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F BARBARA G PE~K
MULTISTATE CONOOMINIUM RIDER-single family--FHMA/FHIMC UNIFORM INSTRUMENT Form 3140 12/83
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• CUNDOMINIUM RIDER
_ THISCONDOMINIUMRIDERismadcthis ?9th dayof A~ig~~st , 19 R4 , _
and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deeci of Trust or Security Ueed (the
"Security lnstrument") of the same date given by the undersigneci (the "IIorrower") to se~;ure Borrower's Note to
FIRST 1JN?ON °AVLNGe AI~D I.Oe.N AGSO~IATIOP: (the "Lender")
of the same date and covering the Propeny described in the Security Instrument and located at:
5719 DPer ?~_un nri~?e, ~ort Piercp, Florida ~3454
(Ptope~ty AddressJ
The Propeny includes a unit in, together with an undivided interest in the common elements of, a condominium project
known as: GI~LF T.AKF. VIT ;.AS
[Name ot Co~dommwm Pro~ettJ
(~'!e "Condominium Project"). if the owners association or other entity which acts for the Condominium Projer.t (thc
"Owners Association") holds title to property for the benefit or use uf its members or shareholders, the Property also
includes Borrower's interest in the Owners Association and the uses, proceeds and benefits of Borrower's interest.
CONDO~itN1U~i COVE~iAhTS. In addition to the covenants and agreements made in the Secunty Instrument,
Borrower and Lender further covenant and agree as foUows:
A. Condominium Obligations. Borrower shall perform all of Borrow•er's obligations under the Condominium
Project's Constituent Documents. The "Constituent Documents" are the: (i) Declaration or any other document which
creates the Condomini~m Project; (ii) by-laws; (iii) code of regulations; and (iv) other equivalent documents. Borrow~er shall
promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Documents.
B. Hazard Inss~rance. So long as the Owners Associalion maintains, with a generally accepted insurance carrier, a
"master" or "blanket" policy on the Condominium Project which is satisfactory~ to Lender and which provides insurance
coverage in the amounts, for the periods, and against the hazards Lender requires, including fire and hazards included
within the term "extended coverage," then:
(i) Lender waives the provision in Uniform Covenant 2 for the monthly payment to Lender of one-t~~elfth of
the yearly~ premium installments for hazard insurance on the Property; and
(ii) Borrower's obligation under Uniform Covenant 5 to mainta~n hazard insurance co~•erage on the Property
is deemed satisfied to the eztent that the required co~erage is provided by the Ow•ners Association polic}~.
Borrawer shall give Lender prompt notice of any lapse in required hazard insurance coverage.
In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair followiRg a loss to the
Fropert}•, w•he[her to the unit or to common elements, any proceeds payable to Borrow~er are hereby assig~ed and shall be
paid to Lender for application to the sums secured by the Security Instrument, with any excess paid to Sorrow~er.
C. Publie Liability Insurance. Borrower shall take such actions as may be reasonable to insure that the Owners
~ Association maintains a public liability insurance policy acceptable in form, am~unt, and extent of co~ erage to Lender.
~ D. Condemnation. The proceeds of any award or claim for damages, direct or consequential, pa}~able to f3orro~ er in
i connection with any condemnation or other taking of all or any part of the Property, whether of the unit or of the common
elements, or for any conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds
~ shall be appiied by Lender to the sums secured by the Security Instrument as provided in Uniform Co~•enant 9.
~ E. Lender's Prior Consent. Borrower shall not, eacept after notice to Lender and w~ith Lender's prio: w•ritten