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Home My WebLink About0915 • ? ! CONDOMINIUM RIDER . . , ' 8 3 CONDOMINIUM RIUF7t is made this ~S-d~y or March , l9 , and is incorporated ioto and ahall be deemed to ameod and sopplement a Mor~6age, Deed of Trust or Deed ~o Secure Debt (herein "security i~s~rument") dated ot even date hereMith, ai~e~ by ~he uodersi6ned (her~~o "Bor~oMer") to secure Bortowei a Note to ~ SUNRISE SAVI1vGS AND I,OAN ASSOCIAT20N OF FLORIDA (herein "Lender ) a~d covering ~he Property desc~ibed in the security instrument ~ I and located at .9~5 0 South AlA, Unit 309 Jensen Beach, FL 3345? (Pr~pertr Addras) The Property comprises a unit in. together with an undivided interest in the common elements of, a condominium project knownas ISLANDIA I CONDOMINIUM (Nsme of Condomi~ium P~ojeet) (herein "Condominium Project"). CONDOMINIUM COVEN~N7'S_ In addition to the covenants and agreemen~s made in the security instrument, BorroM•er and Lender fu~ther covenant and agree as [ollows: ' A. Assesaments. Borrower shall promptly pay, when due, all assessments imposed by the Owners Association or other governina body of the Condominium Project (herein "Owners Association") pursuant to the pro~isions of the declaration, by-laws, code of re~ulations or o~her consti~uent document of the Condominium Project. ' t B. Huard Insuranee. So long as the Owners Association maintains a"maater' or "blanket" policy on the Condominium Project which provides insurance cove~age against fire, hazards included within the ~erm "extended covcrage," and such other hazards as Lender may require, and in such amounts and for such periods as I.rnder may require, then: . (i) Lender waives the provision in Uniform Covenant 2 for the monthly paYment to Lender of one-t+velRh of ~he ~ premium installments for hazard insurance on the Properiy; (ii) Borrower's obligation under Uniform Covenant S to maintain haurd insurance coverage on the Property is deemed satisfied; and (iii) the provisions in Uni[orm Covenant S reg~rding application of hazard insurance proc~eds shall be superseded by an~• provisions of the declaration, by-laws, code of regulations or other constituent document of theCondominium Project or of applicable lavr to the extent necessary to avoid a con(lict between such provisions and the provisions of Uniform Covenan~ 5. For any period of time during .vhich such hazard insurance coverage is not maintained, the immediately precedi~g sentence shall be deemed to have no force or effect. Borrower shall give I.ender 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 folloNing a loss ~o the ~ Propertp, whether to the unit or to common elements, any such proceeds pa,vable to Borrower are hereby usigned and shall ~ be paid to Lender for applica~ion to the sums secured by the security instrument, with the e:cess, if any, paid to Borrower. j I C. Lender's Prior Con6ent. Borro..er shall not, e:cept afler notice to Lender and Mith Lender's prior .rritten consent, par~ition or subdivide the Property or consent to: ~ (i) the abandonment or termination of the Condominium Project, except for abandonment or termination provided by law in the case of substantial desiruction by fire or other casualty or in the case of a taking b}• condemnation or eminent domain; (ii) an~• material amendmeni to Ihe declaration, by-laMS or code of regulations of the Owners Association, or eyuivalent constituent document of the Condominium Project, including, but not limited to, an~~ amendment Nhich Mould change Ihe percentage interests of the unit owners in the Condominium Project; or . (iii) the effectualion of any decision by the ONners Association to terminate professionat managemem and assume self-management of lhe Condominium Projeet. D. Remediea. Ii Rorrow~er breachea BorroMer s co~xnants and agreementg hereunder. in~ludin~ the ~ covenanl to pay w~hen due condominium assessmenta. then Lender ma~• invok~am rem~dies pro~id~d under lh~ securily instrument, including. but not limited to, those provided under Uniform Covenant 7. ~ I1 WI'f16S R~NEREOF, Borrower has executed this Condominium Rider. a {S~./WL~ . ~ ~ ~ ~ ~ ~ 1~83 MAR I T ~ 1= Sg ; ~L'r~~d~ F f I~~C FhT ~rtCF.^i ~ Sf.t.uC~F c[~v.; WILL H. REINE , -s°"°"" p~CC,cP 'r'(.~1.•.,.:~ ~ - CLCF.K C~«LUIi C~•:.:~' ~ - ' " ~ ~ ~ ED A M. REINERT ~ SUN TITLE & ABSTRACT COMPANY 4645 Gun Club Road 9ooKc~~ PAGE ~6 'West Palm Beach, Flori~a 33406 € } . " {703'Z411 µl.At•I~~T~~\F I.e~al ~4jy~1~... i~.. CONDOMINIUM RIDER - i ~0 4 Famih - 6/75 - FNMA/fMIAAC UNIfORM IMSTRUNEMT F'i i~~.d,~. F'~..~a+:m~~