HomeMy WebLinkAbout0955 CO~ DO~1 I~ I U~'I R I DER
T?+is Co~.a~MiHiu~~ R~t,e rc i~ ma~ic th~s . . . . . . . . 2D.kh . . . . . . . . . . , . day ot. . . . . ~'eb[.iia ry. . . . . . . . . .
19. .$S, and is incorporatrd into ar,d shall be decmrd to amcnd and supplemcnt a Mongage, Dced of Trust or Decd
to Secure Debt (h~rcin "security instrumrnt") dated of even date herewith, given by :he undenigned (herein
"Barrou~er"? to secure Borrnwer's Note to.SU.N . BANICl~.N~IAH. RIY~R I~IAT~ANA.L. .AS~SOC.IAT~Qy. .
. . . . . . . . . . . . . . . . . . . . . . (herein "Lender") and covrring the Property de~cribed in the security instrument and
Ic~catcd at. . . . . . .5206 . NoKth_ .A~Ac . .~.A-~.Q~,. .FOr.k .P~.erc~~ . F.4 . . .~3449 . . . . . . . . . . . . . . .
(Property AAdresf)
The Property comprises a unit in, tagethcr v?~ith an undivided intcrest in the common etements of, a condominium
projcc~ kno~+~n as. . . . . . . . . . . .Bryn . Mawr. .Ocean . Toyers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
fNam! of ConOom~n~um P~o~ect)
. . . . . . . . . . . . (herein "Condominium Project").
Co~.nont~utut~t CO~'ENANTS. Ifl addition to the rnvenants and agreements made in the securt~~ in~trument,
Borrow~rr and Lender further rn~enant and aeree as i~llows:
A. Assessmenls. Borrower shall prc>mptly pay, when due, all assessrnents imposed by the OKners Assc~ciation
or other governing body of the Condominium Project (herein "Owners Assciciation") pursuant to ihe provisions of the
de~laration, by-laws, code of regulations or other constituent dc~cvment of ihe Condominium Project.
B. Nazard Insurance. So long as the O«~ners A~sc~ciation maintains a"master" or "blanket" policy on the
Condeminium Project u•hich proti ides insurance co~~eraee aeainst fire, hazards included within the term "extended
coverage," and such other hazart~s as Lender may rrquire, and in wch amounts and for such periods as Lender may
require, then=
(i) Lcnder w•ai~~es the pro~~ision in Uniform Covenant 2 for the m~nthly payment to 1_ender of one-t~+•elfth
of the premium instailments for hazard insurance on the Property;
(ii) Borrow~er's obligation under LTniform Cavenant S to maintain hazard insurance coverage on the
Propert~~ is deemed satisfied; and
(iii) the provisions in Uniform Ca~~enant 5 regarding appiication of hazard insurance prc~ceeds shall be
superseded h~• an~' pravisions of the decleration, b}-1aw~s, code of regulationc or oiher ronstituent document of th~
Conduminium Project or of applicable lau• t~ the extent necessar~ to avoid a conflict between such provisions and
the provisions of Llnitorm Covenant 5. For an~~ period of time during ~~hich such hazacd insurance coverage is not
maintained, ihe immediately preceding sentence shall be deemed to have no force or eHect. Borrower shall gi~~c
Lender prompt notice of any lapse in such hazard insurance covcrage.
ln the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a ioss to .
the Propert~•, H•hether to the unit or to common elements, any such proceeds pa}•able to Borrower are hereby assigned
and shall be paid to Lender for application to the sums secured by the security instrument, with the exeess, if an}',
paid to Borrower.
C. Lender's Prior Consent. Borrower sha{I not, except after n~tice to Lender and wiih Lender's prio~ ~~ritten
consent, ~artition or subdivide the Properh~ or consent to:
(i} the abandonment or tcrmination of the Condominium Pr~ject, except for ebandonmcnt or terminatic,n
provided b~• law in the case ~f sub~tantial destruction b~~ fire or other casualt~~ or in the case of a taking b~ condemnation
or emincnt domain;
(ii) an~~ malerial am~ndment to the dcclaration, b~~-laws or cade of regulations of the Ouners Association,
or equi~~alent constituent document of the Condominium Project, including, but not limited to, an}' amendment which
would chanee the percentaee interests of the unit o:+~ners in the Condominium Project; or
(iii) the e8ectuation of an~ decision b~~ the O~ners Assc~ciation to terminate professionat manaeement and
assume self-management of the Condc~minium Projett.
D. Remedies. If BorroHer breaches BorroKer's co~enants and agreements hereunder, including Ihe co~enanl
to pa}' Nhen due condominium assessments, then Lende~ ma~ invoke any remedies provided under the securit~
inslrument, including, but not limited lo, thuse pro~•ided under L,~niform Covenant 7.
In ~i't7tiESS «jHEREOF, Borroucr has cxccuscd this Condominium Rider.
_ ~ ~
Frank Lacy, Jr. -BO"ON'°'
~
_ ~ ~r`" ` ( - -
Shirley I. Lacy --eor'°""`
i
4 0438-000-8 N2-79
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