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SAVINGS 8 IOAN ASSOCIATION ~ONDOMINIUNl~ RI~EIt Fa~rt L.wd~dab, Flo~ida~33308
ThIS CONOOMIMfUM RIDER is msda this 29th dsy ofJu~c~ ~ ~
1983 , and is incorporated i~to and s~wtl b~ deemed to amand and wpplement s Mortpa~e, Deed of Trust or Oead to
Secure Dabt (herain "tecurity instn,iment") dated of even dau h~rswith, 9iven by the undenpned (herein "Bonowe~")
to secure B.orrower's Note w Cal ifornia Federal Savings and Loan Asaociation
(herein "lend~ar") ard coverinp the Proptrty described in the security instrument snd •
i«~ud.t 8700 South AlA, Jensen Bch, FG 33457.
Tt~e Property oomp?ises a urtit in, together wiLh an undivided intemst in the pmmon alemenu ot~ s ooridaminium
~xoject known ss ISI.AND DUNES CQNIDOI~tIUM A
• ~ ~ ! herein "Condominium ProjecY')
CONDOMINIUM (bvENANTS. I~ addition to the covenants and ag~reements made in the security instrument, 6or-
rower and Lender further covenant and a~ree as folbws: ~
- A. Ass~simeMs. Borrower shalf promptl~t pay, when due, all assessme~ts imposed hy the Owners Association w
other goveming body of the Co~dominium Project (herein "Owners Association") purwant to the provisions of the dedara ~
tian, by-laws, code of ~egulations or other oo~stituent document of the Condomi~~ium Project.
B. Hszard Inwnnte. So long as the Jwnz~s Association ma+ntains a"master" or "WankeY' policy on the Condominium
Proj~ct which provides ir~surance coverage agairx~t fire, hazards included wiihin the term "exterxl~ ooverage;' and such
other hazards as Lender may require, a~d in wch amounts and for such periocis as Lender may raqu~re, then:
(i) Lender waives the provision in Uniform Covenant 2 for the monthly payment to Lender of one•twelfth
of the premium instaltmenu fc,r hazard inwiance on the Property; _
(ii) Borrower's obligation under Uniform Covenant 5 to maint~+n hazard iruurance aoverage on the' Property
is deemed satisfied; and ~
(iii? the provisions in tlniform Covenant 5 regarding app(ication of hazard insurance pr~ceeds shatt be super-
seded by any provisions of the dedaration, by-laws, code of regutatians or other oonstituent document of the Condom+niurr~ ~
Project or of appticable law to the extent n~cessary to avoid a conflici betwaen such provisions and the provisioru of l;,~iform
Covenant 5. For any period of time durirtg which such ha2ard insurance coverage is not maintained, the immediately p~eceding
sentertce shall be deemed to have no force or etfect. Borrower shall c,~'ve Lender prompt notite of any lapse in s~~h tiaza~d
iruurance coverage. -
I~ the event of a distribution of haza~d insuranCe prpceeds in lieu of r~storation or repairlFollowing a loss to the Prop~er- ~
ty, whether to tf~e unit or to comr.ton elements, any such proceeds payable to Borrower are her~by assigned and shall ce paid ,
to Lender for application to. the sums secured by the security instrument, with *_hE exoess, if any, paid tp 8orrower. ~
C. L~ndtr's Prior CanseM. Borrower shall not, except after notice ta Lender and with l.ender's prior written cansent,
partition or subdivide the Property or consent to:
(i) the abandonment or te~minat~on of the Condominium Froiect, except for abandor,ment or termination '
provided by !aw in the case of substantial destruction by fire or other casualty or in the case of taking by o~ndemnation or
eminerst domain:
(ii; any material amendme~t to ihe declarat~on, by-laws or cc~de of regulations of the Owners Association, or
equivalent cautituent document ofi the Condomin~um Project, induciing, !wt ~ot limited to, any amendment which would
change the percentage interests of ttie unit owners in ttw ~ondom~nium Project; or
(iii) the effectuation of any decisiori by the Owners Association to termir?ate professional management and
assume self-management of tfie Cnndominium Project.
D. Remrd'as. !f BorrowK brescMs Borrawer's oursns~ts snd syreemtnts hereunder, irtduding tha wreoani to psy
wMn due oondominium assastmeMs, then Lender m~y imroke, sny ranadies pro+rided u~der tf?e sacurity instrument, indud-
in~, but not limited ~o, thosa providsd u~d+r llruform Corsnsnt 7.
:
1~! W17NESS WHEREQF, Borrower has executed this Condominium Rider. ~
~
!
~~J;1 • „r_BORROWER
. 1_
HA LAN E. SGHACKNE;R
BORROWER
80RROWEA
- gORqOWER
CONOOMIMUM RIDfR• 1 to 4 fan~ay-enS-Faw,~M~MC uNIFOt~M u~s'rRUwEtsT P~