HomeMy WebLinkAbout2023C~~~OMINTi1.M ~j~~i~ '
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THISCONDOMINlIJN R1DER ISli13(~C (hIS. _ . . . _ . .~ . . . . . . . . .. . . . .c~ay :C~'.`!'.~., . . .. . .. . . . .,
19. 81., and is incorporated into and shall bc de~med to amrnd and supplem~nt a Mortgage, Deed of Trust or Deed
to Secure Debt (herein "security instrum~nt") datcd of even ~at~ her~with, given by the undersigned (herein
"Borrower") to secure Borrow~r's Note to..FIRST..PED.£RAL. SAVINGS..ANI1 .LDAN..ASS.OCI.ATL~~I.
0~ .I~AK$. h14~.~H. ....(herein "Lender') and covering the ProExn~~ described in the security instrument and
located at. , 9400 .South. AlA,. _#803B Jensen. Beach~ . Florida , 33457, , , , , , , , , , , , , , , , , , , , , , , , , ,,
(Property Address)
•The Propert~~ compriscs a unit in, togcthcr w•ith an undivided intrrest in ~hr common clements of, a condominium
project known as. • • - . _ . . . . . . OCEAN _~?~R,S_ roND4~:'~~N~QM .$ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(Name of Condom~mum Project)
. . . . . . . . . . . . . . . . ( herein "Condominium Projcct" ).
CoNno~t~~tu~~ Co~'ENANTS. ~Il addition to the co~•~nants and agrecments made in the security instrument,
Borrowcr and Lender further co~~enant and aerec as follow~s:
A. Assessments. Borrower shall pr~mptly pay, when due, all asscssmcnts imposed by the Owner~ Association
or othcr gaverning bod~• of thc Condominium Project (hrrein "Ov-~ners Association") pursuant to the provisions of the
dectaration, by-laws, cocie of regulations or other c~nstiwent document af the Condomini~m Projeet.
B. Nazard Insurance. So long as the O~~ners Association maintains a"master" or "blanket" policy on the
Condominium Project which pro~~ides insurance cc-verage against fire, hazards included within the term "extended
coverage: ' and such other hazards as Lendcr n~ay require. anci in such amounts and for such periais as Lender may
require, then:
(i) Lender w~aives the provisic~n in Unif~,rm Ct~~•enant 2 for the monthly payment to Lender of one-twelfth
of the premium installments for hazard insurance un the Pronerh•:
(ii) Borrower's obligation under Unifor~n Cv~~enant 5 to maintain hazard insurance coverage on the
Property is deemed satisficd; and
(iii) the pro~~isions in Uniform Cc~~•enant 5 reg3rding applic~tion of hazard insurance proceeds shall be
superseded by an~~ pro~~isions of thc declaratic~n, h~'-IJK'S, codc of r~gulations or other constituent document of the
Condominium Projcct ar of applicable la~• to the crt~nt necessar~ to a~~oid a conflict between such provisions and
the provisions of Uniform Covenant 5. For .in}~ ~ricxi ~f time during ~ti~hich such hazard insurance coverage is not
mainta:ned, the immediatel~~ preceding s;~~at~ncr shall tx: decmcd u~ ha~•c no f~~rce or eSect. Bnrrower shall give
Lender pr~mpt notice of an~~ lapse in such hazard in~uranc.• cc~~~eratie.
In the event of a distributic~n of hazsrd insuranc.: pnxe~ds in liru c~f r~sturation ur repair following a loss to
the Properh~, K~hether to the unit ~~r to ce~mmc~n clcmcnts, am~ such prcx~ed~ pa~:~hic to Borrower are hereby assigned
and shall be paid t~~ Lender f~r applicatiun t~~ thc lums secured b~ the securit} instrument, with the exeess, if any.
paid to Borrowcr.
C. Lender's Prior Consent. B~~rrow~er ~hati ni~t, rxcept aftcr n~tice t~~ Lender and with Lender's prior written
consent, partition c~r subdi~•ide the Pr~pert}• ~r c~nsent tc~:
(i) thc abandcinmcnt or tcrminati<~n c~f thc C~md~minium Pmjrct, e?ccept f~r abandonmcnt or tcrmination
provided by law in the case of substantial d~structicm b~~ hre ~,r ~,ther ca.ualt~~ or in the case of a taking by condemnation
or eminent domain;
(ii) an~~ material amrn~iment to th~ declaraticm, b~~-IaHS c-r ccxie of regulations of the Owners Associa:ion,
or equivalent constituent documrnt of the C~~nd~-minium Pr~~jrct. incl~ding, but not limited to, am• amendment which
would change the percentage interests of thc unit u~cner~ in th~ Con~c~minium Project: or
(iii) the eflectuation of an} decision b~ the Owners ."-.ssociatic~n t~ terminate professional management and
assume self-management of the Cundominium Projcct.
D. Remedies. If BorroN~er breaches Borrow~er's covenants and agreements hereunder, including the coveoant
to pay w6en due condominium assessments. then I.ender may invoke am• remedies provided under the secnrity
instrument, including, but not limited to. those pro~~ided under l;niform Covenant 7.
IN WIT'.~iFSS VI~~HEREOF, B(1ff(tN'~f }13S C\«UICtI IhIS Ccmdc~minium Rider.
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