HomeMy WebLinkAbout0955 EXHIBIT B 762314-3
. KANAVOS
CONDOMINILJM RIDER
THtS CONDOMlNlUM RfDER iS f11Sdt this 31 St......... d~y Of July..........................., 19..85....
ared is iacorporated into and shalt be deemod to amrnd and supplement the Mortgage. Deai of Trust or Security Deed (the
"Security Instrumtnt") of the same date ~tiven by the unde~siRnod (the "Borcower") to secure Borrower's Note to
City ,Federal, Savin~s and. Loaq Association................................_.......,... (the "I.ender")
of the~same date and covering the Property described in the Socurity Instrument an~located at:
,,,,,,,,,,,,,,,,,,9500„5,..,A1Ax„Apt.,,;1503.:„Jensen Beach~ Florida., 33_.57
. . .~~.~i. .
The Propertr Includa s unit in, tosether with nn undlvWed iat~rat in the cammon eleenenb of~ • cnndominlum projxt
N~~~~~ ISLANDIA II CONDOMINIUM
.~l~s~ "a"~+d'o'~;~+' d:oi:a~.
(the "Condominium Project"). If the ~wners association or other entity which acts for the Condominium Project (the
"Orvcters Association") holds title to property for the baeefit or use of its members or shareholders, the Property also '
includes Borrower's intercst in the Owners Association and the uses, proceeds and benefits oi Borrower's interest.
OotvDOMtNtUM CovEN~xrs. 1n additiun to the covonants nnd agreements made in tht Security Instrument,
Botro~ver and Lender further covenunt and agra as follow?s:
A. Condomietum Obitgadon~. Borrowtr si~all perform all of Borrower's obligations under the Condominium
PrajecYs Constituent Documents. The "Constiturnt Documents" are the: (i) Declaration or any other document which
createa the Condominium Projxt; (ii) by-laws; (iii) coae of regu[ations; and (iv) other equivalent documtnts. Horrower shall
promptly pay~ when due, ail dues and assessments impased pursuant to the Constituant Documents.
B. Hazard Insurance. So long as the Owners Associadon maintains. with a generally accepted insurance carrier, a
"master" or "blanket" policy on the Condominium Project rvhich is satisfactory to Lender and which provides insuranoe
ooverage ie th~ arrtounts, t'or the periods, and against the hs:ards Ler:der requires, including fire and hazards included ;
w~ithin ihe term "eatmded coverage." thm:
~ (i) Lender waivas th~ prov' ;ion in Unifotm Cavenant 2 for the monthly psyment to Lender of one-twelRh of
! the yeariy premium instalim~nts for hazard insurance on the Praperty; and
! (u) Hornoaer's obligativn undtr LTniform Covenant S to maintain hazard insurance coverage on the Property
! is damed satisfied to the extent that the requited coverage is pmvidod by the Clwners Assaciation policy.
Bonower shall give Lender prompt notict of any lapae in tequired ha~rd insurance coverage.
In tht event of a distribution of hazard insuranoe Provoeds in lieu of restoration or repair following a loss to the
Property, whether to the unit or to common elemenis, any procaeeds payable to Borrower arc hereby assignod and shail be
paid to I.ender for application to the sums secured by the Socurity Instrument. with any excess paid to Borrower.
C. Poblic IJsb~lity Iasorance. Borrower shall take such actions as may be reawnable ta insure that the Owners
~ A.ssociation maintains a public liability insurance policy aoxptable in form. amount, and extcnt of coveragt to Lender.
j D. CaodemnaHon. The proceods of any award or claim for damages. diroct or consequential, payable to Borrowtr in
oannection with any condemnation or other taking of all or any psrt of the Property, whether of the unit or of the common
; eiemrnta, or for any cvnveyance in lieu of candemnation, are hereby assigned and shail be paid to L.ender. Snch procee~ds
! shall be applied by Lender to the sums secured by the Socurity Instrumrnt as provided in Uniform Covenant 9.
' E. Leeder's Prior Consent. Borrower shall not, ea~cept after notice to Lender and with Lender's prior written
' consent, either partition or subdivide the Propercy or consent to:
(i) the abandonment or termination of the Condominium Froject, except for abandonment or ttrmination
roqnired by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or
tminrnt domain; .
(ri) any amendment to any provision of the Constituent Documents if the provision is for the express benefit of
Lender;
(iii) terminat~on of professional management and assumption of self-managtment of the Owncrs Association;
or
(iv) any action which would have the effeci of rendering ihe public liability insurance coverage maintain~d by .
thc Owners Association unacceptable to I.ender.
~ F. Remedies. If Bortower does not pay condominium dues and assessments when due, then Lender may pay them.
,My amounts disbursod by L,ender under this paragraph F shall bax~me additional debt of Borrower xcured by the Security
Instrument. Unlas Borrower and Lender agroe to other terms of payment, these amounts shall bear interest from the date of
` disbursement at the Note rate and shall be payablq with interest, upon notice from Lender to Bonower requesting payment. ~
BY SIGN[NG BELOW, Borrower accepts and agrees to the terms and provisions contained in this Condominium Ridrr.
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G~ RGE K~~ OS '
Ft~E~7 ti1+~ . ~ 1~0~
f~4GER P01':if~, ~_~RK l ~
5T. LUCIE ~C~ ~ ~ `Y. FL ~ ~ /
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LEFKOTH KANAVOS ~ -e~~~
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`71`~980
a~i~1~(4~~ PaGF
MULTlSTATE CONDOMlNIUM RIDER-Single Family--FNMA/FHLMC UNIFORM IHSTRUMENT Foren 3140 12/S3
so,.,ss.o,~a. GENER/~l
MSM • ~ ?~A ~ _ .
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