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HomeMy WebLinkAbout0975 ' ' HAR80R FEDERAI. SAVINGS AND LOAN ASS~CIATION . CONDOMINIUM RIDER THIS CONDOMINIUM RIDER is made this . . . . . . . . . . . . . . .3Qth. . . . . . . . . . . . . day of. . $eP~eOlk@I". . . . . . . . . . . . . . . . . . . , 19 .83., aad is inccxporated into and shall be deemed to amend and supplement a Mortgage, Deed of Trust or Deed to Secure Debt (herein "security instrumtnt") dated of even date herewith, given by the undersigned (herein "Barower") to secure Borcower's Not to HARBOR FEDERAL SAVINGS AND LOAN ASSOClATION (herein "Lender') and covering the Property described in the security inswmeat and located at THE , SAND$, APT ,11.42 . . . . . . . . . . . . . . . FQRT. P 1 ~f~C~.s . F4,. . . . . . . . . . . . . . . . . . . . .33450 ~Property Address? The Property comprises a unit in, together with an undivided interest in the common elements of, a condominium project known as . The. $an~l~ on. the. Qc.e~n . . . . . . . . . . . . . . . INnn. a conaonunhn~ vrol.eq - • • - . . . . . . . . . . . . . (herein "Condominium Project") . CONDOMINIUM COVENAIVTS. In addition to the covenants and agreements made in the securiry lnstrument, Bocrower and Lender further covenant and agree as follows: A. Assessmenb. Borrow¢r shall prompdy pay, when due, all assessments imposed by the Owners Association or other goveming body of the Condominium Project (herein "Owners Association") pursuant to the provisions of the declaration, by-laws, code of regulations or other constituent document of the Condominium Proiect. B. Ha:ard lnsurance. So long as the Owners Association maintains a"master" or "blanket" polky on the Condominium Ptoject whfch p~ovides 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 require, then: (i) Lender waives the provision in Uniform Covenant 2 for the monthly payment to Lender of one- twetkh of the premium instal!ments for hazard insurance on the Prop¢rty; (ii) Borrower's obligation under Uniform Covenant 5 to maintain hazard tnsurance coverage on the Property is deemed sati~ied; and (iii) th¢ provisions in Uniform Covenant~ 5 regarding applicatlon of hazard insurance proce¢ds shall be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent document of the Condominium Project or of applicable law to the extent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 and the provisions of Uniform Covenant 5. For any period of dme during which such hazard insurance coverage is not maintained, the immediately preceding sentence shall be deemed to have no force or effect. Borrower sha0 give Lender prompt notice of any {apse in such hazard insurance coverage. ln the event of a distribu6on 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 ar¢ hereby ; assign¢d and shall be paid to Lender for application to the sums secured by the security ~instrument, •with the ~ excess. if any, paid to Borrower• C. Lender`s Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior E written consent, partition or subdivide the Prop¢rty or consent to: ~ (i) the abandonment or termination of the Condominium Project, except for abandonm¢nt or g termination provided by law in the wse of substantiaN destruction by fire or other casuahy or in the case of a taking by condemnation or eminent domain; (ii) any mat¢rial amendment to the declaration, by-laws or code of regulations of th¢ Owners Association, or equivalent constituent dceument of the Condominium Project, including, but not limited to, any amendment which would chang¢ the percentage interests of the unit owners in the Condominium Project; or (iii) the effectuation of any decision by the Owners Associatlon to t¢rminate professional management " ~ and assume self-management of the Condominium Proj¢ct. D. Remedies. lf Borrower breaches Borrower's cove~ants and agree nts hereunder, including the ~ covenant to pay when due condominium assessments, then Lend a nvoke any remedies provfded ~ under the security tnstrument, tncluding. but not limited to, th r ed under Uniform et~ IN WITNESS WHEREOF, Borrower has executed this C do nium Rider. ~ ~ ~ . / ~ ~ ~ F ~ / E ORLAN00 0 FE ANOEZ:JR -e«~~« ~ 628116 ~ CONDOMINIUM RIDER-t to 4 Fami~y-6/~5 MA/fHLMC UNIFORM INSTRU~IENT ~ ~ 19~3 QCT I8 II~ ~ 27 ~ F;~EC etif G~ f~"~= : ~ lCf:~~ ff.~ v"^. i~c~~ n~ri.~~ -i ~ n~ C' r. ; l~~.~.~1 " ~ ~ 800K~~~ P~ ~ ~ ~ • . ~ _ 3/80 . ~ • . - - - - ~ ~:e~ , _ - ~ - .