The URL can be used to link to this page

Home My WebLink About0988 j ~ ~ ~ CONDOM1NItJM RIDER ' ~ ~ _ THIS CONDOMINIUM RIDER IS fqBdC lhtS 22nd ~ day of MSrCZl ~ 19 83 , and is incorporatcd into and shail bc dccmed to amcnd and supplemcnt a Mortgage. Dced ot Tnut or Deed to Secure Dcbt (hercin "security instrumenC') dated- of cven datc herewith. given by the undersigned (hercin "Borrowcr") to sccure Borrowc~'s Notc to . ALI,IANCE MORTGAGfi COMPANY (hcrcin "Lcnder') and covering thc Propccty describcd in che sccurity instrument and locatod at 10044 5outh AlA ~1203, Jensen Beach, Flozida 33457 (P~oO«tr AOdnssl Thc Property compriscs a unit in. togethcr with an undivided intcrest in thc common elements of, a condominium projcct known as SAND DOI.LAR TO'WER CONDOMINIUM lNartw W Condominiwn Proj~ct) (hcrei~ "Condomi~ium Project"). CONOOMlNIUM COVENANTS. 111 8(I(IlllOtl to the covcnants and ag~ecments made in the security instrument. Borrowcr and l.endcr funhes covenant and agree as fallows: A. Ass~aeats. Bor~ower shall promptly pay. whon due, all asscssments imposed by the Ownets Association . or othcr governing body of thc Condominium Pmject (hcrdsn "Owners Association") putsuant to the provisions of the declaration, by-laws, code of rcgulations or other constituent document of the Condominium Projoct. B. Ha~rd Ins~raace. So long as thc Owncrs Association maintains a"mastcr" or "blanket" policy on the Condominium Project which provides insurance coverage against fia, hazards included within thc term "extended coverage," and such other hazards as Lender may rcquire~ and in such amounts and for such periods as-Lender may require, then: (i) l.cnder waives ihe provision in UniEorm Covenant 2 for the monthly payment to I.ender of one-twelfth of the pcemium installments for hazard insurance on the Property; (ii) Borrower's obligation uoder Uni[orm Covenant 5 to maintain hazard insurance coverage on the Property is deemed satisfied; and (iii) . the provisions in Uniform Covenant 5 regarding application of hazard insuranc~ procceds shall be supcrseded by any provisions of ihe declaration. by-laws. code of regulations or other constitueat document of the Condominium Projcct or of applicable law to the cxtent necessary to avoid a conflict between such provisions and thc provisions oi Urliform Covcnant S. For any period of time during which such hazard insurance coverage is not maintaincd, thc immcdiatciy prcccding scntence shall be dcemed to have no force or eBect. Borrower shall give Lender prompt notice d any lapse in such hazard insurance coverage. In thc cvcnt af a distrib~tion of hazard insurancc proceeds in licu of restoration or repair following a loss to the Propcrty. whcthcr to the unit or to common clcments. any such procccds payable to Borrower are hereby assigned and shall be paid to Lender for application to the sums securcd by the security instrument. with the excess, ii any, paid to Borrower. C. [.eade~'s Priar Coa~ent. Borrower shall not, cxcept a[ter notice to l.ender and with Lender's prior written consent, partition or s~dividc the Property or consent to: (i) thc abandonmcnt or termination of the Condominium Project, exccpt for abandonment or termination provided by law in thc case of substantial destruction by fire or othcr casualty or in the case of a taking by condemnation ' or eminent domain; i (ii) any matcrial amcndment to thc declaration, by-laws or code of regulations of the Owners Association, ~ or equivalent constitucnt document of the Condominium Project, including, but not limited to, any amendment which would changc the percentage interests of the unit owners in the Condominium Project; or ~ jiii) the eBectuation of any decision by the Owners Association to terminate professional management and ~ ~ assumc sclF-managcment of !hc Condominium Projcct. ~ D. Remedies. Ii Borrower breacbes Borrower's coveaants and agreements bereunder, incladiog tbe coreaant ~ to pay wbea due condominium assessments, then I.ender may inroke aay remedies provided andtr the secwrily ~ instrumeat, including, but not limitcd to, those provided under Uaifona Coveaant'7. ~ ~N WITNESS WHEREOF, Borrowcr has exccuted this Condominium Ridcr. i - e $ - # ~ x ~ ~ ~ ~ Robert Carpenter -eo.~o.e~ n rons -s~~•~ ~ i ~ -Bo..ww. Thomas Zaccon -ew?ow.. } CONDOMINIUM RIOER-1 to4 F~nilr-6/75-iN1U/FNLMC UMIFORM INSTIIUMEIR COMSOI~D~*LD ~VlIK[f! ~OAyl, ~MC• t [ :Y z ~ s ~ ~ t F a~397 P~ 987 ;