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CONDOMINIUM RIDER
T~iis Cuu~wtitiN~u~~ R~~Ea is madc ~hi~. . . . . . . . .~"!.L k7:lY . . . . . . . .~lay ot. . . . . J~Y
. . . . . . . . . . . . . . . .
1 y.$4 and is incorporated into and shall bc JrrmcJ to amrnd and supplcmrnt a Mortgag~, Dced ot Trust or Deed
tu Secure n~bt (hercin "securiry instrum~nt") ~fatrJ of cven ~1atn c~rewit~hJ~ ~rv_e-n by thc undersigned (herein
"Borr~v?•cr") tu sccure Borrowc~'s Notc ta. S~ ~,OF ST. LUCIE CW~TY .
..(herein "Lender") anJ cuvering the Pru rt ~escribed in the ;ecurit i t ment and
~oca~ed ac . .24QQ . . _Drive, . Catamaran II, #7653, ~or~ Pierce, Florida ~33~~~
tv.ow?~r naa~.+~?
T~hc Property compnses a unit in, to~ether w~ith an undivided intcrest in thr ~ommon elements of, a condominium
projrct known as . . . .~?~ran II
• • • • (N~m~ Of COnOOm~n~um Pro~etl)
. . . . . . . . . (hcrcin "Condominium Projcct").
CoNno~~iw~urt CovtN~xTS. In addition t~ the covrnants an~i agre~mcnts made in the securiry~instrument,
E3orsowcr and Lender furthrr ruv~nant and agrec as follov?~s:
A. Assessments. Borrow•er shall promptly pay. when duc, all as~essmcnts impased by the Owners Association
or other governing bociy o[ the C'ondominium Project (herein "Own~r~ Association") pursuant to the provisions of the
declaration, by-laws, cocie of regulations or other constitucnt document of the Condominium Project.
B. l~~zard Insurance, Su lung as the Owners Assc~ciation maintains a"master" or "blanket" policy on the
Co~dom~nium Projrct which provides insurance coverage abainst firr, hazards included within the term "extended
coverage," and such other hazarJs as LenJer may require, ~nd in surti am~~unts and tor such periods as Lender may
rcquire, then:
(i) Lender waives the provis~on in U~itorm Covenant 2 for the manthly payment to L.ender of one-twelfth
of thc premium installmcnts tor hazard insurance on the Property;
(ii) Borrower's obligation under Unilocm Covenant S to maintain hazard insurance coverage on the
Property is deemed satisfied; and
(iii) the provisions in Unitorm Covenant 5 regarding application of hazard insurance proceeds shall be
~upcrseded by any provisions ot the declaration, by-laws. codc af regulations or other constituent document of thc
Conduminium Project or ut applicable law to the extent necessary to avoid a conflict between such provisions anel
th~ provisions of Uniform Covenant 5. For any periocl ot time during which such hazard insurance coverage is not
maintaincd, the immediately prcceding sentence shall be deemed to ha~e no force or tftect. Borrower shall give
Lcnder prompt notice ot any lapse in such hazarJ insurance coverage.
In the event of a distribution of hazard insurance proceeds in licu of restoration or repair following a loss to
che Propeny, whether to the unit or to common elements. any such proceeds payable to Bor~ower are hereby assigned
and shall be paid to Lender for application to the sums ucured by the security instrumtnt, with the excess, i[ any,
~ paid to Durrowcr.
~ C. I.ender's Prior Consent. Borrower shall not. except atter n~tice to Lcnder an~ with Lender's prior written ~
; r~~nsent, partition or subdivide the Property or conscnt to:
; (i) the abandanmcnt ur tcrmination of thc Condominium Projrct, except [or abandonment or termination
~ pro~ ided by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condcmnation
7 ur cminent domain;
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~ (ii) any material amendment to the dcclaration, by-laws or code of regulations of the Owncrs Association,
or equivalent constituent document ot the Condominium Project, including, but not limited to, any amendment which
- wuuld changc the perccntage interests of the unit owners in the Condominium Project; or
a (iii) tt~c cflcctuation o[ any decision by the Owners Association to terminate professional management and
~ assume sel[-management oi t~c Cor~domini~m P:oject.
D. Remedies. If Borruw~er breathes Borrower's tovenaats and agreemeats bereuader, includia~ the tovenaat
" tu pa~ Mnen due condominium assessments, Ihen Ler~der may invoke any remedies provided under the aecurity
E= in~trument, including. but not limited to~ those provided under Uni[orm Covenant 7.
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~ 1~ WITNESS WNEREOF, Eiorrowcr has exccutcd this Condominium Ridcr.
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4. CONDOMINIUM RIDER-1 to 0 f~mily-61]5-FNMA/FNIMC UNIFOAM IMSitUMENT ~OUTNIAMD IIIINTINO CO +
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