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Home My WebLink About0984 . . CONDOMINIUM RIDER , TH1S CONDOMINIUM RlDER is made this y~ day of p~ce~bsr, 198S ~ - and is incorporatod into and shal! be doaned to unend and supplement the Morigage, Deo~ of Trust or Socurity Deed (the "Security Instrument") of the same date given by the undasigned (the "Borrowa") to socure Borrower's Note to AlERIFIRST F'EO~RAL SAYIl6S AfO LOAN ASS~Il1TION (the "Lrnder") of the same date and covering the Prooerty describod ia tbe Security In:wmeat and located at: 8750 Sauth AlA, I933„ J«»~n B~ac1~~ Florida 33~57 [Roprb llder~ssl The Property includes a unit in, together with sn undividod interat in the common efan=nts of. a cond~minium project known as: ISLAlD Ol~~ES COMOOlIINIIN A [wm. a c,w+dw+~ir~+m Proj~ctl (the "Condominium Projoct"). If the owners assocution ar othtr entity which acts for the Condominium Project (the "Owners Association") holds titk to property for the beaeSt or use of its members or shueholders, the Praperty also includes Borrower's interest in the Oaners Assocution and the uses. proceeda and bene6ts of Bocrower's interest. CONDOMINIU~1 COVENAMS. In addition to thc oovenants and agroement3 made in the Secunty Instrument. Borrower and Lender further coveiunt and agree as follows: A, Condominium QWl~tloas. Horrower shall perform all ef Borrower's obligations under the Condominium ProjocYs Constituent Documents. The "Constiturnt Documaits" are the: (i) Declaratioa or any other documec~t which creates the Condominium Projoct; (ii) by-laws; (iii) c~de of regulations; and (iv) other equivalent documents. Borrower shall promptly pay, whrn due. all dues and as.ussments imposod pursuant to the Constituent Documents. B. Haurd Insuraace. So long as the Owners Aasociation 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 Lhe hszards Lender roquira, including 6re and hazards includod within the term "extended coverage," then: (i) Lender waives the provision in Uniform Coveaant 2 for the monthly payment to Lender of one-tweifth of the yearly premium installments for haiard insuranoe on the Property; and (ii) Borrower's obligation under Uniform Covenant S to maintain hazard insurance coverage on the Property is deemed satis6~d to the ext~nt that the roquirod coverage is provided by the Owners Association policy. Borrower shall give Lender prompt notice of any lapse in roquirod hazard insurance coverage. in the event of a distribution of hazard insurance prooeods in lieu of restoration or repair following a loss to the Property, wh~ther to the unit or to common elements. any procoeds payable to Borrower are hereb~ assignod and shall be paid to I.ender for application to the sums xcurod by the Socurity Instrument, with any eacess paid to Borrower. C. Pnhlie L3ab~lity Iasuranee. Bonower shall take such actions as may be ceasonable to insure that the Owners Association maintains a public liability insurance poliey aoeeptable in form. amount, and extent of coverage to Lender. D. Coademaation. Th~ procoeds of any award or claira for damages, direci or consequrntisl, payable to Bonower 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 conveyana in litu of condemnation, ue hueby assigntd and shall be paid to Lender. Such proceeds shall be applied by Lender to the sums secured by the Security Instrume:c?t as provided in Uniform Covenant 9. E. I.eader'a Prior Coeseat. Borcower shal! not, eaoept atter natice to Lender and with Lender's prior writttn conxnt, either partition or subdivide the Property or consent to: (i) the abandonment or termination of the Condominium Projoct, ~xcept for abandonment or termination roquired by taw in the case of substantial destruction by 6re or other casualty or in the case of a taking by condemnation or eminent domain; I~ ~ (ii) any amendment to any provision of the Constituent Documents if the provision is for the express benefit of L.ender; j (iii) termination of professional managemtnt and assumption of self-management of the Ownen Association; or ~ (iv) any action which would have tht effect of rrndering the publie liability insurance coverage maintained by ~ the Owners Association unacceptable to Lend~r. F. Remedies. If Borrower does not pay condominium dues and assessments when due, then Lender may pay them. Any amounts disbursed by Lender under this paragaph F shall bocome additional debt of Borrower secvrod by the Security Instrumeat. Unless Borrower and Lender agrx to other terms of payment, these amounts shall bear interest from the date of disbursement at the Note rate and shali be payable, with interest, upon notice from Lender to Bonower roquesting payment. BY SIGNING BELOW. Borrower accepts and agrxs to the terms and provisions contained in this Condominium Rider. ~ n e~..~ '85 OIC -3 P 4 :02 R ~ p ~ F 1 L E~~ 2~-~-/' L~ ~Gc.~J e~.~ ROGER Seal ~ ST. LUi:!:. : ~ ISABEL MARD ~ € ~ ~ I ~5~?~:.~ ~ ~ ................................................................••',~r~~~ ~ s~~x 4~4 PN~~ ~ 0 MULTISTATE CONDOMlNIUM RI~ER-s+~+e F~i~uwc ~o~ ~sneu~r Fo.m ai4o izia~ ~ Fina~aa~ Law Fwms'` Form 1623 A!~ 277 7/84 1 ~ . = r_,:_.. , . . . w.... , ~ - - ~