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HomeMy WebLinkAbout2718 CONDOMINIUIVI RIDER p ~ TtiisCo~oarnyiu~t R~oE.Risma~i~ thi.. . .. . . . .~-/.~~- . .. . .. . .. .cia~ of. ~~-~'.~'~-C . ~ i; 19.81 ., and is incorparatcd into and shall tk clrrmed tc~ amrnd and suppl~m~nt a Mortgage. D~ed of Trust or Deed to Secure Debl (hercin "security instrurrcnt") ~iatr~ e~f .~~en clat~~ hercH~ith, given b}~ thr undersigned (herein "Bormwcr") to sccure Borro~~•rr's N~~te to. .FIRST. .EED.ERAL . SAVINGS. .ANIl .LAAN. .ASS.OCIATiQDI. Q~', _j.~K~_ WQRTH_ ,__,(h~rein "Lender") an~i c~~~•ering the Pr«~xrt~• descrih~d in the ~rcurity instrument and located at. . _ 7400. Snut~ . Stat~ .Road. A1A,. .sensen. Beach, . F1o~ida . 33~5.7. . . . . - - • • • - • • • - • • - • • • • - (P~operty Adtlress) The Property compris~s a unit in, tc~~ethrr ~•ith an undi~~ided int~re,t in ihr common elements of, a condominium projrct known as . . . . . . . . . . . . . .S~1D. AO~.I,AR . VI W,AS .CONDOMIIIIUM . E. . . . . . . . . . . . . . . . . . . . . . . . . . . . . (Name ot Condom~n~um P~o~ecl} . . . . . . . . . . . . . . . . ( hcr: in "ConJominium Pmject" ) . Co~no~tt~~~':-t Co~'t:rnnTS. In addition to the rn~~~nant~ anJ ~grcrments mad~ in the securit~~ instrument, Borrowrr and Lendrr furthcr co~~cnant a~d sgrcr as folluws: A. Assessments. Bc~rrawcr shall prompth~ pa~~. ~~ hen duc, ~ll assc~ssmcnts imposcd b~• the Owners Association or oth~r governing bcxi~• of the C~ndc~minium Pruject (hcrein "O~•nrrti A~u-ciation"- pursuant to the pm~~isions of the • declaration, by-laws, co~fe ~~f rc~_ulatiun< <~r oth~r cunstiw~nt d~kument uf the Condominium Project. B. Nazard Insuranre. Su ltme as thc OHn~rs A,u-ciatic-n maintains a"master" or "hlanket" policy on the Condominium Project µ•hirh prc-~i~es in>urance ee~~~raL~ a~ain~t firr, hazarels incfu~led wi~~in the term "extended cover:~gc," anc! such other hazard~ a~ Lrncl~r m.~~ r~yuire, :~nd in s~ch amuuntc and for such period~ as Lender ma}~ require, then: (i) Lendcr wai~~~s the pn-~•isiun in L'nif~~rm C~~~~~nant ? fc~r the mcmthh pa~~ment t~~ Lender of one-tw•elfth of thc prcmium inst~llmentti fc~r hafaru insurancc ~m thc Pru~xrt~, (ii) BorroH~er's ubligatiun und~r Unif~~rm ('~+~~rnant S tc~ maintain hazard insurance crn~erage c~n the Propert~~ is deemcd satisfied: and (iiil the prc~~~i~ions in Unifurm Cu~•rnant 5 rr~ar~fing applicati~~n of hazard insurance prc~ceeds shall be supcrseded b~ an~ pn~~•ision~ uf the deri;~ratiun, h~-la~~~. cc~de uf reeulatic~ns e~r ~~thcr constituent document of the Condominium Projrct c~r c~[ applicsble la~~ t~~ the rxt~nt ner~ssar~ tc~ a~ui.i a conflict ix:tw~een such pro~~isions and the provisions of t;niform (~~~~cn3nt 5. F~~r an~ p~ri~~~i ~~f tim; c:uring uhich ,uch hazard in~urance coverage is not maintained, ihc immr~liatel~ ~rce~din~~ .riu~ncr ~h.