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HomeMy WebLinkAbout1994i~i~ ~~ii~1I i~v I L ivi ~ I DER `? Tnis('oxuo:~t~~~~~t R~~t.K is ma~ic thi~. . . . _ ./. ~ . . . . . . . . . . . . . . .cla~~ ofl.!4~l.~.~. .~-.~. . . . . . . • - 198~. ., and is incorporated into and shall tx ~i~rmed to amrn~ and supplcmrnt a Mort~age. D~ed of Trust or Deed to Secure Debt (herrin "securit~• instrum.nt") ~iatr~ of ~~cn ~iatr h~r~w~ith, gi~~cn by thr undersigned (herein "Borrowcr") to sccurc Rc~rrow~r's Not~ t~~_ .EIRST. .EED.~RAL. SAVINGS..AN7]! .LAAN..ASS.OCIATiODI. Q~_.~./1,1~~, WQRTH, ,,,,(hrrein "L~ndcr") and co~~rring thr Prupcrt~ ~e.crihr~ in thc srcurit}~ instrumcnt and locatcd at . . . 9400 _ $outh Sta~.~, ~toad ,A~A, . ,7e~$~n . $each.. .Florida .~:3457 . . . . . . . . . . . . . . . . . . . . .. (Property Adaressl Thc Propcrt~• comprisrs a unit in, togcth~r u~ith an uncli~~i~f~d intcre,t in thr c~-mm~~n clcmcnts oi, a conJominium proJrct knoa~n as . . . . . . . . . . . . . OCEAI3 , TOWERS .CONDO~IIN~UM _ $. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . _ . . ~ ~Nam! uf Gonoom~n~um ~roiect~ . . . . . . . . . . . . . . . . (hrrcin "Condominium Pr~ij~ct"). Cowoo~t!:~iu!~t ('o~•F~nvTS. In au:lition t~~ the ce~~~•nan:, an~ ugrerments mad~ in the securit~~ instrument, Borrow~r and Lend~r furthcr c~~~~rnant an~ agrer as f~~lluw~: A. Assessments. B~~rrower shall pn-mptl~~ pa}~. ~hcn duc, all a~ustimcnts imposcd by the Ow~ner$ Association or other governing bcxl~• of thr ('~~nd~~mi»ium Projert (h~rein "Ow~nrr~ A«c~ciation") pursuant to the pro~•isions of the declaration, b~~-laws, cc~e ~~f r~gulatie~ns ~~r ~th~r c~~mtituent J~xumm~t ~~f the Condominium Project. B. Hazard lasurance. Su lung ~~ the O~~nen :~ss~xiati~m maintainti a"ma.ter" or "hlanket" ~licy on the Condominium Prc~ject w~hirh pn-~~id~s intiuranr~ c~~vera,,~ c~iaimt tir~, hazar~ls :ncluded Nithin the tertn "extended covcragc." anJ wch ath~r hazar~is a~ Lcn~~r m:~~ rcyuirc, .in~i in .uch am~~unts and for wch ~xri~-ds as Lcnder may rcquire, thcn: li) l_enJer wai~•~s th~ pru~~i~i~~n in l'nif~~rm (~~i~~~nant ? f~~r thc m~~nthi~ pa~ment to Lrndcr of one-tµ'clfth ci~ i~c ~rc~iiiu~ii inltaii~llc~it~ {~~~r iia~::iiii i:i~urancc un iiic ?ruExri~ . (ii) Burro~+~er's ~~bligaticm undrr l'iiifurm ('u~:nant ~ t~~ maintain haz~rd insurancc co~~erage on the Propcrt~~ is dccmcd satistie~: and (iii) the prc~~•itiic,ns in Unif~~rm ('u.