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Home My WebLink About0918 762187-6 • EXHIBIr B VALE CONDOMINIUM RIDER 28th March 1985...., THIS CONDOMtN1UM RIDER is made this day of . and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Security Deed (the "Security Instrument") of the same date Riven by the undersianod (the "Borrower") to secure Borrower's Note to Cit~ F ederai SAVinps and Lopn Association (the "Lender") of the same date and covering the Property described in the SecuritY lnstrument and located a: . 3100 Pruitt Road, Ur~.it fiF-3o5, Port St. Lucie, Florida 33~+52 . .~Pr'o~iy .iiea:essj. The Property includes a unit in, together with an undivided interest in the common elements of, a condominium project known as: ..................................................~ARPON..~.AX...XA.C~~...~~.LT~.. C,OPIJ?.OkiZ~I~IIM..F................................................................. (Name ot Cadpnm~um Project] (the "Condominium Project"). If the owners association 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 Borrower's interest in the Owners Association and the uses, proceeds and benefits of Borrower's interest. CONDOti1IhIU:N COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. Condominium Obligations, Borrower shall perform all of Bonower's obtigations under the Condominium Project's Constituent Documents. The "Constituent Documents" are the: (i) Declaration or any other document which creates the Condominium Project; (ii) by-laws; (eii) code of regulations; and (iv) other equivalent documents. Borrower shall promptly pay, when due, ali dues and assessments imposed pursuant to the Constituent Documents. B. Hazard Iasurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy on the Condominium Project which is satisfactory to Lender and which provides insurance coverage in the amounts, for the periods, and against the hazards Lender requires, including fire and hazards included within the term "extended coverage," then: (i) Lender waives the provision in Uniform Covenant 2 for the monthly payment to Lender of one-twelfth of the yearly premium installments for hazard insurance on the Property; and (ii) Borrower's obligation under Uniform Covenant S ta maintain hazard insurance coverage on the Property is deemed satisfied to the extent ihat the required coverage is provided by the Owners Association policy. Borrower shall give I.ender prompt rrotice of any lapse in required hazard insurance coverage. In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair fotlowing a ioss to the Property, whether to the unit or to common elements, any proceeds payable to Borrower are hereby assigned and shall be paid to L.ender for application to the sums secured by the Security Instrument, with any excess paid to Borrower. C. Public Liability Insurance. Borrower shall take such actions as may be reasonable to insure that the Owners Association maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to I.ender. ! D. Condemnation. The proceeds of any award or claim for damages, darect or consequential, payable to Borrower in ~ connection with any condemnation or other taking of all or any part of the Property, whether of the unit. or of the common elements, or for any conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds ~ shal! be applied by Lender to the sums secured by the Security Instrument as provided in Uniform Covenant 9. ~ i E. Lender's Prior Coasent. Bonower shall not, except after notice to L.ender and with Lender's prior written j consent, either partition or subdivide the Property or consent to: (i) the abandonment or termination of the Condominium Project, except for abandonment or termination ~i..~_...:_ c_..~_.__.-_. J..~. ' 1. C._ i.= ' C ~ icyiiiicu vy +a.. w i~~c Cd~c O~ auvaiu~u~a~ ucau uci~~ii uy wc Gi vinci ciuuai~y vi u~ iuc ca~c u? a iaicing oy cunucn~naiiun u~ ~ eminent dornain; (ii) any amendment to any provision of the Constituent Documents if the provision is for the express benefit of ~ Lender, ~ (iii) termination of professional management and assumption of self-management of the Owners Association; or (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by the Owners Association unacceptable to L.ender. F. Remedies. If Borrower dces 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 Borrower secured by the Security 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. Bl' SIGNtxG BE~ow, Borrower accepts and agrees to the terms and provisions contained in this Condominium ~tider. x s 4 ~ /f /n . , ( / ~ ~ € °~j. / ~ (Seal) ~ ~~'2 P ~ 5 ..~'C i OR E. VALE ..........................................:~,rowe~ ~ ~ q FIL= : ~ c ~ ROGE~; ; ST. L'JCIE . . .......................(Seal) i CARQLINE C . VALE -B°"o"'e` ~ 699331 ~ ~ ~ a ~ BQOK `tlRl POGE F MJLTISTATE CONDOMINIUM RIDER-S~ng~e Family--FNMA/FHLMC UNIfORM IHSTRUMEHT Form 3~40 12/83 ~ sc,.,9}o,~~<as GENERAL ~~~,Q ~ wcn - ~ P.n . ` - - _ - ~ P~-~~'~°`z~°`°"~~~ ~ J J'" ~ ~ Y ~ ~