HomeMy WebLinkAbout1973CONI3~MIl~IUM RII~E~t
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TtitsCoynotNiNwst RtnER is madc this. . . . . . .7 . . . . . . . . . . . . . . . . . .Ja • er<.~~~~'~~•. . . . . . . . . . .
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19. 81., and is incorporated into and shall bc dermcd to amrnd anJ supplement a Mortgage, Deed of Trust or Deed
to Secure Debt (herein "sec~rit} instrument") datcd of cven Jatc hercwith, given by the undersigned (herein
"Borrowcr") to sccurc Borrowcr's Notc to. .EIRST. .FED.ERAL . SAYINGS. .ANII . LfJ~AN. .ASS.OCIATI.~~I.
0~ .~~K~. W4~~H.....(hercin "Lender") and co~~cring the Propcrty describrd in the security instrument and
located at. . . 9400 South AlA, #8068, Jensen Beach~ Florida. 33457 . . . . . . . . . . . . . . . . . . . . . . ..
..... ..... .... ... . ...... ...... ........ .... . _
(Property Address)
The Property rnmprises a unit in, together with an undividee! intrrest in thr common elemcnts of, a condominium
project ~cnown as. . _ OCEAP7 TOWERS CONDOMINIUM.B . . . . . . . . . .. . . . . .. . . . . . . . . . . . . . . . .. . . .. ... .. . . .
!NaR+! O~ COnd?+mni~_m Prptcrt?
. . . . . . . . . . . . . . . . (hcrein "Condominium ProjccC').
CoYao~t~tv~urt CovENANTS. Itl addition to thc covrnants and agrecments made in the security instrument.
Borrower and Lendcr further covcnant and agrec as follaws_
A. Assessments. Borrowcr shall prcjmptly pay, whcn duc, all asscssments im~sed by the Owners Association
or other governing body of the Condominium Project (herei~ "Owners AsSOCiation") pursuant to the provisions nf the
cieclaration, by-laws, cocle of rcgulations or other rnnstituent document of the Condominium Project.
B. Hazard Insurance. Su long as the Owners Association maintains a"master" or "blanket" policy un the
Condominium Project which provides insurance co~~erage against fire, hazards included within the term "extended
coverage." and such other hazards as Lendcr ma~~ require, and in such amounts and for such periocis as Lender may
require, then:
(i) Lender w•aives thc pnrvision in Uniform ('ovcn:~nt 2 for the monthly pa}~ment to Lender of one-twelfth
nf tI~C ~+~PRti~~ltl irlct~ll-t1C!~tc f~r }l:l7~~:} !R~tl~=~RCC!~r2 tF~~ Qr.~~v+ft~•~
(ii) Borrower's ob:igation under Uniform Cu~•rnant 5 to maintain hazard insurance coverage on the
Property is deemed satisfied; and
(iii) the provisic~ns in Uniform Co~~enant 5 re~arding applica:ion of hazard insurance proceeds shall be
superseded by any provisions of the Jec~a~ation, b~-laws, code of regulations or other constiwent document of the
Condominium Project or of applicable laK~ to the extent necessar~~ t~~ a~~oid a conflict between such provisions and
the pro~isions of Uniform Covrnant 5. For am~ pcric~d o( timc during which ~uch hazard insurance coverage is not
maintained, the immediatel}' precedin~ sentenre shall bi decmed to have no force or effect. Borrower shall give
[.ender prompt notice of ~n~~ l:~pse in such har~rd in~urancc coveragr.
In the event of a distrib~tiun ~+f h~z~rd insurance pnxeeds in lieu of retitorati~m ur repair following a loss to
the Propert~~, vrhether to the un~t c~r ti- comm~n elcmrnts, an~~ such pr~~ceed~ pa~able to Borruwer are hereby assigned
and shall be paid to Lender f~r applicati~-n tu the sums ucured b~ the securit~• instrument, with the excess, if any.
paid to Borrowcr.
C. I.ender's Prior Consent. Bc~rroN~er ~ha!! n~~t. except :~fter nutice to Lender and with Lender's prior written
consent, partition or subdi~-ide the Propern~ c~r ccrosent t~:
(i) the abandc~nmcnt or terminati~n c~f the Cun~i~~minium Pmject, except tor abandonme~t or termination
provided by law in th~ case of substantial dcstructi~~n b~~ fire ~~r other casualtY ~r in the case of a taking b~• condemnation
c,r cminent domain;
(ii) an~• materia) amendment to the dcclarati~n, b}~-laws or cocle of regulations of the Ow~n~rs Association,
or equivalent constituent document ~~f the Cond~~minium Proje~t, incl~dirzg, but not limited to, an}~ amendment which
would change the percenta~e interests e~f the unit c~~ner, in the Cundominium Project; or
liii) the eHectuation cif an} dreisi~m b~ thr Ow~ners .Assc~ciatian to terminate professional management and
assumc sclf-managcment of thc C ondominium Projrrt.
D. Remedies. If Borrow•er breaches Borrow~er's covenants and agreements hereunder, including the covenant
to pa~• w~hen due condominium assessments, theo I.ender ma~~ invoke any remedies provided under the security
instrument, including. but not limiled to, those pro~~ided under l'niform Covenant 7.
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I~i WITTSFSS WfIF-RF:OF, Bi~rmw~r ha~ ex~cute~f this Cc~nd~~minium Riler.
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Antonio Carvalho
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Maria Carvalho -eonowe-
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CONDOMINIUM RIDER-i tc 4 Famiiy-6~15-fNMA/fHIMC UNIFORM INSTRUMENT RRM L#217858