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CONDOMINIUM RIDER
~
Tin~ CoNOO~~~x~un~ Ria~R is mad~ 1hi.. . . .~ ~ . . . . . . . . . . . . . . . . . day ~~f . ~~1-~'~T. . . . - . . .,
1981. ., and is incarporated into and shall tn ~ie~meef to amrn~ and ~upplcmrnt a Mortgage. Dced of Trust or Dced
to Secure Debt (herrin "security instrumcnt") ~latr~ of ~~~cn dat~ hrr~H~ith, gi~~rn by the undenigned (herrin
"Borrowcr") to sccurc Borrower's Notc to. .EIRST..FEB.£RAL. SAVINGS..ANII .LAAN..ASS.OC7ATLUd.
Q~„j,~I~F. WQ~tTH... ,.(hrrein "Lcnder") and cc~v~rin~ the ProExrt~~ described in the security inswment and
located at. . ?400 ,$outh, Stat~, Road ,1~1A. _ #?o?. . .~ .Jensen .~eacb,. F.lQZida. 33.45Z . . . . . . . . . . . . ..
(Property Address)
Thc Propcrty c~mprisrs a unit in, togcthcr w•ith an undividcd int~rest in th~ corr~m~m elcmcnts of, a condominiurin •
projcct known as. . . . . . . . .SAND. DOLLAR. VILI..~S _CONDOI~~N~~II!'I. ~ . . . . . . . . . . . . . . . . . . . . . . . .. . . .. . . . ..
(Name ot Condominium Pro~ecty
. . . . . . . . . . . .. . . . (hcrein "Condaminium Proj~ct")-
CoNOO~t~:v~urt Co~'e~~t~TS. ln addition t~~ the co~~~nants and ~~rerments mad~ in ihe security instrument,
Borrowcrand Lcn•.!er furthcr co~~cnant and agrer as f<~Ilu~~•s:
A. Assessments. Bc~rn~wer shall promptl~• pa~•, w~hen duc, .ill assessmcnts im~sed by the Owners Association
or oth~r governing bcxi~~ of thr Con~luminium Pmject Ih~rein "nu~nrn Atis~~ciation") pursuant to the provisions of the
declaration, b}'-~3ws, ccxlc ~-f rc~ulations c~r oth~r r~~-utitu~nt ~i~xumcnt ~~f thc Condominium Projcct.
B. Nazard I~surs~nce. S~~ long as th~ n~nen Ast~xiati~~n maintains a"m:~ster" or "blar.ket" policy on the
Condominium Project ~~~hich pro~~i~1~s in~uranc~ cv~~ragc a~aimt lire, h.-zards included w~ithin the term "extended
coverage." and such c~thrr hazardc as L~n~~r ma~~ rryuir~, an~i in surh am~~unts and for ~uch periocls as Lender may
require, then:
• (i) Lender wai~•es the pm~•isiun in Unif~-rm (~u~~enant 2 f~~r the m~~nthl~~ pa}~ment to Lender ot one-twelfth
of the premium installmcnts for hazard inwrance ~m the Prupertt:
lii) Borro~~~er's oblikatinn undrr L.'nif~~rm C~u~~rnant S tn maintain hazard insurance co~~er~ge on the
Propcrty is dcemcd satisti~d; and
liii) the pro~~isions in lJnif~~rm ('~~~•~nant S r~~~niinc applirati~~n ~~f hazard insurance proceeds shall be
superseded by an~ pru~~isi~-m ~f ~he declarati~~n, h~-la~~s, cc~~ c~f regulati<ms c~r c~ther constituent document of the
Condominium Pn~jrrt ~~r uf apptirablr la~~~ t~~ thr ~xtcnt neccs,ar} t~~ a~~c~id ~ cc~nflirt bctwccn,such provisions and
thc provisions of Uni[~irm C'c~~~~nant 5. F~~r an~ prriu~i ~~f timr during which such hazard insurance covcragc is not
maintained, the immr~iiatrl~ ~rereding scnt~nc~ ~h.~ll b~ ci~em~d t~- n3~e n~~ f~~rce c~r efTect. I3orrow•er shall gi~~e
Lcndcr pr~-mpt n~tic~ c~f :im lap~~ in surh harard in.uranrc «~~~ra,~~.
In thc cvent cif a di~trihuticin c~f ha~~rJ insuranc~ pn~r~c~l. in li~u uf r~~t~~r.ui~m ~~r rcpair follow•ing a loss to
the Propcrt~~, w~hcthcr tc~ thc unit e~r to a~mmun ~I~sn~ntti. an~ surh ~rcxcr~~i~ pa}able to Borrow•cr arc hercby~ assigncd
and shall be p:+id t~- Leneler f~~r a~plicati~~n tu thr .um~ u~um<I hc thr ~ecurit}~ instrument, with th: excess, if am~,
paid to Borrower. - r .
• C. Lenders Prior Conscnl. Surn~~~r ~hall n~~t. ~xr~pt aftrr n~~ti~~ tu 1_rnclrr :~nd ~~ith Lencl~r'. prior written
consent, partitic~n or.utxii~i~ir th~ Prc~~rtc ~~r a~nsrnt t~~:
(i) thc aband~~nmcnt c~r t~rminati~~n ~~f thc (~~m~1~~minium Pr~~jcct, cxrr~t f.~r ahand~~nment ur termination
pro~~ided by law in th~ case ~~f sub~tantia) drstrurtiun b~~ ~ir~ i~r ~~th, r rasnalt~~ ur in the case of a taking b~~ conclemnation
or cmincnt dc~n:ain:
(ii) an~ matcrial am~nJmcnt tc~ thr ~rrlarati~m, h~-1;,~~. or c~xic c~t rcgulatic~ns at thc Ow•ucrs As~xiation,
or cquivalcnt amstiturnt d~~cumrnt c~[ thc ('~~n~iuminium Prc~jrrt, inrlu~iin~. hut nc~t timitcd tu. am~ amcndm~nt N~hich
would change thc Exrcenta~r intrr~~t~ c~f th~ unit u~~nrr~ ~n th~ (~~mcl~~minium Pn~}~ct: or
(iii) th~ efTretuaticm ~~f an~ ~~ci~~u~~ h~ thL n~~n~r~ A,s~xi:,ticm tc~ t~rmin:-te profrssional management and
assumc sclf-managcmcnt ~~f thr ('~~n~luminium Pn~jrct.
D. Remedies. If Borrower breaches Rorrow~er's co+enants and aRreements hereunder, including the covenant
to pac when due condominium assessmenls. then Lender ma~ invoke anv remedies provided under the secprit~~
iatitrument. includinR. but not limiled fo, tho.se pro~ided undcr l'niform Covenant 7.
t~r WiT~~-.ss ~4t~f:tct.o~~. B~~rmu~rr ha~ ~x~.utrci thi~ (~~,n~1~,minium Ri.lcr.
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Victor J. P~elillo
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oan A. Pelillo
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RRM L#219763
-Bwrower
-Bprrower
CONDOMINIUM RIDER-1 to 4 family-6 75--FMMA~FHIMC UNIfOAM INSTRUMENT