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Home My WebLink About0945 ~XN 1 ti 1 "t CONDOMINIUM RIDER T}~is Co~vDO~t~ti~t~H RI~E~t is made this ...........1Qth............ day of ...........Q~.tabet 19..&~..., and is incorporattd into and shall be deemed to amend and supplement the Mortgage, Dred of Trusi or Security Deed (ti~e "Security lnstrument") of the same da~e Riven by the undersiQned (the "Borrower") to secure Borrower's Note to ....................................................~~!!.?..Federal tia~in~~ and l:oun Ak~ociuliun - (the "Lender") of the same date and covering the Property describc~ in the Security Instrument and Ickateci at: .,_~,Q~_pQ_,.SQ~_~h,_~~~,.,{~60~,.. Jensen. Beach_,,,.Florida._ 33457 . . [Prc~perty AddressJ The Property includes a unit in, together with an undivided interest in the common elements of, a condominium project knoa~n as: ATLANTIS III bY THE SEA [Name ot CorWom~nwm Pro~ect] (the "Condominium Project"). If the owners association or other entity which acts for the Condominium Project (the "Owners Association") holds title to property for the benefit or use of its members or shareholders, the Propert}~ also includes Borrower's interest in the Qwners Association and the uses, proceeds and benefits of Borrower's interest. C~tiDO~i1tiIU~f Co~~E~~~TS. In addition to the covenants and agreements made in the Securit}• lnstrument, Borrower and Lender further covenant and agree as follows: A. Condominium Obligations. Borrower shall perform all of Bcxrower's abligations us~der the Condominium Project's Constituent Documents. The "Constituent Documents" are the: (i) Declaration or any other document w~hich creates the Condominium Project; (ii) by-laws; (iii) code of regulations; and (iv) other equivalent documents. Borrow•er shall promptly pay, w~hen due, all dues and assessments imposed pursuant to the Constituent Documents. B. Ha~srd Insuranee. So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" ~licy on the Condominium Project which is satisfaciory~ 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 monthl}• payment t~~ Lender of one-t~celftt~ of the yearly pre~r?ium installments for hazard insurance on the Property; and (ii) Borrower's obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the Propert}~ is deemed satisfied to the extent that the required coverage is provided by the Ow•ners Association po:icy. Borrower shall give Lender prompt notice of any lapse in required hazard insurance co~•erage. In the event of a distribution of hazard insurance proceeds in lieu ~i restoration or repair follow•ing a loss to the , Property, whether to the unit or to eommon elements, any proceeds payable to Borrow~er are hereby assigned and shall be paid to Lender for application to the sums secured by the Security Instrument, with any excess paid to Borrow~er. C. Public Liability Insurance. Borrower shall take such actions as ma~• be reasonable ro insure that the Ow•ners ' Assa:iation maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to Lender. D. Condemnation.l'he pcoceeds of any award or claim for damages, direct or consequential, payable to Borrow~er in connection with any condemnation or other taking of all or an~~ part of the Pro~rty, w•hether ot the unit or of the common elements, or for any conveyance in t•.eu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to the sums secured by the Security Instrument as pro~~ided in tinifc?nn Covenant 9. ' E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior w~ritten j consent, either partition or subdivide the Propeny or consent to: ; (i) the abandonment or termination of the Condominium Project, except for abandonment or termination j required by law in the case of substantial destruction by fire or other casualty or in the case of a taking b}~ condemnation or i eminent domain; E ~ (ii) any amendment to an~~ provision of the Constituent Documents if the pro~ ision is for the e~press benefit of Lender; ~ (iii) termination of professional management and assumption of self-management of the Ow~ners Association; ~ or - ~ (i~~) any action which would have the effect of rendenng the ~ublic liabilit}~ insurance coverage maintained by- the Owners Association unacceptable to Lender. F. Remedies. If Rorrower does n~t pay condominium dues and assessments when due, then Lender ma}~ pa~~ them. Any amounts disbursed by Lender under this paragraph F shall become additional debt of Borrower secured by the Security Instrument_ Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interesi from the date of disbursement at the Note rate and shall be payable, with inter~t, upon notice from Lender to Borrower requesting payment. Bti' S~G'~ ttiG BE~.Ow, Bormwer accepts and agrees to the terms and prc~vi~ians contained in this Condominium Rider. ~ ~ s~s~ ~ . ~ r ~ ~ ~4 OCT 10 P3 ~19 ~ ~ --.f . ~..2.~~ ...........................(Seai _ ~MENT I 30~ io~e~ ~ " FILE~, ' ROGER F t , : _ ; . ~ . ST. lUCit: : : ,ti - ` . . . ........~l~``~. . . . . . (Seal) MARIA PIZZIMENTI l/ -eo~~oWef Fj f" 4 ~ ~ UUllf1 i ~D~ ' MULTISTATE CONDOMINIUM RIDER-si~g~e Fam~iy-FNMA/FHLMC UNIFORM INSTRUMENT form 3140 12/83 ~ Y~, ,y~o~-od~ GENERAL ~,,;,r~ I ~-~?.n ~ ~ ~-~.'~~"~~m~ ~s~. : m- - r ~ r~