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HomeMy WebLinkAbout0994 CONDOMINIUM RIDER _ ' THIS CONDOMI~IUM RIDER is made this a~ day of June . 19 85 ~ - and is incorporated into and shall be deemed to amend and supplement the Mortgage, De~d of Tntst or Security Lkcd (the "Security Instrument") oith~ same date given by the undersigned (the "Borrower") to securt Borcower's Note to FIRST NATIONAL BANK AND TRUST COMPANY OF STUART, a National Banking Association (the"l.ender") of the same date and covering the Property describod in the Socurity Instrument and locatod at: 9801 South AlA, Jensec~~t~~~irda 33457 The Property includes a unit in, together with an undivided interest in th~ common elements of~ a condominium project known as: OUTDOOR RESORTS AT NETTLES ISLAND, INC. (Nsme ot Ca~dominium ProjectJ (the "Condominium Project"). lf 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 Property also includes Borrower's interest in the Owners Association and the uus. proceeds and benefits of Borrower's interest. CoNDO~tINlu:~t CovEtv~NTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agra as follows: A. Coadominium Oblig~tions. 8onower shall perform all of Borrower's obligations under the Condominium Projec:t's Constituent Documents. The "Constituent Documents" are the: (i) Declaration or any other document which creates the Condominium Project; (ii) by-laws; (iii) code of regulations; and (iv) other oquivalent documents. Borrower shall promptly pay, when due. all dues and assessments imposod pursuant to the Constituent Documents. B. Hazard Insurance. So long as the Owners Association maintains, with 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 I.ender roquires, including fire snd hazards includal within the term "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 S to maintain hazard insurance coverage on the Property is deemed saeisfied to the extent that the required coverage is provided by the Owners Association policy. Borrower shall give I.ender prompt notice of any lapse in required hazatd insusance coverage. In the event of a distribution of hazard insurance proceads in lieu af restoration or repair foflowing a loss to the Property, whether to the unit or to common elements, any proceeds payable to Borrower are hereby assigned and shall be paid to I,ender for application to the sums se~:ured by the Security Instrument. with any excess paid to Borrnwer. C. Public Liability Insurance. Bonower shall take such actions as may be reasonable to insure that the Owners Association maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to Lender. D. Condemnstion. 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 of the unit or of the common elements, or for any conveyance in lieu of condemnation, ar~ hereby assigned and shall be paid to I,ender. Such proceeds shail 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 Property or consent to: (i) the abandonment or termination of the Condominium Froject, except for abandonment or termir~ation 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; k (ii) any amendment to any provision of the Constituent Documents if the provision is for the express benefit of i Lender, I ~ (iii) termination of professional management and assumption of self-management of the Owners Association; i ~ or (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by ~ the Owners Association una~ceptable to L.ender. ~ F. Remedies. If Borrower does not pay condominium dues and assessments when due, then Lender may pay them. ~ Any amounts disbursed by L,ender under this paragraph F shall become additional debt of Borrower secured by the Security Instrument. Unless Borrower and I,ender agree to other terms of payment, these amo:~nts shall bear interest f'rom the date of disbursement at the Note rate and shall be payable, with inierest, upon notice from Ixnder to Bonower requesting payment. BY SIGIVING BELOW. Borrower accepts and agrees to the terms and provisions contained in this Condominivm Rider. , _ ;16 ~ . ~ 3 ` ~Y..' . ~-C~.~~r ~s~i> ~ ~ ~ 1~ sse R. Eddy ~ ~~'OiMN s ~ FIL~: F ROG~i. . - ~ . ry~............................. Seal ST. Lu'. ~ B.y.:.~ ane ~ - . F. Edt~y~ -e~..owe ~ ~ ~~~1~ ~ ...........................................~---~-~=---...........................g(S~e) ~ ~ (Seai) -Borrower ~ ~ ~ ~ ~ MULTISTATE CONDOMlNIUM RiDER-Singie farrily--FNMA/FHLMC UNIFORM INSTRUMENT Form 3140 12/a3 c;na^_~ai Laa F~~•ms~' r~~ F.:,T, ,bz3 ~ ;~~c f~ F~cf ~4 ~ ~ ~ - . - _ _ : - -~~-~x~•m s . ~ c;=;, e: - ~ ~~~ir "~s.~„'~"~.:~" c _ ~r ~'r . . . _ .