HomeMy WebLinkAbout0949 ~ . ~ ~ CONDOMINIUM RID~R
THiS CoNDOMINIUM RlDER ~s made this 31 st day of August 84
, 19....... .
and is incorporaled into and shall be deemed to amend and supplement the Mortgage. Deed of Trust or Security Deed (the
"Security Instrum~nt") of th~ samt dat~ givtn by the undersigned (the "Borrower") to secure Borrower's Note tu
,,.._,,,C~G,~,~or~„Savin~s..of.,Florida~ a Federal Savings and Loan Association (the"Lender")
of the same date and covering the Prop~rty described in the Security Instrumeni J~ocated at:
.........~.O~2Q.0..~44!~h, AlAx..Unit...201.x..Jensen. Beach, Florida 3
~P?operiy Addrossj
The Property includa a unit in. tog~ther with an undivided interest in the common elements of, a condomirium project
known as: Oceana South Condominium II '
~Name of Condornimum Pro~ect]
(the "Condominium Project"). If the owner:s assoc~iation 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 Property also
includes Bonower's interest in the Owners Assxiation and the uses, procee.is and benefits of Borrower's interest.
CONDOMtNIUM COVENwM'S. In addition to the covenants and agrcements made in the Security Instrument,
Borrower and Lendcr further covenant and agrx as follows:
A. Condominiam Obligatioas. Borrower shall porform all of Borrower's obligations under the Condominiam
Project's Constituent Documtnts. The "Constituent Documents" are the: (i) Declaration er any oiher dxument which
creates the Condominium Project; (ii) by-laws; (iii) cod~ of r~gulations; and (iv) other equi~alent documents. Borrower shall
prompdy pay. when due, all dues and assessments impas~d pursuant to the Constituent Docnments.
B. Hazud I~uranee. So long as the Owners Association maintains. with a generally accepted insurance carrier, a
"master" or "blanket" policy on the Condominium Project which is satasfactory to Lender and which provides insuranee
coverage in the amounts, for the periods, and against the hazards Lender requires. including fire and hazards incl~ded
within the term "eactended coverage," then:
(i) Lender waives the provision in Uniform Covenant 2 for the monthly payment to I.ender of one-twe[fth of
the yearly premium installments for hazard insurance on the Property; and
(ii) Borrower's ob{igation under Uniform Covenant S to maintain hazard insurance coverage on the Property
is deemed satisfied to the extent that the required coverage is provided by the Owners Association policy.
Borrower shall give Lender grompt notice of any lapse in required hazard insurance coverage.
In the event of a distribution of hazard insurance proceeds in tieu of restoration or repair foilowing a loss to the
Property, whether to the unit or to common elements, any proceeds payable to Bonower are hereby assigned and shall be
paid to Lender for application to the sums secured by the Security Instrument~ with any excess paid to Borrower.
C. Public Liability Insurance. Bonower shall take such actions as may be reasonable to insure tha: the Owners
Association maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to Lender.
D. COO~QIIIatIOp. The proceeds of any award or claim for damages, direct or consequential, payable to Bonowzr in #
connection with any condemnation or other taking of all or any part of the Property, whether of the unit or of the common y
elements, or for any conveyance in lie~ 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 provided in Uniform Covenant 9.
E. Lender's Prior CQasea~ Borrawer shall noi, except after natice to Lender and with Lender's prior written
consent, either partition or subdivide the Praperty or consent to:
F (i) the abandonment or termination of the Condominium Project, except for abandonment or terminatior?
; required by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or
; eminent domain; '
~ (ii) any amendment to any provision of the Constituent Documents if the provision is for the ezpress benefit of
' Lender;
~ (iii) termination of professional management and assumption of self-management of the Owners Association;
or
~ (iv) any aciion which would have the effect of rendering the publie liability insurance coverage main~ained by
~ the Owners Assaciation unacceptable to Lender.
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~ F. Remedies. If Borrower does not pay condominium dues and assessments when due, then Lender may pay them.
~ Any amounts disbursed by Lender under this paragraph F shall become additional debt of Bonower secured by the Secvrity
Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from the date of
disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting payment.
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~ BY S[GNiP3G BELOW, Borrower accepts and agrees to the terms and provisions contained in this Condominium Rider.
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~ -et C~.r.~:irw_............................(Seal)
` .er Gary R. S i k -~~{o'"re'
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~ . . .G (Seal)
aY' ' yIt w CIC -9orrower
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a Beth etterman
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~5~ Pr~~ 949 a~443 ~~~2855
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~ MULTISTATE CONDOMINIUM RIDER-sng~e Family-FNMA/FHl.MC UNIfORIM IMSTRUMEN~ Form 3140 12l83
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