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Home My WebLink About0961 . LOe1N~22(?~9434 ~ t'ONDOMII'+1IUlY1 itli~~i ; . ; i THIS CONDOMINIUM RIDER fs rnade th~s 1! th day of DECSI~BBR ,~985 . and is incorporated into and shall be dcern~ to amtnd and supplemrnt the Mortgage. Deed of Trust or Security Deed (the "Sa:urity lnstrum=rtt"~ c~f the same date given by the undersigned (the "Ba?rower"j ta secure Borrowcr's idote to First Citizene Federal 3aeings S Loan Assoeiation (the "Lender") uf the same date and covering thr Prop~erty described in the Sa:urity lnstrument ana located at: 5~59 ~~'th A-1--A, Bldg-B ~703 Ft. Pierce, Florida 33449 (Preac+-ty w~cressi The Property includes a unit in. together with an undi~idod interest in the common elements of, a condominium project known as: Bryn Mawr Ocean Tovere Condonin3um ~Nlsms a condo~rw+un+ Pro~ectl (the "Condominium Project"). If the owners associstion or other rntity which acts for the Condominium Project (the "Owners Asso:.iation") holds titk to property for the btnefit or use of its membe~s or shareholders, th~e Froperty also includts Borrower's interest in the Owners Association and the uses, proce;ds and benefits of Borrower's interest. Cot~no~f~[v~~n?! CovErv~NiS. in addition to tt~e covenants and agreements made in the Security [nstrurr:ent. Horrower and Lender further covenant and agrce as faAows: A. Coadominium Obligatioos. Horrower shall perform all of Borrower's obligations under the Condominium Projoct's Constituent Documents. The "Constituent Uocuments'" are the: (i) Declaration or any other doc ~-nent which creates the Condominium Project; (ii) byiaws; (iii) code of regulations; and (iv) other equiv~tent dc~.uments. Borrc,wer sh~ll pcomptly pay, when due, all dues and assessments imposed pursuant to the ConstitLent Dacuments. B. Ha~rd 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 Qeriods, and against the hazards Lender requires, including fire and ha~ards inciuded 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 hazar~ insurance on the Fro~aerty; and (ii) Borrower's obiigation under Uniform Covenant S to maintain hazard insurance coverage on the Property is dcemed satisfied to the eztent that the required coverage is provided bv the Owners Association policy. BonQwer shall give I.ender prompt notice of any lapse in required hazard insurance coverage. In the event of a distribution of hazard insura:~ce proceeds in lieu of restoration or repair following a loss to the _ Property, whether to the unit oc to common elements, any procceds payable to Borrower are hereby assigned and shait be paid to I,ender for applization to the sums secured by the Security Instrument, with any excess paid to Borrower. C. Public Liability Iasurs~nce. Borrower shall take such actions as may be reasonabte to insure that the Owners . Association maintains a pub:;e ::a5ility insurance policy acc~ptable in form, amount, and eztent of coverage to I,ender. D. Coedemnation. The proceeds of any award or claim for damages, direct cr consequential, payable to Borrower in connect~on 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 conve~+ance in lieu of condemnation, are hereby assigned and shatl be paid to L.ender. Such proceeds shall be applied by Lender to the sums secured by the Security Instrament as provided in Uniform Covenant 9. E. Leader's Prior Consent. Borrower shall not, except after notice to l.er~der and with I.ender's prior written consent, either part~ti~n or subdivide the Property or consent to: `r (i) the abandonment or terminatian of the Condominium Project, except for abandonment or termination ` required by law in the case of substantial destruction by fire or other casuaity or in the case of a t~king by condemnation or k eminent domain; ~ (ii) any amendmen. .o any provision of the Constituent Documents if the provision is for the express benefit of ~ Lender; (iii) termination of professional management and acsumption of self-management of the Owners Association; a or ~ ~ (i~) any action which would have the effeet of rendering the public liability insurance coverage mainta~ned by the Uwners Association unacceptable to L.ender. ~ F. R~medies. If Borrower does not pay condominium dues and assessments when due, then L.ender may pay them. 3 Any amounts disburse~ by Lender under this paragraph F sha{I become addicional debt of Borrower secured hy the Security ~ Instrument. Unless Borrower and L.ender agree to other terms of payment. th~e amounts shall bear interest from the date of 3 disbursement at the Note rate and shall be payable, with interest, upon norice from Lender to Borrower requesting payment. ; BY SIGNING HELOW. Borro~uer accepts an~ agrees io the terms and provisions contained in this Condominium Rider. DEC 12 P 3 ~28 - • . p~ ~ ~ tseaq ~ . _ Q~ Anthany M. ronchi ~aOfOY`~` ~ f 1~.E: . f. ROGER ~ , ST. ~U~~~ ~ ~ p r~ ~i~ ~~p Rosenary T. o chi . ~sO"Oi"e` ` a7il 1a~V ~ ~1 MUITISTATE COND~MiNIUM RIDER-s+ngle Famaty-FNMA/FHLMG UM{FORM INSTRUMENT Form 314(1 12/83 8 cars~o~n+~to w,s~sb sows, w. ~n. aE~KS. +~cNC.~w a~c«. s; ysg3 . . _ ~ _ _ ' . _ . _ . _ _ _ - k