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Home My WebLink About0995 . . • " CONDOMINIUIVI RIDER THis CoNnotit~t~~~~~ R~n£R is made this day of .....~Y.......---......................................, 1985...., and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of T: ust or Security Deetii {the "Security Instrument") af the same date given by the undersigned (the "Borrower") to secure Borrou~er's Note ro StJNRISE _.SAVINGS. _ F~ND . IIOAN..ASSOCIATION , OF _ F7lJRIDA ( t he "Lender") of the same date and covering the Property~ described in the Security I~strument and Icxated at: .........244~..S~...4~~?..4r~~~,....V.?1?~~..4324....~.,.. Pi~rce....Florida.....33450 ' [Property AdtlressJ The Property inciudes a unit in, together w•ith an undi~-ided interest in the common elements of, a conduminium project known as: SF~ISCAPE I (N3me cf Condom~n~um Pro~ectj (the "Condominium Projec:t"). 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 Pro~rty also includes Borrower's interest in the Owners Association and the uses, proceeds and benefits of Borrower's interest. ~ COtiDO~it~lU~f COVE~ANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: i A. Condominium Obligations. Borrower shall perform a!I of Borrower's obligations under the Condominium = Project's Constituent Documents. The "Constituent Documents" are the: (i) Declaration or any other document whict ~ creates the Condominium Project; (ii) by-laws; (iii) code of regulations; and (iv) other equivalent documents. Borrower shall promptly pay, when due, all dues and assessments imposed pursuant to the Constitueni Documents. B. Hazard In~uranee. So long as the Uwners Association maintains, w~ith 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 Co~~enant 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 extent that the required coverage is provided b~~ the Owners Association policy. £ Borrower shall give Lender prompt notice of any lapse in required hazard insurance coverage. ~ In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to the Property, whether to the unit or to common elements, ai~y proceeds payable to Borrower are hereby assigned and shall be paid to Lender for application to the sums secured by the Sec:urity Instrument, with any excess paid to Borrower. C. Public Liability Insurance. Borrower shall take such actions as may be reasonabie to insure that the Owners Association maintains a public liability insurance polic}~ acceptable in form, amount, and extent of coverage to Lender. D. Condemnation. The proceeds of any award or claim for damages, direct or consequentiat, payable to Borrower in connection with any condemnation or other taking of all or any part of the Propert}•, whether of the unit or of the common elements, or for any conveyance in lieu of condemnation, are hereby assigned a~id shall be paid to Lender. Such proceeds shall be applied by Lender to the sums secured by the Security Instrument as provided in Uniform Covenant 9. E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior written ; consent, either partition or subdivide the Propeny or consent to: t {i) the abandonment or termination of the Condominium Projeet, except for abandonment or termination ~ required by law in the case of substantial destruction b}~ fire or other casualty or in the case of a taking by condemnation or ~ eminent domain; , (ii) an}~ amendment to an}~ provision of the Constituent Dcxuments if the provision is for the express benefit of ~ Lender; (iii) termination of professional management and assumption of self-management of the Ow~ners Assoe:iation; 4 ~ ~f ~ (iv) an}~ action which would have the effect of rendering the public liabilit}~ insurance coverage maintained by the Owners Association unacceptable to Lender. ~ F. Remedies. If Borrower does not pay condominium dues and assessments ~~hen due, then Lender may pay them. Any amoun[s disbursed by Ler.der under this paragraph F shall become additional debt of Borrow•er secured by the Security Instrument. Unless Borrower and Lender agree to other term~ of payment, these amounts shall bear interest from the date of disbursement at the Note rate and shall be payabie, with interest, upon notice from Lender to Borrow~er reGuesting payment. ~ ~ B~' S~Gti~tiG BEI.ow'. Borrow~er accepts and agrees to the terms and~ ovisiens contained in this Co r~inium Rider. ~ ~ ~ ~ ~ K , , ~ '711938 ,r 1 ....i........ , -~_eo,.ower ? ~ ~j ~j ~ ~:Q Q NORNIFIN H. WE I~~N'V ~ 'I/i ~ ~ . 1, ~ Fi~~: ' ~ ~ - L~~~ , • _ , ~ . . y ROG~.. , ~ (Seal) ; S T. L~1. _ C, ~ Barower ~ i ~ ~ / ~ . ~ ~ ~ ,,x r 'J' t. ~ ~ ~ ~ • ~ MULTlSTATE CONDOMINIUM RIDER-smgle Fam~ly-FNMA/FNLMC UNIFORM INSTRUMENT Form 3140 12/$3 _ - ~ _ ~ - ' Z ~ z ~ ~ _,..~:`f-_.:.'x~~