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HomeMy WebLinkAbout2859CONDOMINIUM RIDER T111S CONDOMINIUM RIDER IS I118(IC (IIIS. . . . .l~.ttl . . . . . . . . . . . . . . . .day oi. . . . . .~~t2xl~aXy. . . . . . . . . ., 19 81. , and is incorporated into and shall bc decmed to amcnd and supplemcnt a Mortgage, Dced of Trust or Dced to Sccure Dcbt (herci~ "security instrument") dated of evcn datc herewith. given by thc undersigned (hercin "Borrower") to secure Borrower's Note to. . .SUN. BADTIC .OF..ST... .L~IC~E .CQUN~Y.. .a. F.lor.~da . . . .8ank~.ng Coxp.. (herein "Lender') and coverin the Propert describcd in the securit instrument and locatcd at. . .~9.~5. S , ~.9Gh. S~rggt , , Ap~, ,~106g, . Bldg, Iy~ _ Fort. ,Pierce s , ~la... . 33450 . ~~.~r ~.~:~ The Property camprises a unit in~ together with an undivided interest in thc common elements of a condominium project known as. . .The . Woodland _ Condominium _Apartments... .Building . ~_ _ _ _ _ _ _ _ _ _ _ _ _ .. . ........... . . .. . .... ......... . (Nsme o( Condominium Projett~ . . . . . . . . . . . . . . . . (hcrein "Condominium Projcct"). CONDONIINIUM COVENANTS. III addition to the covenants and agrecments made in the security instrument, Borrowcr and Lender further covenant and agree as follows: A. Assessmeats. Borrower shall promptly pay, when duc, all assessments imposed by the Owners Association or other governing body of the Condominium Project (herein "Owners Association") pursuant to the provisions of the declaration, by-laws, code nf regulations or other constituent document of the Condominium Project. B. H~zard lnsuraace. So long as the Owners Association maintains a"master" or "blanket" policy on the Condominium Project which provides insurance coverage against fire, hazards included within the term "extended coverage," and such other hazards as Lender may require, and in such amounts and for such periods as Lender may rcquire, then: (i) Lender waives the provision in Uniform Cqvenant 2 for the monthly payment to Lendcr of one-twelfth of the premium installments for hazard insurance on the Property; (ii) Borrower's obligation under Unifoan Covenant 5 to maintain hazard insurance coverage on the Propert~• is deemed satisfied; anJ (iii) the provisions in Uniform Covenant 5 regarding application of hazard insurance prceeeds shall be superseded by any pravisions of the declaration, by-laws, code of regulations or other constituent document of the Condominium Project or of applicable law to the extent necessary to avoid• a conflict between such provisions ancf the provisions of Uniform Covrnant 5. For any period of time during which such hazard insurance coverage is not maintained, the immediately preceding sentence shall be deemed to have no force or effect. Borrower shall givc Lender prompt notice of any lapse in such hazard insurance coverage. In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to the Property, whether to the unit or to common elements, any such proceeds payable to Borrower are hereby assigned and shall be paid to Lender for application fo the sums secured by the security instrument, with the excess, if any. paid to Borrowcr. C. Lender's Prior Consent. Borroucr ~hall not, cxcept after notiee to Lcnder and with Lcndcr's prior written conscnt, partition or subdividc thc Propcrty or consent to: (i) the abandonment or termination of the Condominium Project, cxcept for abandonment or tcrmination provided by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or cmincnt domain; (ii) any material amendment to the declaration, by-laws or code of regulations of the Owners Association, or cquivalent constituent document of thc Condominium Project, including, but not limited to, any amendment w•hich woufd changc the percentage interests of the unit owners in the Condominium Project; or (iii) the effectuation of any decision by the Owners Association to terminate professional management and assumc sclf-managcmcrit of thc'Condominium Project. D. Remedies. If BoROwer breaches Borrower's covenants and sgreements bereunder, including the covenant to pay when due condominium assessments, then i.ender may iavoke any remedies provided under the securit~~ instrument, including, but not limited to, those provided under Uniform Covensnt 7. IN WITNEtiS V1+HEREOF, Borrowcr has eaccutctl this Condominium Ridcr. 51'7498 ~~ f r3 19 F;; 2~ I 2 F ttf I~ h[ `i [ C"r: t:~ SS LuC!t~ LC::v' t. ~: a t~cGE~ rciT~nS CLEW;Ct!?C'~;T tC~:t; (.~i '~':1 :. . ' _ . - ~~~'~., REGINA B . CARBONARA -ea~~~~ ~~~K348 PaGE2857 ~ CONDOMINIUM ~IDER-1 to~ family-6115-FNMAIFNtMC UNIfORM INSTIIUMENT ~ ~ _ 'V - _ . E~.. si,._K .__ ___._ ..~ . r.':! . ~ --R -eorrower 4-0438-000•8 N2•79 iOUTNLAMO PP~NTl~:4 CO ~. _ r ~ . , . .~.rR~Y ~~.' .