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Home My WebLink About0986 CONDOMINIUM RIDER ~ T?~tsCc~titx>~~~~t~'~1 RIntK~,madethi~........~~'' ................da~•of ..._,Tune-.........._ . _ . 1~?gs and ~s ~ncorpurated inta and ~hall t~ deemed to amend and supplement the Mortgagr, Deed uf ~I~ru.t ~~r Sr~unt~ D~rci (thr "gecurit Instrument' oithe same date Ki~~~en b~ the undenigned (the "BorroH~er") to;ecure I3urru~~er'. \~~te t~~ _FIRST.. NATIO~L BANK ~ TRUST COMPANY 0~ STUART, a Nationa~ Bankin& Association (~hr"Lrnder") o~the same date and rovering the Propert~~ described in the Security Instrument and Icxatrd at: ....1070.1...Sou~h..4~.1.A~...J~n.s~n...~e~.~b. ...~~ox~da ....33457........ . _ . . . (Property Add+ess~ The Pro~rt~~ includes a unit in, tugether with an undivided interc~t in the common rlemrntti ut, a~undomin~um pro~ect knoH~n as: VE~TURE OUT AT INDIAN.. RIVER.,,._INC.. . (Name ot ~ondom~mum Pro~ect) (the "Condominium Project"). if the owners association or other entit}~ w~hich acts for 1he Cond~~minium Yrajert (the "Owners Assoc;iation") holds title to propert~~ for the benefit or use of its members or sh~rrh~~ldrrs, the Pruperty also includes Borrow•er's interest in the Ow~ners Association and the ~ses, prcxeeds ar~d benefits of Borro~~~er's interrst. CotiDO~tl~lu~1 CovE~~tiTS. In addition to the covenants and agreements made in the Serurity Instrument, Borrower and Lender further covenant and agree as follows: A. Condominium Obligations. Borrower shall perform all of Borrow•er's obligation` under the Conduminium Project's Constituent Documents. The "Constituent Documents" are the: (i) Declaration or an~ uther d~uument whirh creates the Condominium Project; (ii) by-law~s; (iii) code of regulations; and (iv) other equi~~alent dcxuments. E3orrow•er shail promptly pay, when d~e, all dues and assessments imposed pursuant to the Constituent D~xumenis. B. Hazard Insuranee. So long as the Owners Association maintains, w~ith a generally accepted insurance carrier, a "mastec" or "blanket" policy on the Condominium Project which is satisfactor~~ to Lender and w~hich provides insurance coverage in the amounts, for the periods, and against the hazards Lender require~, including fire and h;~zards included w~ithin the term "extended coverage." then: (i) Lender wai~~es the provision in Uniform Covenant 2 for the monthl~~ pay~ment tu Lender o~one-twelfth of the }~earl~~ premium installments for hazard insurance on the Property; and (ii) Borrow~er's obligation under Uniform Covenant 5 to maintain hazard insuranre ro~~erage e~n the Yropert~~ is deemed satisfied to the extent that the required coverage is provided by the Owners Association polic~~. Borrower shall gi~e Lender prompt notice of any lapse in reyuired hazard insurance coveragr. ln the e~~ent of a distribution of hazard insurance proceeds in lieu ~~f restoration or repair following a los, to the Property, whether to the unit or to common elements, any proceeds payable ro Borrow•er are hereb} assigned and tihall be paid to Lender for application ro the sums secured by the Security Instrument, with an~~ excess paid to Borrower. C. Public Liability Insurance. Borrower shall take such actions as may be reasonable tu insure that the Owner. Association maintains a public liability insurance policy acceptable in form, amount, and extent of cc~~~erage to Lender. D. Condemnation. The pra:eeds of any award or claim for damages, direct or consequential, payable to Borrow er in connection with an}• condemnatian or other taking of all or any part af the Propert}~, whether of the unit or of the common i elements, or for any rnmeyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such prcxecds ' 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 subdi~~ide the Propert}~ or consent to: (i) the abandonment or termination of the Condominium Project, except for abandonment or terminatic,n reyuired b}~ law~ in the case of wbstantial destruction by fire or other casualt}~ or in the case of a taking b}~ condemnation or em~nent damain; ~ (ii) an~ amendmrnt to an~~ pm~ i~~on af the Constituent Dckuments if the pro~ ision ?s f~r the ~xpress benefit of ~ Lender. ~ (~ii) term~natic~n of ~rofrtitiianal management and assumption of ulf-management of the ON•nerti Astcxiation; ~ or (i~•) an~ act~on which would ha~•e the effect of rendering the public liabi!ity insurance co~~erage maintained by ~ the Ow•ners Asscxiation unacceptable ro Lender. ~ F. Remedies. If Borrower does not pay condominium dues and assessments when due, then Lender ma} pay them. An}~ amounts disbursed by Lender under this paragraph F shall become additional debt of Borrow•er secured by the Securit}• Instrument. l;nles~ Borma~er and Lender agree to other terms of payment, these amounts shall tsear interest from the date of disbursement at the Note rate and shall be payable, w~ith interest, upon n~tice from Lender to 8ormwer requesting pd}~ment. ~ ~ BY S~t;ti~tic; BF~ c~H. B~rmwer accepts and agrees to ihe terms and provisi~ns contained in this Conduminium Rider. ~ `713515 ~ ~ ~ ,1~ -3 A11 :09 ~ ~ ~ . . .~7~. a l Russel E. Carroll gO" "e' Fli=: ROG=. - , _ ; ~j ST. LU': . ~ `~~--~-9-'~ ' . ...........(Seal) ~ Delores ,1. C r 11 eo"O'`e' r ~ a. ~ ~ ~ ~rOK ~lji~ PdGE i1~~ ~ ~ ~ MULTISTATE CONDOMINIUM RIDER-single Famdy-fNMA/FHLMC UNIFORM INSTRUMENT Form 3140 12/83 ~ - - - r s ~~z ~~'rs,- • r-s y-a : ~~N- ~ c _ a } - -