HomeMy WebLinkAbout0948 • CONDO1~iIlNIUM RIDER
THIS CONDOMINIUM R1DER is m3dt this day Of .........~ti}I1t~..........~ 19~~.....,
and is incorporated into and shxll be deemod to unend and suppkment tht Mortgage. Deed of Trust or Security Deed (the
"Socurity lnstrument") of the same date givtn by the undersignod (tho "8orrower") to ucure Borrower's Note to ...S~LA~1......
4~'.~~..QF...S'~,,..~iI~~F..CCxR!II.'X.....d..~~7~dd..t~aills.ialg..Ca~AO['8tion (the "L,ender")
of the same date and covering the Property drscribod in the Sxurity Instrument and locatod at:
.....17,00 S..E......H.illm~4r...Driv~.~...U~li~....~.N..rP.ty....~si.,...Port...S~......L!.1G.~.~.~....FL......3.~4.52............
'The Property includes a unit in, together with an undivided interest in the common elements of, a condominium project
known as:
T'f~AStJRE CQA.ST N~DICAL CII~TI'ER
tNsrt+e ~oi ~C«+doi++M+M.++ ProNtt3
(tht "Condominium Project"). If the owne~ association or other entity ahich acts for the Condominium Project (the
"Owners Association") holds title to property for the ba?efit or use of its m~mbers or shareholders, the Property also
includes Borrower's interest in the Owners Association and the uses, proceeds and benefits of Borrower's interest.
CONDOMtNIUM COVENANTS. In addition to the oovenants and agraments made in the Security Instrument.
Bonower and Lender further covenant and agree as foUows:
A. Coadominium Obllgatlons. Borrower shall perform all of Borrower's obligations undcr the Condominium
Project's Constituent Documents. The "Constitutnt Documeats" are the: (i) Doclaration or any other document which
creates the Condominium Project; (ii) by-laas; (iii) code of regulations; and (iv) other tquivalent documents. Sorrnwer shall
promptly pay, when due, all dues and assessments imposed pwsuant to the Constituent Documents.
B. Haurd Insuranee. So long as the Owners Association maintains, with a generally accepted insurance carrir.r, a
"master" or "blankeY' policy on the Condominium Project w~hich is satisfactory to Lrnder and which provides insurance
ooverage in the amounts, for the periods, and against the hatards Lender requires, including fire and haisrds included
within the term "extended coverage," then: p~~~ anh~~3
(i) Lender waives the provision in ~di~I~H~~[Y for the monthly payment tb Lender of one-twelfth of
the yearly premium installmonts for haTSrd insu oa the y; and .
(ii) Borrower's obligation under to maintain hazard insurance coverage on the ProRerty
is deemod satisfied to the extent that the roquirod covetage is provided by the Owners Association policy.
Bottower shall give Lend~r prompt notice of any lapse in roquired hazard insurance coverage.
In the event of a distribution of hazard insurana proceeds in Geu of restoration or repair following a loss to the
Property, whether to the unit or to common elements, any proceeds payablt to Bonower are hereby assigned and shall be
paid to Lender for applicatian to the sums securod by the Security Instrument. with any excess paid to Borrower.
C. Public Liability Ia4urance. Borrower shall take such actions as may be «asonabte to insure that the Owners
Associatian maintains a public liability insuranct poGcy aaxptabk in form, amount, and extent of coverage to Lender.
D. Condemnation. "The proceeds of any award or claim for damages, direct or consequential, payable to Borrower in
connection with any condemnation or other taking of all or any part of the Property, whether vf the unit or of the common
elements, or for any conveyance in lieu of condemnation. are hercby acsign~d and shall be paid to Lender. Such proceeds
shall be applied by Lender to the sums securcd by the Security Iastnunent as provided inxD~J[Ot~4?DGXbi~~4. Parac.gaph 20
E. Leader's Prior Gonseat. Borrower shall not, excxpt after notice to Lender and with L.ender's prior written
consent, eithtr partition or subdivide the Property or consent to:
; (i) the abandonment or termination of the Condominium Project, except for abandonment or termination
required by taw in the cast of substantial destruction by 6re or other casualty or in the case of a taking by condemnation or
eminent domain;
(ii) any amendment to any provision of the Constituent Bocuments if the provision is for the express benefit of
' Lender;
~ (iiij termination of professional management and assumption of self-management of the Owners Association;
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(iv) any action which would have the eBect of rendering the public liability insurance coverage maintained by
~ the Owners Association unacceptable to Lender.
; F. Remedies. If Bonower doa not pay condominium dues and ass~sments 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
i Instrument. Unless Borrower and Lender agra to other terms of payment, these amounts shall bear interest from the date of ;
~ disburxment at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting payment. ;
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~ BY SIGNING BELOw, Bonower accepts and agrees to the terms and provisions contained in this Condominiam Rider. ~
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~ '85 ,11~! 24 P 4 :00 ~
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~ I~IIVEI'H RALPH KOHQV
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