~nc~nt ~ r~~arclil~g ;~p~lic.iti~~n ~~f h~zard in~urance proceeds shall be superseded b~~ am pmci,i~~n. ~~f the ~kclaratiem. h~-I,,~«, cc~~i~~ uf r~~ulatic~nti ~~r ~~thcr ci~nstiweni documcnt of the Condominium Pn~jrct <N (~f J~~~1C:1hIt law tu thc cxtcnt nrcc>~~n ti~ ac~,ic1 ;~ cunflict txtw•cen such pro~isions and thc provisiont of l;nif~~rm C.~~rnant 5. F~~r an~ ~ri~~~ ~~f timr cturin~ ~ihirh ~Ul'fl I1:1T.1flI in~urancc co~~~rage is not maintainrd. the imme~liatch ~r~ce~linL •~ntrncr ~hall h~ ~i~rmr~i t~~ ha~r nc~ f~~rr~ ~~r cfiect_ Burr~~w•er shall gi~•c Lcndcr prc~mpt noiirr ~~f .in~ lap.r in ~urh h.~~arci in.uran~r c~~~•~ra~~•. In thc ~~'cnt ~~f a~.lssttihuti~~n ~~f harani i~itiur;~n.~ nr~k~~r.i: i~i li~u ~if rr.t~~ratiun ~~r reP~ir fc~ll<~aing a tots to the Propert~~, whether tc- the unit ~~r t~+ c~~mmi~n ~lrmrnt~. ::n~ ~u~h F~nxrrd~ ~a~aht~ t~ f3~~rruw'er are her~by assigned and shall be p:~id tc~ Lrn~i~r f~~r appliraticm t~~ th~ ~~~m~ ~~~urr~~ h~ th~ ~r~uritc in~trumcnt. ~ith the exccss. if an~~. paid t~~ Borr~~w•cr. C. Lender's Prior ('onsent. 13t~rn~~~cr ~h.ili n~~t. ~~~~~x .dter rz~~n.~ ~~~ l.rn•.'.;r an.i with Lrncler's prior w~ritten conscnt, partitiun ~~r ~uhdi~~iJc th~ Pru~~~rt~ ~~r cc~n~~nt tu: ~ (i) the aban~i~mmrnt cx tcrminati~m ~~f th~ (~~~n~l:~nunium Pr~~j~.t. ~~c~pt f~sr ~han~l~mmcnt ~ir tcrmination provided by law in th~ case uf wh,t:+ntial cl.•structi~~n h~ tir~ nr ~~thrr rawalt~ ~~r i« the ra~c ~f a takine b~ c~ndemnati~n ur emincnt ~f~~main: (ii) am matcri.~l amrn~lmrnt t~> thr cl~rl.uati„n. h~-la~~~ ~~r ~u~1r uf r~iul~tinm ~~f thr 0~~~-crs Assc~c:iatic~n, or rquivalent c~mstitucnt dcxum~nt ~~f thr ('~m~1~~miniu:n Pn~j~~t, in~lu~linL. h~it nc~t limi-rd t~~ am~ amcncfmcnt which wc~uld changr thc per~rnt~c~ intrrr.t. ~~f thr unit ~~~sn~r~ in thr ( i~n~iuminium Pruj~ct: ~~r (iii) thr rfT~ctuatitm ~~f an~ ~rii~i~m h~ th~ Ch-n~r~ A.~~kiati~~n ti~ t~rmi~~ate pmfc~,ion~l nzanacement and assumr sclf-managcmcnt ~-f th~ ('un~uminium f'n~jrct. D. Remedies. If Borrower breachec Borrower'c covenants and aRreements hereunder, including the c~~~enant to pa~ when due condominium a+se~cments, ih~n Lender ma~ in~oke am~ remedies pro~ided under the securit~~ instrument. includinR, but not limitcd to, those pr~~~ided under l'niform Covenant 7. 1~ «'~TtiE ss ~~`t~~ tttot . I3~,rru~~~~ r ha~ r~::ut~ct thi• ('un~l~,minium Ri~1rr. ! - r ~ 1 L' ~- C / _~t,'t~7.~. /r..~ ' QQZ'_'. __. Willard J,,L ' enpas ~ -so..oW~. ~ ~~ ,~~ -~~-/ ~-c'~.C,~- ~ ~l~~~`~!`.~1' -~ - -- - -- Grace J. ~rkenpas /~~~~-eor.ower RRM L#218799 ~ ~ fr, ~ CONDOMINtUM RIDER- i tc4Fa!T,~ly-6 75-FNMA/FHLMC UNIfORM IMSTRUMENT ~'%'~~351 f'~~,1~~