HomeMy WebLinkAbout0922 COi~iDOti1I:tiIUI~i RIDER
TH~s Co~.DO~~~tituH Rt~ER is made this .........~.~rd day of ..........Nov~7tber..._........................... 19 .84.
~ti~~~ ti~ ~r~med to amend and supplcmcnt the titortg3ee, Decd of T~ust or Sccunt~ Dezd (the
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"Sccun:? l~:~tr~ment")o::htSameJateg~~rn~y~the~.~.,e,»gnc~,.~.. ~ ` '
y~~l?ITAN. SAVIlVG.S..BF~FC...FSII,...?11..Lbntaque..Street, .8zvc~}c.1.~~n,. .N_Y.-.11201 (the "Ltnde•
of the sa date a dco~enn the Property descnb~d in the Secunty Instrumcnt and loca~ed at:
~nit ~04 9~5,D S A1A . Jensen..Beach,..Florida_...__. __33457
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(Prope~ty bo.ess)
The Property includes a unit in, together with an undivided interest in the common elements of, a condom~n~um pro~e:;
l:nown as: ZSI,ANDIA I CONDQ~'LZNIIM
[N~m! ol COn00m~n~um Pro1K:]
(the "Condomin~um Projrct"). If the ow•ners association or other entity wh~ch acts for the Condom?nium Pro~ect (the
"Owners 4ssoc~ation") holds title to propeny for the benefit or use of its memben or shareholders, the Property also
?nciudes Borrower's interest in the Owners Association and the usa, proceeds and benefits ot BorroKer's interest.
CO~DO~f1~11,'~t Co~~E~~~TS. In addition to the co~enants and agreements made in the Security [nstrument,
Borrower and Lender further covenant and agrce as follows:
A. Condaminium ObGgations. Borcower shall perform all of Borrowet's obligacions under thc Condom~mum
Project's Constituent Docum:nts. The "Constituent Documents" are tht: (i) Declaration or any othcr document which
creata the Condominium Project; (ii) by-laws; (iii) code oCregulat~ons; and (iv) other equivalent documents. Borrower shall
promptly pay, when due, all dua and assessments imposed putsuant to the Constituent Dacuments.
B. Hazard Insurance. So long as the Owners Assoeiation maintains, with a genera:ly~ aceepted ~nsurance carrier. a
"master" or "blanket" policy on the Condominium Project which is satisfactory to Lender and ~hich pro~~dcs ~nsuranc~
coverage in the amounts, for the periods, and against the hazards Lender rtquira, includ~ng fire and hazards ~ncludcd
within thc trrm "extended coverage." then:
(i) Lender waives the provision in Un~form Co~enant 2 for the monthly payment to Lcnder of one-twe.'fch oF
thc ycarly premium instaliments for hazard insurance on the Property; an~
(ii) Borrower's obligation under Uniform Covenant S to maintain hazard insurance covera¢e on the Propert~~
is deemed satisficd to the eatent that the required cov~rage is provided by the Owners Associac~on polic~ .
Borrower shall give Lcnder pr -npz notice of any lapse in requirec! hazard insurance co~~erage.
In the event of a distnbution ~f t;azar~ insuranct procerds in lieu of restoration or !'tpa~r follow~ne 3 loss to che
Froperty, w•hether to the unit or to common elements, any proceeds payable to Borrower are hereb} ass~ened 3nd shall be
paid to Lrnder for appii~ation to the sums securcd by the Security Instrument, with an~~ ~xcess paid to Borrow cr
C. Publie Liability Insuranee. Bonower shall take such actions as may be rtasonable to insurc that thc O~ners
Association maintains a public liability insurance policy acceptable in form, amount, and extent of coverage ro Lender.
D. Condemnation. The proceeds of any award or ctaim for damages, direct or consequent~a(, pa~able to Borr~wer in
connection w~~th an}• condemnation or other taking of all or any part of the Property, whether of the unit or of ehr common
clements, or for any~ conveyance in lieu of condernnation, are hereby assigned and shall be pa~d to Lender. Such proceeds
shall be applied by Lender to the sums s~cured by the Secunty Instrument as provided in L'niform C~~enant 9
E. Lender's Prior Consent. Bonowcr shall not, except after noticc to Lend~r and w•ith Lcnder's pnor untten
conscnt, either partition or subdivide the Propert~• or consent to:
(i) the abandonmer.t or terminat~on of the Condomin~um Project, except for abandonment or term?nanon
required by law in thc case of substant~al destruct~on b}~ firc or other casualt~~ or ~n the case of a tak~ng by~ condcmnar.on or
emincnt domain:
{ii) any amendment to an}• prov~s~on of the Constituent Documents if the provis~on is for the exprzss benefit of
Lender; '
(iii) termir,ation of profess~onat management and assumption of self-managtment of the Owners .associatien;
or ,
(iv) any action w~hich would ha~e the effect of rendering the public iiab~lity insurance co~eraee main;a~ned b}
the Owners Association unacceptable to L~ndet.
F. Remedies. If Borroµ~er does not pay candominium dua and assasments when due, the~ Lender ma~ pa}~ ~hem.
Any amounts disbursed by Lender under this paragraph F shall become additional debt of Borrawer secnred b. ~he Secunt~~
Instrument. L'nless Borrowe~ and Lcnder agree to other terms of payment, thesc amounts shall bear interest from the dace of
d~sbursement at tht Note rate and shall be pay~able, w~th interest, upon nonce frorn Lender to Borrower request~ng pay ment.
BY Sl~~l'~G BEtow'. Borrower accepts and agrees to the tcrms and prov;sions contair.ed in th~s Candomrnium R;de:.
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MULTISTATE CONDOMlNlUM RIDER-s~~~ E Fam:ly-fNMA/FHLMC UNIFORM INSTRUMENT Form 31»0 12/83
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