~ll t~ ~1~~rmrcl tu ha~e n~~ f~~rcc ~~r etTeet. Bormwer sh~ll gi~~e Lcnder pr~mpt nc~tic< <~f ant lapsc in .uch har;in~ imur.in~~ ~u~~r.~,_~•. In thc e~~ent c~f a distrihuti~m e~f hai~rd in~urcircr pnk«il. in lir~i ~~f re.t~~r.iti~~a ur r~pair fc~lle-w~ing a luss to the Pro~xrl~, whether to the unit ~~r t~~ c~~-nmcm ~~l~m~nt~. an~ ~u,h ~nkc~~l~ ~a~~hle t~~ Be~rn+~~er are her~b~' as~igned and sh:~ll bc p:~id tc~ Lcndcr f~~r applirati~m t~~ th~ ~um~ ~~:ur:.i h~ thr .crurit~ in.trumcnt, ~~ith the cxccs~, if am'. paid to B~.rrower. C. Lender's Prior Conscnt. B~~rru~rr shall nut. r~~r{~t :~t"t~r n~~tic~ t~~ Lcn~lrr an~! ~•ith Lend:~r'. priur Hritten conscnt, part~ti~m ~.r ~uhdi~i~ir th~ Pr<~~xrtc c~r a~nunt tu: li) thc aband~~nmrnt t~r t~rminatii~n ~~f th~ C~~nci+~minium Pn~ject. .~rcpt t~~r ahand~mmrnt c,r tcrminatic~n pro~•ided by law in thr casc ~~f tiub,tantial J~structi~m h~ fire ur ~+th~ r ca~ualt~ e~r in ihe ra~r ~f a taking b~ condemnation or cmincnt dc~main: (ii) am material amrnJm~nt t~~ thc ~lrrlarati~m, h~-t:-w~ c~r code e~i re=ulatiuns of the ON•ners Association, c~r cqui~•slcnt a~nstitu~nt d~x:umcn! c~f thr (~~mc;umi~~ium Pr~~j~ct. inrlu~lin~. hut nut Iimit~J tc-, am~ amcndmcnt w~hich would ch~ngc thr ~xrc~ntagc intrr~~t~ ~,f th,• unit c,« n~r~ i-~ th~ ('c,ncic,miniuri~ Pn,jrct: ~~r '(iii) the efTectuatic-n ~~f am ~1~ri~iem h~ th~ Oti+ner~ Ass~Riatii~n tc~ trrmiti~te profrssic~nal manaeement and assumc sclf-mana~~mcnt ~~f thr C~mdc~m~nium Prujrrt. D. Remedies. If Borrower breaches Borrower's covenants and aRreements hereunder. including the co~•enant to pa~ when due condominium assessments. then I.ender ma} in~•oke am rcmedies provided under the securih~ instrum.nt. includinR, but not limited to, those pro~~ided under l'niform Co~~enant 7. IN WITtiFtiS WH[Rf (-F. BOffc~N'~f hss eXCruted this (~cmcl~•minium RidLr. .~ ~ ~ '~ ~ 19~1 APa " ~ ~+`'` ~~ 26 ~~~ `y -t, ~ ~' ,~ ,~_ --~_ _------- ---- _.___ _---~ _ ---- - "i~ ~' ~, Robert G. Stockwell -eo~.owe. ct.~t[. f [Cti~'~t.i ~ • - ~ . S? ~~ -~ {~F:..S • ~ , ~ , ~~tiGE~ar~' ' `~- ~y/; ~ 'f - ~ ' I . ~ rJ f `~~~" 4~'!~/' L r`` -~D ~ , ~ - -- - -- - ~--'~-- -- , . .. ~ '' Marilyn R. Stockwell ~OfO~Ne` 5;~;2530 RRM Lt~220357 i; ;nK• '~~351 P~~E2714 CONDOMINIUM RIDER-~b4Family-6 15-fNMAlFHIMC UNIFONM INSTRUMENT