance proceeds shall be
superseded b~• any pn~cisions ~-f the ~feclaratiun, b~-I~+~~,, ccxie c~f r~gulations or other constituent doeument of the
Condominium Project or of applic~ble la~~• to the rxtent necessar}~ t~~ a~-e~id a conflict tx:tw•een such provisions and
the provisions of Uniform Cov~n~nt 5. For an~~ Exric~d of timc during ~~~hich such hazard insurance coverage is not
maintaincJ, the immediatcl~~ prcceJing srntenre shall tk ~1e~m~d t~~ ha~~c n~~ force or cfTect. Borrower shall givc
Lender prompt notire ef :-m~ lapse in wch naianf intiuranr~ r~n~~rare.
In thc c~•ent c~f a distributiun c~f harar~i insur~nr~ pnKC~J. in liru ~~f re~t~~rati~m i~r rcpair follow~ing a loss to
the Propert~~, w•hcthcr to thc unit or te~ c~~mm~m clemrntti. ~im~ ~uch pr<x~e~i~ ~~~:~blc to Borrowcr are hcreb}' assigned
and shall be paid to Lcnder for applicatiun t~~ the ~ums ce~ure~l b~ th~ seruri.~ instrument, with the excess, if an~•.
paid to 8orrow~cr.
C. Lender's Prior Conseni. B~~rr~~~cr ~hall n~~t, cx«pt aftcr nc~tic~ te~ Lrndcr and a~ith Le~der's prior written
consent, partitic~n or subdividc thc Pro~xrt~ ~~r c~~nscnt t<~:
(i) the ab~nii~~nm~nt or t~rminatic~n c~f the (~~>n~i~~minium Pruj~et. crcept fur abandonm~nt or termination
provided by law in -.hc case of wb,tantial d~structie~n b~~ fire ~r ~thrr casualty or in ihe casc af ~taking b~~ condemnation
or cmincnt domain;
(ii) an~ material amrndment to the dcclaratie~n, b~-laws or ccxle of regulatie~ns of the Owners Association,
or cqui~•alent amstiwcnt documrnt c-f thc C~~n~l~~minium Pruj~~ct, including, hut not limitcd to, any amcndmcnt which
vrould changc thc perccntagc intcrc~t, ~~f the urit ~~« n~ rs in thc ('~md~~minium Pr~~jcct: <ir
(iii) the effectuation uf an~~ d~ci~ion hc th~ O~~ners Atsexiaticm tc~ t~rmin:~te prafessional management and
assumc self-managcmcnt c~f thc ('cmd~~minium Pmjcct.
D. Remedies. If Rorrower breaches Borrower's co~enants and aRreements liereunder, including the covenant
to pa~• when dne condominium assessments. then [.ender ma~~ im~oke any remedies pro~•ided under the security~
instrument. including. but not limited to, those pro~ided under l.-niform Covenant 7.
I` WiT:vts, Wf~FRFOF, Borrc~~~~~r has rx~rutc~l thi~ Cc~iiJc~minium Ridcr.
~9g1 ~ t~R 27 f~ 3~ 15
f,_c ~ t~[ ~: r1;,~tjf~'a
+: ~ ~~ER f~O;iR%,~s :7
CLt KE~-FrJ11 :~^t'.'~ ~~
, w /,~
. . . _ .~ ,.
5;~1991
~~ II ~-T `~~~1
- _ ~~- _ --(.~-- -,
-eo.rowe.
Hunter V. Brown
C~~~--~'~i ~ ',~1/'~~l%/
Alda A. Brown -eor-wre-
~ L #220704
~
CONDOMlNIUM RIDER-~ ~o4family-6 15-FNMAIFHIMC UNIFORM INSTRUMENT ~,~t~`~~1 P~(~}~,~~~.+