HomeMy WebLinkAbout0980 F~iIBIT "C"
CONDOiViINIUM RIDER
THIS Cc~1lx~~il~ll ~t Rlt~E.R is made this ........1.~~....---~---~-- daY uf ~P~r ly... 84..
and is inrorporated into and ~hall be deemed to amend and supplement the Mortgage, Dred oiTrust or Securit~• Decd (the
"Sc~urity lnstrument") of the same date Riven by the undersiRned (the "Borrower") to s~:ure Borrower's Note to
. . Cit~ h'ederal tia~.ings and Lonn Association (the "Lcndrr")
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of the same date and co~ ering the Pro~rty descnbed in the Security Instrument and I~xated at:
...___.._.~201._North. AlA,~_.Apart~ent...~1101_,.. Fort..Pierce.t.. Florida. ...33449
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i o.....o.n, s.u.o« ~
The Pru~rt}~ inrludes a unit in, together w~ith an undivided interest in the common elements of, a co?~dominium project
know~n as: ~ SANDS ON Tf~ 0('FAN, A COI~IDQNIINILI~I, SDCTION I
(Name o1 Condom~n~um Pro;ect)
(the "Condominium Project"). lf the ow~ners association or other entity w~hich acts for the Co~dominium Yruject (the
"Ow~ners Asscxiation") holds title to property fe~ the benefit or use of its members or shareholders, the Propert~~ ako
inrludes Borrow•er's interest in the O~~•nen Assoc:iation and the uses, proceeds and benehts of Borro~~~er's interest.
Co~tw~t~~~t'~t CO~'E~.4tiT5. In addition to the covenants and agreements made in the Securit~~ Insti~ument,
Borrower and Lender further co~~enant and agree as follows:
A. Condominium Obligations. Borrower shall perform all of Borrow~er's obligations under the Condrnninium
Project's Constituent Da:umznts. The "Constituent Documents" are the: (i) Declaraticn or an}~ other dcxument ~chich
creates the Condominium Yroject; (ii) b}~-laws; (iii) code of regulations; and (iv) other equic~alent da:uments. Qorrow~er shall
promptl~~ pa}~, when due, all dues and ass~sments imposed pursuant to the Constituent Documents.
B. Hazard lnsurance. S~~ I~ng as the Uwners Association maintains, with a eeneraii~' accepted insurance carrier, a
"master" or "blanket" polic~~ on the Condominium Project which is satis(actor~~ to Lender and w~hich pro~idc~ insuranre
coverage in the amounts, for the periods, and against the ha•rards Lender requires, including fire and hazards inrluded
w~ithin the term "eztended co~~erage." th2n:
(i) Lender w~ai~~es the provision in Uniform Covenant 2 for the monthl} pa}~ment ta Lender of ~~ne-twelfth of
the yearl~~ premium instullments for hazard insurance on the Proper!}~; and
(ii) Borrow•er's obligation under Uniform Covenant 5 to maintain hazard insurance co~~erage on the Propert~
is deemed satisfied to the extent that th~ required coverage is provided b}~ the Ow~ners Association ~lir}~.
Borro~~•er shall gi~ e I_ender prompt notice of any lapse in required hazard insurance rn~~erage.
In the e~ent of a distribution of hazard insurance proceeds in lieu of r~toration or repair follouing a lo~ti to the
Property~. w~hether to the wiit or to common elements, any proceeds payable to Borrow~er are hereb}~ ussigned and shall Eh:
paid to Lender for appliration ro the sums secured by the Security Instrument, w~ith an~~ excess paid to Borrower.
L. Yublic 1.iabilitS• Insurance. tiorrower snaii taice sucn acuons as ma}~ oe reasonnoir w in~urr ~i~at ii~e v~.,~c~~
Association maintains a public liabilit~~ insurance Fwlicy acceptable in form, amount, and extent ofco~erage ro Lender.
D. Condemnation. The prckeeds of any award or claim for damages, direct or consequential, pa}~able to Borro~~ er in
connection w ith an}• condemnation or other taking of all or any part of the Propert}~. H~hether of the unit or of the ~ommon
element`, or for an~~ con~e}ance in lieu af condemnation, are hereby assigned and shall be paid to Lender. Such ~rc~ceeds
~ shall be applied b~ Lender to the sums se.ured by the Security Instrument as pro~•ided in L:niform Co~enant 9.
; E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior ~cntten
ronsent, either partition or subdi~~ide the Property or consent to:
~ (i) the ahandonment or termination of the Condominium Project, except for abandonment or terminati~n
reyuired b}~ law~ in the case af tiubstantial destruction b}' fire or other casualt} or in the case of a taking b} candemnatic~n or
~ eminent domain;
E
~ (ii ) an~ amendment to am pra~ ision of the Constituent Dcxuments if the pro~ ision i1 far the ex~resti benefit of
Lender;
(iii) t~rrninati~~n ~?f pri~fe..ic~nal manxgement and assumption of self-management of the Ow ner~ Atiscx iation;
or
' ~(i~ ) an~ act~c~n «hich would ha~e the effect qf renderir.g the public liahilit}' insurance co~erage maintained b~~
~ the Ow ners Atiso::iatic~n unaccept~ble to i_ender.
~ F. Remedies. Ii Borrower does not pay condominium dues and assessments w~hen due, then Lender ma~~ pa~~ them.
~ An} amounts di~bursed b} Lender under this paragraph F shal! become additional debt of Borrow~er secured b}~ the Securit}
r Instrument. Unless Borr~wer and Lender agree to other terms of paymenc, these amounts shall bear interest from the date of
' disbursement at the '`ote rate and shall be pa}•able. with interest, u~n notice from Lender to Borrow~er requetiting pa~~ment.
~
~ B~ SIG`I~~; BEI.c~u. I3c~rrrnser accrpts and agrees ie the terms and pro~isions contained in thi~ Condc~miniurn Rider.
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MULTISTATE CONDOMINIUM RIDER-s~ngle Fam~ly-FNAAA/FHLMC UNIfORM INSTRUMENT iorm 3140 12/83
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