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Home My WebLink About0568~ CONDOMINIUM RIDER TIIIC CONOOAIINIUM RIDER IS tI18(IC (I11S: / , ~ ~ .d~y Q(. . ~~I./d/I!~ ~. . 19. ~/. ~ and is incorporatcd into and shall bc deemed to amcnd and supplemcnt a Mongage. D~ed of Trust or Dced to Sccurc D~bt (hchin "security instrumcnt") dated of cven datc hercwith, given by thc undersigncd (hcrcin •.eorro~~rr'•) to ~ccure Borrower's Notc to. .8~~f~YN~.~FP~~A4 .&~lY~N~,~. ANR.~4~PN. AS~QC~~T~QI~I....... • • • • • • • • . . . . . . . . . . . . . . (hcrein "Lcnder") and covcring the Propcny describcd in the sccurity instrumcnt and located at. . . , 4800 SOUTH A1A i . #201. . , t ,~FNSEN BEACH~ , FLOR?DA, ~~45? , , , , , , , , , , , , , , , , , , , , , , „ (PropNty /-ddnss) Thc Propeny compri~-s a unit in, together with an undivideJ interest in thc cammon elcments of. a condaminium projcct kn~wn ... ISLAND BEACH CLIJA .. .............................. ..................... as. ~ (Name Of Condon-inlum ProlKq • • • • • . . . • . . - . . . . (hcrein "Condominium Projcct"). COI~DOMINIUAI COVENANTS. Itl addition to the covenants and agrcements made in the security instrument. Borrowrr and Lend~r further covcnant and agree as follows: A. Asses~cmeMs. Borrower shall pramptly pay, whcn due. all asscssments imposed by the Owncrs Association or othrr go~~crning bocly of thc Condominium Project (herein "Ownerc Association") pursuant to the provisions of thc declaration, hy-laws, ccxie of regulatio~s ar other constituent document of the Condominium Project. B. Ilazard lnsurance. So long as the Owners Association maintains a"master" or "blanket" policy on the Condc~minium Project which pmvides insurance coverage against fire. hazards included within the term "extended coveragc; ' and such other hazards as Lender may require, and in such amounts and for such periods as Lender may rcquirc, thcn: (i) Lcnder waives the provision in Uniform Covcnant 2 for thc monthly payment to Lender of une-twelfth of thc premium installmcnts for hazard insurancc on the Property; (ii) Rorrower s obligatian under Uniform Covenant S to maintain hazard insurance coverage on the Propcrty is dccmcd satisficd; and (iii) the provisians in Uniform Covenani 5 rcgarding application of hazard insurance proceeds shall be supcrscdcd b~~ any provisions of the dcclaration, by-laws, code of regulations or other constituent document of thc Cond~~minium Pr~ject or of applicable law to the extent necessary to avoid a conflict between such pr~ovisions anel the provisions of Uniform Covenant S. For any period of time during which such hazard insurance coverage is not maintained, thc immediately preceding sentence shall be deemed to have no force or effect. Borrower shall give Lender prompt notice of any lapse in such hazard insurance coverage. In thc cvcnt of a distribution of h~zard insurancc procecds in licu of restoration or repair following a loss to the Propcrt~~, v-hether to the unit or to c<~mmon elements, any such proceeds payable to Bonower are hereby assigned and shall be p:~id to Lender Far application to the sums secured by the security instrument. with the excess, if any. paid tc~ Bc~rmwcr. C: Lendcr's Prior Coasent. Borrower shall not, except atter notice to Lender and with Lender's prior written consent, partiti~~n or subdividc the Property or consent to: (i) the abandonment or termination of the Condominium Project, except for abandonment or termination provided by la~*• in the case of cubstantial Jestruction by fire or other casualty or in ihe case of a taking by condemnation or cmincnt domain; (ii) an~~ material amendment to the declaration, by-laws or code of regulations of the Owners Association. i~r cqui~•alent c~mstitucnt document af thc C'ondominium Project, including, but not limited to, any amendment which w•auld change the percentage intcrests of ~he unit owners in the Condominium Project; or (iii) thc efiectuation uf any dcci~ion by the Owners Association to terminate profcssional management and assumc sclf-managcmcnt of thc Condominium Projcct. D. Reme~lirs. Ii BoROwer breachec Borrower's corenants and agreements t~ereunder, includiag the covenant to pa~• w~hen due condominium assessments. Ihen Lender may invoke any remedies provided under the secority instrumenf. incladinR, but not limitcd lo, lhose provided nnde~ Unitorm Covenaat 7. • IU WITfJE55 WHEREOF, Borrowcr hac cxrcutcd this Condominium Ridcr. ~ / / IS AEL R. MORALES, AND -Borrover . ~~-~'t~Za: )~ . J NORMA MORALES, HIS MIFE -Borro~rer -Borrover _~ ~ ~ ~ , _ . .i r . J -Borrower 516254 CONOOMINIUM RIOER-t toe F~~tr_6~~s--Nw/FNtwt uNiFORM iNS1nu~Mr a~'~ 34$ p~ 568 1981 FEn -9 ~,b; ~: 32 F'i:C tht FrCO'ruf U SLIU.^ff CCWTy~I,~ R~GER NOr; RAS CtFF.i( CInCL'I1 CCURy~ ., ~: . ~~ _. _ ~_ -- _ ~~~.; ~.-~.~.. _.