HomeMy WebLinkAbout0970 ~ CONDOIVI~NIUM RIDER
THIS CONDOMINIUM RlDER is made this day of June ~ 1985 ~ -
and is incurporated into and shall be dcemed to amend and supplanent the Mortgagc. Detd of Trust or Sccurity Deed (the
"Sccurity Instrument") of the same date given by the undersignod (the "Borrovaer") to socure Borrower's Note to
(the "Lender")
of the same date and covering the Property described in the Socurity Instrumcnt and located at:
817 Stingray Drive, J~~n~~n ~~c~h, Florida 33457
The Property includes a unit in, together with an undividod interest in the common elements of, a condominium project
known as: II
VENTURE OUT AT INDIAN RIVER, INC. ~ ~
(Name ot Condorninium Pro~sct)
(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 bene6t or use of its members or shareholders, the Froperty also
includes Borrower's interest in the Owners Assoc;ation and the uses, procoeds and benefits of Borrower's interest. '
CONDOAfINIUM COVENAM'S. In additiOn to the covrnants and agreements made in the Security Instrument,
Borrower and L.ender further covenant and agree as folloas:
A. Condominium Obligations, Borrower shall perform all of Borrower's obligations under thc Condominium
Project's Constituent Documents. The "Constituent Documents" are thc: (i) Declaration or any other document which I
creates the Condominium Projcct; (ii) by-laws; (iii) code of regulations; and (iv) other equivalent documents. Bonower shall '
promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Documents. '
B. Hs~~rd Insuranee. So tong as the Owners Association maintains, with a generally acceptcd insurance camer, 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 Ltnder requirts, including fire and hazards includod
within the term "extended coverage," then:
(i) I.ender 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 to maintain hazard insurance coverage on the Property
is deemed satisfied to the eztent that the required coverage is provided by the Owners Association policy. ~
Borrower shall give Lender prompt notice of any lapse in required hazard iRSUrance covtrage.
In the event of a distribution of hazard insurance procecds in lieu of restoration or repair following a loss to the
Property, whether to the unit or to common elements. any proc.eeds payabte to Borrower are hereby assigned and shall be
paid to Lender for application to the sums secured by the Socurity Instrument, with any excess paid to Borrower.
C. Public Liability Insueance. Borrower shall take such actions as may be reasonable to insure that the Owners
Association maintains a public liability insurarice policy acceptable in form, amount, and eztent of coverage to L.ender.
D. Cundemnation. 'The proceeds of any award or claim for damages, direct or consequential, payable to Bonower in
connection with any condemnation or other taking of all or any part of the PropeRy, 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
shall be applied by L.en~+er to the sums secured by the Security Instrument as provided in Uniform Covenant 9.
E. Lender's Prior Consent. Borrower shall not, eacept after notice to Lender and with Lender's prior written
consent, either partition or subdivide the Property or consent to:
(i) the abandonment or termination of the Condominium Project, 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;
j (ii) any amendment to any provision of the Constituent Documents if the provision is for the express benefit of
~ I.ender;
~ (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 Lender.
~ F. Remedies. If Borrower does not pay condominium dues and assessments when due, then I.ender may pay them.
~ Any amounis disbursed by I.ender 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 shal: bear interest from the date of
~ disbursement at the Note rate and shalt be payable, with interest, upon notice from Lender to Borrower requesting payment.
~ BY SIGNiNG BELOW, Borrower accepts and agrees to the terms and provisions contained in this Condominium Rider.
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~ '~5 ~11.N 13 P 1 :07 . . ~-c ~«J....
~ Walter T. Trojan
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Doris M. Trojan
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~ MULTISTATE CONDOMINIUM RIDER-Singre Family-fNMA/FHLMC UNIFORM INSTRUMEHT Form 3140 12/83
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