HomeMy WebLinkAbout2117~ CONDO~INIUM RIDER
~~i~~Co~cx»~i~~~'\t RIDFR IS R11(JC (F11S . . . ... . . . . . . . . . . . . .. . .. . ~ . .~. . .y~ . .. . . . . . .
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19. ..~, and is inrnr~c~ratcd in~o and shall bc Jccmed to amcnd and supplemcnt a Mongage, Dced of Trust or Dced
to S~ cure D: M( hrr; ~n "securit}~ instrum. nt" ) dat~J of rvi n Jate herrwilh, given by the undersigned ( herein
•,I3orro~~cr"1 to srcurc Burrow~cr's Notc co. . ~~SC~~Y.N~ . F~p~~1~ .~~v~Nc~. AN4 . L4AN. AssQG~A~~oN . . . . . .
.y
• • • - • • • . ~ . • . . . . . . . . . . . (herein ' Lcncier") and covcrin~ the Pro riy descnbed in the zecun~ 1!!~(!~vm~nf ,..,~
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locatcd at.........?b0f~ S..OCF.AtI-.DRIVE,- 1!fi~13?~.FORT...RI~R('F~..FLOATDA..Z2~1SQ ................
(Props.tY AeO~~ss)
The Propcrty comprisrs a unit in, together with an u~divided interest in ~he common elements ot, a condominium
projcct kn~wn as.........9EACFITREE II ........................................................
~ (Name o/ Condominium V~o~etq
• • . • - . . . . . . . . . . . (hercin "Cundominium Projcct' ).
Co~rx~~tivitnt COVENANTS. I11 addition to the covenants and agreements made in the security instrument,
Borm~~•cr and I_endcr further covenant and agrec as follows:
A. AsscssmeMs. Borrow~er shall promptly pay, when duc. al) assessments imposed by the Owners Auc~ciation
or othrr go~•crning b~~iy of thc Condominium Project (hcrein "Owncrs Association") pursuant to thc provisions of thc
declaration, by-I~,«•s, code of regulations or othcr constituent document of the Condominium Project.
B. l~azard lnsurance. Sa long as ~he Owners Association maintains a"master" or "blanket" policy on the
Condominium Project which provicles insurance coverage against fire, hazards included within the term "extended
co~•erage," and such other hazards as Lender may require, and in such amounts and for such periods as Lender may
requirc, thcn:
(i) Lcnder waives the pravision in Unifarm Covenant 2 for the monthly payment to L.tnder of one-twelfth
of the premium inst~llrncnts for hazard insurance on the Property:
(ii) Barro~+•cr's obligation undcr Uniform Covenant 5 to maintain hazard insurance coverage on the
Propcrty`is dccmed satisfied; and
(iii) thc pro:isions in Uniform Co~~enant S regarding application of hazard insurance proceeds shall bc
supcrsedcd b} any pro~~isions of the declaration, b}~-laws, code of regulations or other constituent document of the
Condominium Pr~ject or of applicable law to the extent necessary to avoid a conflict between such provisions anc{
the pro~•isions ~f L,'niform Cavenant 5. For any period of time during which such hazard insurance coverage is nat
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..~~~::i~i.~~u, ~+~. iii~~~i~uia.c~y Fi~cCCUfn~ SlI1(~11~C sriaii oe cieemea to have no force or etiect. Borrower shall givc
Lender prompt notice of any lapse in such hazard insurance coverage.
ln thc cvcot n! a distribution of hazard insurance prc~ceeds in lieu of restoration or repair following a loss to
thc Propcrt~~, uhcthcr to the unit or to c~mmon elcmcnts, any such procecds payable to Borrower are hereby assigned
and shall be paid ta Lender for application to the sums secured by the security instrument. with the excess, if any,
paid tu Borrow~cr. -
C. Lender's Prior Consent: Borrower ~hall not, except after notice to Lender and with L.ender's prior written
consent, ~artitinn or subdivid~ the Property or consent to:
(i) thc a~andonment or termination of the Condominium Project, cxcept for abandonment or termination
provided b}• law• in the case of ~ubstantial dcstruction by fire or other casuaity or in the case of a taking by condemnation
or cmincnt domain:
(ii) an}' ma!erial amendment to the declaration, by-laws or code of regulations of the Owners Association.
~r equi~•alent c~~nstitucnt document of thc Condominium Project, including, but not limited to, any amendment w•hich
would-chan~e the percentage intrrests of the unit owners in the Condominium Project; or
(iii) ihe efTectuatian uf any decision b~~ the Owners Association to terminate professional management and
assumc sclf-man~~cmcnt of thc Condominium F'r~jcct.
D. Reme~lies. If Borrower breaches Rorrower's covenanls and agreements hereunder, including the covenant
to pa~• Nhcn due condomin:um assess~nenls, Ihen Lender ma~ im•oke any remedies provided under lhe securit~~
instrument, incl~~din~, but not limited to, Ihose provided under Unifarm Covenant 7.
IN WITNf:SS W}IfREOF, Borrowcr hat eaccuted this Condominium Rider.
CY SO I~i~T~.S, ~~I.D -Borrower
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