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Home My WebLink About0942 ~ GDNDOIViINIUM RIUER LOAN NIJMP.tE R t 116Ea-S ~ - 'i~its CcNDO~1t+1uM RtDER is made this i~~ h ~Y ~ ~~brvary . 19 83 . - and is incorporated into u~d shali be deemod ta ama~d and supplana~t the Mortqit, Deod of Tnut or Security Deed (tA~ "Security Iastrumrnt") of thc same date given by the ui~signod (thc ••Bornowar") w se.ure Bon+oMer's NMe to ROYAL DALM SAV I NOS ASSOC I A7 I ON (the "i.ender") of N.ie same date and ~overing the Property dacribed in t6e Socurity Instrurne~t and located at: 10980 South AlA, No. 21P, Florids 33437 (~r ~~l The Property includes a unit in~ together with sn undividod intercat ia the oominon elaneats of~ a oondominium pro}oct Icnciwn as: Oc~an Dur~s Co»doMiniums [wrrK d Caidoiruwm Projt¢tl (the "Condominium Project"). If the oR-nus associatioa or other entity ahich uts for the Condominium Project (the •`Owners Assocu?tion") holds titk to property for the benefit or use of iis members or sharcholdus, the Property aLso includes Bornower's intcrat in the Owners Association and the uses, proceeds and benefits of Bornower's interzst. ~ Cormo~ulN Covat~txl's. Ia additioa to the oovenaats and agreanzuts made in the Security Instrument, Borrower and Lendu fuither cavenant and agroe at follo~vs: A. CondomIalum Obli~aHoas. Hornowtc shall paform all of Borrower's obGgattions undcr the Condominium Project's Constiwent Docua~eats. T~e "Constitueat Documeats" are thr. (i) Declaratioa ar any other document which crcates the Condominium Projact; (ii) by-laas; (ui) oode of ngulations; u~d (iv) other equivalent documeats. Borrower shall prompdy pay. when due, all dues and assessments imposed pursuant to the Constituent Documents. B. Iiaiard Insarance. So long as the Owners Association maintains. with a generatly accepted insurance carrier. a "master" Qr "blankct" policy on the Condominium Projoct which is satisfactory to La~da and which provides inswance coverage in the amounts. for the periods. and against the ha7ards Lender requins, including fin and hazards included within t6e term "extended coverage," then: (i) Lender waives the provision in ilniform Coveaant 2 for the monthly payment to Lender of ono-twalfth of the yearly premium installme~ts for hazard insurance on the Property; and (ii) Borrower's obGgatien under Uniform Cov~ant S to maintain hazard insurance coverage on the Prop~rty is dcemod satis6ed to the extent that the reqaired ooveragt is pro~ided by the Owners Association policy. Borrower shall give Lender prompt notice of any lapse in roquircd hazard insurance coverage. In the event of a distribution of ~azard insurance proceods in lieu of restoration or repair following a loss to th= Propercy, whether to the unit or to common elemeats, any proatds psiyable to Borrower are hereby assignod and shall be paid to L.ender for applicatioa to the sums securod by the Socurity Instrumrnt, wit~ any excess paid to Borrower. C. Public Lisbility Insurance. Bonrower shall take such actions as may be reasonable to insun that the Owners Association maintains a public liability insurance poGcy accxptable in form. amount, and eatent of coverage to Lender_ D. Condeennatioa. The proceeds of any award or claim for damages, direct or consoqurntial, payable to Borrower in connection with any condemnation or other taking of all or any part of th~ PropeRy, whtt6er of the unit or of the common elements, or for any conveyance in lieu of rondesnnation, are hereby assignod stnd shall be paid to Lender. Ssch proc~ods shall be spplied by Lender to the sums sec~red by the Security Instrument as pro~7ded in t~'niform Covenant 9. E. Lender's Prior C,onaenL Borrower shall not, excxpt after notice to L~nder and v~-iih Lcnder's prior writtrn consent, either partition or subdivide the Property or consent to: (i) the absndonmer~t or termination of the Condominium Projest, except for abandonment or termine!~on required by law in the case of substantial destnection by 6re or other casualty or :n ihe case of a taking by condemnation or eminent domain; (ii) any amendmeni to any pr~vision of th~ Constituent Docirments if the ovision is ~or the eapress benefil of ; I.ender; ~ i (iii) termination oF professional management and assumpiion oi self-managemeni of the Owners Associstion; or i (iv) any action which would have the e~'ect of rendering the public liability insurance coverage maintai~ed by ; the Owners Association unacctptable to I,ender. ' F. Remedies. If Dorrower does not pay condomi~ium dues and assessments when due, then Lender may pay them. Any amounts disburscd by Lender under this paragraph F shall become additional debt of Borrower securod by the Security Instrument. Unless Borrower and Lender agree to other ter:ns 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. BY SIGNING BELOW, Borrower acccpts and agroes to the terms and provisions contained in this Condaminium Rider. ~ ~/n . . .Y.~':~~..... ............8a~~ GeorQe A. Chamberas ~ ~ ? ` 1) f F ~ ~ .(Seal~ ~ -9o.?ower ~ E . ~ MUlTISTATE CONDOMINIUM RIDER~~ Famiy--iNYA/FHIMC UlNFORM IMSTRUYENT Fon~, 3i4o izis~ ~ Flnanc:ai Law F;xms~' Foms 1623 ' ao`ac 45~ PacE ~ ~