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Home My WebLink About0942 - _ ~ . ~ . . i _ , ~ . CONDOMINIUM RIDER ~ . ~I~US CONDO)iIINIUM R1DER LS 1~(IC t~1iS . . . . . . . . . . . ~9. . . . . . . . . . aay . . . o~a~er . . . . . . . . . . . . 19. 83, snd is inoorporated into and shaU be dcemed to amend and supplement a Mortgage, Deed of Trust or Decd to Secure Deb[ (6erein "security instrument") datod of even date herew;:~, given by tbe undetsigned (herein ••Borrower") to secure Borrovrar's Note to. ,~?.$dT~ 4~ .5~.. I~i.+i.6 .Q01di1~,y . . . . . . . . . . . . . . . . . . . . . . . . . . (herein "Lender") and oovering the Pro rty descn'bed in_ the secwity instrument and locatod at.~. 17Q1,fIil]iroor,Dr.,. P'R~'~.,~.•. k'~X~~. . 33.4~2 . . . . . . . . . . . . . . . . . . . . . . . . . . c~oa«~r ~+a~ss~ 'ILe Pmperty oomprises a unit in, togetbe~r with a~ undividod interest ia the oommon elemeats of, a condominium . Projecc known as. . . . PorY't. St-. I~uCie, Meclical. p~a~8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (N~ of CaWaninium Prol~eq . . . . . . . . . . . . . . . . (herein "Condominium Project"). CONDOMINIUM COVENANTS. Ia additioa to the covenants and agrcemeats madc in the security inswment, Borrow~er and I,ender further covenant and agree as follows: A. A~eNs. Bornower shall promptly pay, when due, all assessments imposed by the Owners Aasociation or other governing body of the Condominium Prnject (t~erein "Owners Association") pursuant to tl~e provisions of the declaration, by-laws, code of regvlations or other constituent document of tbe Coudominium Project. B. Has~rd L~ce. So long as the Owners Association maintains a"master" or "blantaP' policy on the Condominium Projoct which provides insurance coverage against fire, hazards included within the term "eatended ooverage," aad such other hazards as Leader may require, aad in such amounts and for such periods as Lender may require, then: ~ (i) Lender waives the provision in Uniform Covenant~ for the monthly payment to Leader of one-twelfth j of the premium installments for hazard insw~aace on the Property; (ii) Borrower's obligation under Unifoan Coveaant S to maintain hazard insurance ooverage on the Propecty is dcemed satisfied; and (iu) the provisions in Un~orm Covenant 5 regarding applicadon of hazard insurance prooeeds shall be superseded by any provisions of the declaration, by-laws, code of regulations or other oonsiituent document of the ~ ~ Condomiaium Project or of apnlicable law to the extent necessary to avoid a conflict between such provisions aad t ~ the provisions of Uniform Covenant 5. For any period of time during which such hazard insurance coverage is not ~ maintained, the immediately preceding senicnce shall be deemed to have no force or effect. Bomower shall givc ; L.ender prompt notice of any lapse in such hazard insurance rnverage. ~ In the event of a distribution of hazard insurance proceeds ia lieu of restoration or repair followiag a loss to ' the Property, whether a the unit or to rnmmon elements, any such proceeds payable to Borrower are hereby assigned ~ ~ and shall be paid to Lender for application to the sums secured by the security instrument, with the eacess, if any, ; paid to Bornower. t C. Lender's Prior Co~sen~ Borrower shall not, except after notice to L.ender and with I,ender's prior written F conseat, partition or subdivide the Property or vonsent to: (i) the abandonment or termination of the Condominium Project, eacept for abandonment or termination provided by law in the case of substantial ckstruction by fire or other casualty or in the case of a taking by condemnation or eminent domain; (ii) any material amendmeat to the declaration, by-laws or code of regulations of the Owners Association, or equivalent constitoent document of the Condominipm Project, including, but not timited to, any amendment which would change the percentage inteiests of tt~e unit owners in the Condominium Project; or (iii) the eHectuadon of any decision by the Owaers Association to terminate professional management and ~ assume self-management of the Condominium Project. - : D. Remedies. it Borraver bc~esc~es Borrower's rnrees~ts a~d a~neeaeas ~ee+nader, ~cladi~g N~e co~e~t ~ to pay w6e~ d~e toudomiaiom assess~eNs, tbea I.eoder may irdce asy remedies provided ~~der tbe secrrjty i~eet, inclodieg, bot aot li~ited to, t6oae prorided aeder Uvifor~ Corewt 9. ~ IN WiTNESS WHER~OF, Borrowcr has executed this Condominium Rider. k ~wW6061 ~ t 1963oEC2o AN ~16 ~ S!~i u tNf[l;!t G~'~`;'s. Eric R. Yotu~g, .D. -°OfO11!` j;( f;cR i•rI'i.' S i CLU e( ~:Fr•i~!? t:f'.F' ~ ~ : . . . t -~onow~r ~ ~ ~ eoo P~c~ 942 4-0438-000~8 N2-79 CONDOMINWM RiOER-t eo ~ F~?-6~~s-~wi~e w~~w a~Ta~rr •«~*~~••~~*~M• ~ • - - - ~