HomeMy WebLinkAbout0947 CONDOM~iIUM Ri~EIt
LONN IW3Mik~ER: 1 185- 7
_ ~IISCONDOMINIUMRIDERUaudeth~s 12th dayof F~bruary ,19 BS .
and is u~rp~ratod into and shall be doemod to amend ar,d wppianent tbe Mat~e, Dc+ed of Tnut or Security Deed (the
"Security Instrumrnt") of the same d~tr. ~iveA by ttx undersipied ~the ,•8orrow~er"? w socuro 8ormw~er's Note to
ROYAL PALM 8AV I NGS ASSUC I AT I ON N~.•) ~
of the same date and ooveriag tbc Property describod 'w the Secur.ty Initruma~t and located a~.
10980 South AiA. No. 213, Florida 33457
[~Y ~sl
The Property inciuda a unit in, to~ther writh an uadivided inter~est in tht ~ommi~n elemeats of. ~ oondomini~sm P~1~ i
knowa as: ~
OCEAN DUNES CONDOMINIUM~'a I
(lw,,. a candonti~w,m Pioi•ct! ~
(the "Condomi.lium Projoct"). If tlie owners u~dation or other eatity which ads for the Condominium Projoct (the ~
••Owners Associatioa") holds dtk to Pro~trtY for the baieflt or use of its manbers or shu+eholdas. the Propert~? also ~
includes Bornower's intuest in the Ovvners Association and ihe uaes. prooads and beaeSts of Borrower's iuterest. ~
C~urtooM~rntn?~ (:ovEtv~xrs. In addition to tbe oovenaats snd agroemeata msde in the Security Instrument. ~
Borrower aad I,ender furthtt ooveaant aad agroe as foUows: ~
A. Caadovietao Oiligetio~s. liorrower shall paform all of Bomowa's obtigati~na undtr tbe Condominium
Projoct's Coastituent Documents. 77se "Coactitueat Docummts" are the: (i) Doclantiai or arsy other documeat which
creates the Condominium Project; (ii) bylaws; (iii) oode of re;vlitions; and (iv) othu eq~valent documeats. Horrower shall
promptly pay. whrn due, all d4es a~d assessma~ts impoead purswnt to the Constitueat Documents. I
B. Huard I~ur~ece. So long as the Ow?ners Aasociatioa m~ntains. with a ga~en~ly aocepted insurance carria, a I
"macter" or "blankst" policy un the Condominium Project wrhich is satisfactory W Lender aad which provides insurance ~
coverage in the amounts, for the periods, and against the haurds I.eader requires, including fire and haurds included
within the term "eactendod coverage," then: j
(i) Lender waives the provision in Uniform Cova~ant 2 for the monthly pnymrnt to La~der af one-twelfth of
the yearly premium installmtnts for hazard insursnce on the YropertY; and ~
;
(ii) Bornower's oblig~tion undu Uniform C,~vanant S to maintain hazard insurauce coverage on the Property :
is deemed sauisfied to the ea~tent that the required ooverage is pc+ovided by the Uwners Association policy.
Borrower shati give Lrnder prompt aotice of any lspse in requirod hazard insuranoe ooverage. i
In the event of a distribution of hazard 'ensurance proooeds in licu of restoration or repair follawing a loss to the '
Property, whether to the unit or to commor. dements, any proc~e~s payabk to Horrower are hereby ass~gned and s~hall be ;
paid to Lender for application to the sums seturea by the Security Instrument, with any excess paid to Borrower.
C. Public I3ability I~nnnce. Borr~wer shall take such actions as may be reasonable to insure that the Owners
Association raaintains a public IiabiGty insw~nce policy avoeptable in form, amount, and extrnt of coverage to I.ender.
t7. Condes~natioa. The proceeds of any award or claim for damages, direct or consequential, payable to Borrower in
connection with any condemnation or other taking of aU or any part of the Property. whether of the unit or of the common ~
elecaents. or for any conveyance in lie~i of cc~ndemnatioa, are hereby assignod and shall be paid ta Lender. Such proceeds
shall be applied by Lender to the sums sec:ued by tb~ Socurity Instrument as provided in Uniform Covrnant 9. ~
E. I.tnder'a Frior Coosen~ Borrower shall not, exoept a~ter notice to I.ender and with Lender's prior written '
consrnt. either pariition or subdivide the Pro{~ny or c~n~rnt to: a
;
(i) the abandonmrnt or terminatien of the Condominium Project, except for abandonment or termination
roquired by law in the case of substantial destruction by fire o: other casualty or ir the case of a taicing by condemnatioa ar
eminent domain;
(ii) any amendment to any provision of the Constiturnt Documents if the provision is far the express bene6t of
L,ender,
.(iii) terminati~n of professional management and assumption of self-management of the Owners Association;
or
I'~ (iv) any action which would have the eSoct of readuing the public liability insurance coverage maintained by
! the Owners Association unaxeptable to L.ender.
~ F. Remedies. If Borrower does not pay condominium dL~ss aad assessments whza due, then Lender may pay them.
Any amounts disbursed by L.ender under this paragraph F shall booo~e additional debt of Borrower secured by the Socurity
Instrument. Unless Borrower and I.ender agree to other terms of`payment, these amounts shall bear interest from the date of
disbursement at tLe Note rate and shall be payable, wit6 interest, upon notice from Lender to Bonower requesting payment.
~ BY SIGNING BELOW. Borrower accepts and agras to the terms and provisions oontained in this Condominium Rider. '
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~ Ger+rge A. Chamberas
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~ M~LTISTATE CONOOMlNIUM RIDER-s~~ Family-F7iYA/FHIMC UNIfORM MISTRUMENT Fon„ 3140 iZ/i3 ;
~ Fina~ual Uw Fwms° rlu n~
,g~ 80~i( P~GE e7"`t~ ~