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Home My WebLink About0928 HARBOR FEDERAL SAVINGS AND LOAN ASSOCIATION CONDOMINIUM RIDER 2 318 5 4 4 8 ~ Tii~s Cc~titx~H~ti~ut~t Rt~t~.R is made this ......2 Sth day of .........Ma.rch......_.................-----........ 19...8.?., and i~ ~na~rFx~rated into and shall be deemed to amend and supplement the Mortgage, Dc~ed of Trust or Security Deed (the "Security Instrument") of the same datc given by the undersigncd (the "Borrower'~ to secure Borrowcr~s Note to HARBOR FEDERAL SAVINGS dc LOA1V ASSOCIATION (the "l.ender'~ of the same date and covering the Property described in the Security instrument and located at: ................310.O...Er.uitt..Rnad...#10.6...........Por.t..S~._...Luc.i,~.,....Flor.ida...3.3.45~2............................. (Property Add~ess) Thr Pn~pcrt~• inrludes a unit in, together with an undivid~d interest in the common elements of, a condominium pro~ect knu~~n as: ~,t T V7~/'~v r~ T p ~ ..........................~4:5?AT{..}1.i1...~4Tfi....#.4TkF;.+....~A-lVK...........'•""'...................................................._......................................... [Name of Condom~mum Pro~ectJ • (thr "Condominium Project"). lf the owners association or other entity which acts for the Condominium Project (the "Owners Association") holds titie 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. Co~[x~~tl~tu~t Co~'~~~'~n. In addition to the covenants and agreements made in the Security Instrument, Burm~ver and Lender further covenant and agree as follows: . A. Condominium Obligations. Borrower shall perform all of Borrower's obligations under the Condominium . Pmject's Constituent Documents. The "Constituent Documents" are the: (i) Declaration or any other document which ~ crrates the Condominium Project; (ii) by-laws; (iii) code of regulations; and (iv) other equivalent documents. Borrou~er shal~ promptly~ pay, when due, all dues and assessments imposed pursuant to the Constituent Documents. ; B. Hazard Insurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a r "master" or "blanket" policy on the Condominium Project which is satisfactory to Lender and which provides insurance ~ cu~~erage in the amounts, for the periods, and against the hazards Lender requires, including fire and hazards inc~uded ~ ~cithin the tern~ "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 5 to maintain hazard insuranc~ coverage on the Property n deemed satisfied to the extent that the required coverage is pro~~ided by the Owners Association policy. Borrower shall gi~~e Lender prompt notice of any lapse in required hazard insurance coverage. In the e~~ent of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to the Pruperty, whether to the unit or to common elements, any proceeds payable to Borrower are hereby assigned and shall be _ paicl to Lender for application to the sums secured by the Security Instrument, with any excess paid to Borrower. C. Publie Liability Insurance. Barrower shall take such actions as may be reasonable to insure that the Owners ; Assc~ciation maintainsa public liabiliry insurance policy acceptable in form, amount, and extent ofcoverage to Lender. i D. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to Borrower in I connection w~ith an~~ condemnatiun or other taking of all or any part of the Property, whether of the unit or ot'the common ~ elements, or for any conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds _ E ,hatl be applied by Lender to the sums secured by the Sec~rity Instrument as previded in Uniform Covenant 9. ; E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior written ~ rontent, either partition or subdivide the Property or consent to: : ~ (i) the abandonment or termination of the Condominium Pro~ect, except for abandonment or termination ~ 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 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 liabiiity insurance coverage maintained by ~ the Owners Association unacceptable to Lender. ~ 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 Borrower secured by the Security ~ Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest frbm the date of ~ disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting payment. ~ ` ~ BY S~~~t~!~c; BE~ow. Borrower accepts and agrees to the terms and provisions contained in this Condominium Rider. i ~ ; j _ -85 ppR -2 P 1 :18 ~ , i i . .....(seal) % . . ~ . RO R J. LICK IC$~"fO`"ef FIL~.` f ST I~UC':,, _ . , , , , r;~`, ::~%~.:'Lf~~ .(Seal) ~ - - ~ 699334 ~ ~JE~NE L. L CKTEIC~°"ower ~ - ; ~ § I MULTISTATE CONDOMINIUM RlDER-smg~e Family-FNWIA/FHLMC UNIFORM INSTRUMENT Fo~m 3140 12/83 6J 84 BOOK PbrE N ~ ~ ~~;F : . - - ~ ~