HomeMy WebLinkAbout0559_..L. CONDO~VIINIUM RIDER
Tt~~s Co~ooM~~~~~w RroER is madc this. . ~1, .Q . Lf'L . . day ot. .~ : ~ '^,; .
- - - - - • - -1i~~`~•'!'!~~L . . . _ . . ..
19 _ 8. ~. arn1 is incc~rporatcd into ancl sha!! be med to amcnd aed suppkment a Mott~t. Q~cd ot~t or Deed
to Sccure Dcbt /hcrcin "secu~ty instrurnent") dattd ot c.e~ datc herewritb, Eivrn by tl~c undenigned (hercin
..Bon~w~cr" ) co k~curc eonowrr's ~so~e ~o. . 6T~CAYN~ .~f-0~~ .&~lY~N~S N~iR . LO~N. As.~QCIAT~Ax . . . . . .
. . . . . . . . . . . . . . . . . . . . • • ( herrin ~"l.cn~ki ' ) and crn-erin6 the Propcrty dac~'bed in the sc+curity inst rumcnt and
9800 ~tRH A1A APT •?1~, .1ESISEN eEACH, FLORIDA 33~57
located at.-•• ..................•-----.._....._._................. ................--••---....
~r*oo.n~ ~ae.es:~ ~
Tlk Propcrtv comprix-c a unit in, tc.gcthcr with a~ undi~~idcd i~trrut in thc common ekaxnts d. a condominium
ISLAND BEACN C[.tJB CONDOMItiIOM
pron~ct kn~w•~ u......_....• ..................................................................
twrwe a canaen.~,,,.w r.o,.c.1
. . . . . . . . . . . . . . . . ( i~crein "Candominium Projcct" ) _
Co~ac~~~iK~v~ CovENwNTS. ln additio~ to the rnvrnants and a~-mcnts madc in tbe sccurity instrument.
BorroKrr and (..cnd~r funher covcnant and aanr as tdiows:
A. Acsessmcats. Borrov~rer shall prompl7 pay• wh~q due. alt asses~nents imposcd by tbe Owners Asso~ciation
or c~thrr ~~c~ning boi1~• of thr Condominium Projcc't (hcrcin "Owners Association^- pursuant to the provisions o( thc
dcclarateon. b~-laws. cade d rcguluicx~s or ather coRuituent documcat d the Condocninium Project.
B. ita:ud Iasurawce. S~ Iong as the O~-~nen Associatioa maintains a"master" or "blanket" policy on the
Condominium Projcct v-~hich prrn~idcc inwrance coMera~e against fire. haz~rds included within the term "extendcd
coveragc: ' arxi such other ha2ards ac Lcnder miy rrquire, and in wch amounts and fa wch petiods as Lrnder may
rrquirc, tlxn:
(if Lcr~der v-•aives the provision in (lniform Covrnant 2 for the monthly pa)'nxat to I.ender af otu-twtlfth
of thc prcmium :nstalimcnts for hazard inwrancc on the Property;
(ii) Borrow~cr's obligaiioo undcr Unitorm Covenant S to maintain haurd inwrance coverage on the
Prapcrt} ic dccmcd satisfied: and -
(iii) thc pro~-isions in Uniform Covcnant S rrgudir~~ application of hazard ins~uanae pr~ccds shall bc
supcrkck:i b~ am pru~~isions of thc dcclaratian, by-lawrs, codc d regulations ~ other oonstitucnt do~utncnt of thc
Con~l+-minium Projcct or nf applicabk lav- to the cxtcnt noccssary to avoid ~ c~ooflict bet~reen such provisions and
thc provisions of l;niform Co~•cnaat 5_ For anv period of timr durinS whic6 such hazud insurance covrnge is ncu
maintainc~, thc immediately prcceding sente~ce shall be decmcd to hav+e oo foroe or tffect. Bormwer sball gi~•c
Lcnder promp~ notice of an~ lapse in such hazard insunace cm•e~a~e.
In the e~ent c~f a distribution of hszard insurance praceeds in licu of r~storation et tepiir following a loss to
the Propert~•. w hether to the unit or to ecxnmon ~k~nts, anc sach proeeeds pavabk to Sorrow+er ate hereby assigntd
and sh~ll be paid tc~ l.ender fcir applicatK~n to the sums socur~ed by the secuqt} instrument, writh the eseess, d anc.
Q~id tu &~rrow•cr_ •
C. t.endcr s Prior Codsed. BorroWer shall not, rxccpt after notioc to Lender and with Lender s prior writtcn
eonscnt, partiti..n or subdivi3e the Property or ecx~xnt to=
(i) thc abarxiunmcnt or tcrmination c~f thc Condo~ninium Project_ escept for abandonment or tecmination
pro~ ided by law~ in thr :.ase of substantial dcstructan b~~ fire or othrr casualtv or in the case of a uking by condemnation
~~r cmincnt dom~in:
(ii1 an~- material amcn.Jmeat to thc dcrlaration, b}-laws .x eodc ot regulations ot the Ov-ners Association.
nr equi~alent c.+nuitucnt documeat of tlx Con+~xninium Projtct. including, but not limited to, any ~mendment which
v-ouW chance the perc~ntage intcrests at thc unit owners in the Con~iominium Pro}ect: or
(iii) thc eBectuati.~n uf anv d~-~iciun b~ the U+.-rxrs Associ2tion to terminatt professioaal mareagement and
assumc sclf-managcrrtcnt of thc Coaci.r.ninium Projcct_ ~
D. Remaliec. If Borr~ower brexbes Bomower's to~e~asts ~d aptese~ts Leresader. iacl~die~ t~e core~aot
to p~~ when due coAdo~niaiom assess~oewts. 1~ [.e~rder sa~ i~soke a~r Rsedes pro*ided ade~ trt sec~rih
iatilrument. iacludinR. bu1 oot limited lo, tbose prorided o~der l'~ifor~ Core~a~f 7.
Ix V1-~ITVECC V1+}~EREOF. Bofroy-ii hac exCCUttd this CO~rilomi~!!!m Rl~f.
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• • ~ -B~rrover
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'• ~ . -Borrawer
-Borrov~er
Sisti~~$ -Borrover
~ E~; -9 ~.'4 ~ 31
COMDOMINIUM RIDER-i to! fanul~-6: 75-FMw~~c r~ai aara~~r'
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