Loading...
HomeMy WebLinkAbout0989 • 05-23148917 HARBOR FEDERAL SAVINGiS ANO LOAN ASSOCIATION CONDOMINIIJM RIDER THIS CONDOMINIUM RIDER is made this. . . . . . . . . . . ? ~5~ . . . . . . . . . . . . . . . . day of. . .NQ~~~!': . . . . . . . . . . . . . . . . 19 ..$a and is incorporated into and shall be deemed to amend and supplement a Mortgage, Dced of Tnut or Deed to Securc Debt (herein "security instrument") dated of even date herewith, given by the undersigned (hercin "Borrower to secure Borrower s Not to . HARBOR FEDERAL SAViNGS AND LOAN ASSOCtAT10N (herein "Lender" and coverin the Propeny describcd in the security inawme~t and located at . . .18QO..SOiith .AlA.. ~ensen .6eac,f~ .F~ari:da. :33~57 . . . . . . . . . . . . . . . . . . . . . . . IP~opsAy AdWes11 The Property comprises a unit in, together with an undivided interest in the common elements of, a condominium project known as . . . ISIAND .B~ACH GlU.6. CQNpOMINIUM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~ c~+eo~~ ~a : . _ . . . . . . . (he~e6n "Condominium F'roject"). ' CONDOMINIUM COVENAIVTS. In addition to the covenants and agreements made in the s¢curity instrument, Borrower and Lender further covenant and agree as follows: A. Assessrnents. Borrower shall prompdy pay, when due, all assessments imposed by th¢ 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 Proied. . 6. Har.ard Insurance. So long as the Owners Association maintains a"master' or "blanket" poNcy on the Condominium Ptoject whkh provides insurance coverage against fiire, hazards included within the term "extended coverage," and such other hazards as Lender may requtre, and in such amounts and for such periods as Lender may requir¢, then: (i) Lender waives the provision in Unitorm Covenant 2 for the monthly payment to Lender of one- twetfth of the premium installments for hazard insurance on the Ptoperty: (ii) Borrower's obligatian under Uniform Covenant 5 to maintain hazard insurance cov¢rag¢ on the Property is d¢emed satisfied: and (iii). the provisions _ in Uniform Covenant 5 regarding applicatbn of hazard insurance proceeds shall be superseded by any provisions of the dedaration, by-laws, code of regulations or other constituent document of the Condominium Project or of appl:cabie law to the extent necessary to avoid a tonflkt betwe¢n such provisions and the provisions of Uniform Covenant 5. For any period of time dudng whkh such hamrd insurance coverage is not maintained, the imm¢diately preceding s¢ntenc¢ shap be d¢emed to have no force or effect. Borrower shall give Lender prompt notke of any lapse in such hazard insurance coverage. ln the event of a distribution of hazard '+nsurance psoceeds in lieu of restoration or repair foqowing a loss to 'j th¢ Property, whether to the unit or to common elements, any such proceeds payable to Borrower are her¢by ~ auigned and shall be paid to Lender for application to the sums secured by the secur[ty 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 . written consent, partition or subdivide the Property or consent to: (i) the abandonment or termination of the Condominium Project, except for abandonmerSt or termination provided by law in the case of substantial destruction by fire or other casuahy or in the case of a taking by condemnation or eminent domain; (ii) any _material amendment to the declaration, by-laws or code of regulations of the Own¢rs Association, or equivalent constituent document of the Condominium Project, including, but not limited to, any amendment which would change the percentage interests of the unit owners in the Condominlum Ptoj¢ct; or (iii) the effectuation of any decision by the Owners Association to terminate protessional managem¢nt and assume seN-management of the Condominium Projed. D. Remedies. !f Borrower breaches Bonower's covenants and agreeme~ts hereunder. including the covenant to pay when due condominlum assessments. then Lender may invoke any remedits provided , under the security instrument. including. but not Iimited to, those provided under Uniform Covenant 7. IN WITNESS WHEREOF. Borrower has executed this Condominium Rider. ~ ichard C. Raasch, an un ried ad~~ ~ 6~4~ -a«ro... CONDOMINIUM RIDER-t to ~ Fam~1y-6/~5-fNMA/fHLMC UNIFORM INSTRUMENT 1~, ~C ~T A~I ~ f'tICC ~IiP ~:~r' ":?E ; SI.L~CIE CC4~~ T.~ i h r~o~fn rf:i:f>~.~ ' CLCkK CIP.CUri C~tl~ ~r~f,i~"t•:a.~''{ ~j, y[1 ~ .3~8~ ~ t_~: ~a , , w~__ - ~ : • ~ ~ . .