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Home My WebLink About0923 • ~ ~ CONDOMINIUM RIDER THiS ~ONAOMINIUL! RIDER iS tnsdt thiS 19th ~Y ~f Dsce~ber~ 1985 . and is incorporatod into and shall be deemtd to unead and supplanent the Mortgage~ Da~d of Trust or Security Deed (the "Security [nstn?ment") of the same d~te given by the undessignod (the "Borrower") to secure Borrow~r's Note to AlERIfIRST FEOEItK SAVII~GS Alm LOAN ASSOCIATIQi (the"L,ender") of the same date and covering the Property describod in the Security Instrument andlocatod at: 8750 Sauth AlA, f1133A.~ Jsnsen Bs~ch, ilorid~ 3NS7 . [P4vo•+b nddrossl Tfie Pro~rty includes a unit in, togethtr with an undividod interest in the common Glements of, a condominium projoct known as: ~ ISLMD Oll~ES COt~DOMINIIM A ~ (Nsm. a Condominiwn ProNct) (the "Condominium Project"). If the owners as,sociacion or other entity which acts for the Condominium Project (th~ "Owners Asslacistion") holds title to proparty for the b~nefit or use of its members or shuehoiders, the Property also inctudes Borrower's intcrest in the Uwners Association and the uses, proceods and bentfits of Borrower's interest. CONDOMINIUM COVENAM'S. In addition to the oovenants and agroements made in the Security Instrument, Borcower and Lender further covenant and agree as follows: A. Conaomiaium Obligationa. Borrower shall perform all of Borrower's obligations under the Condominium • Project's Constituent Documents. 'The "Constituent Documents" are the: (i) Doclaration or any other document which creates the Condominium Project; (ii) by-laws; (iii) evde of reguiations; and (iv) other equivalent documents. Bocrower shall prornptly pay, when due, all daes and assessments impased pursuant to the Constiturnt Documents. B. Hazatd Iosuraace. So long as the Uwners Association maintains. with a gtntrally scceptod insurance carrier. a "master" or "blanket" policy on the Condominium Projoct which is satisfactory to Lender and whieh provides insutanct coverage in the amounts, for the periods, and against the hazards Lender requires, including C~re and hazards included within the term "extended coverage," then: (i) Lender waives the provision in Uniform Covenant 2 for the monthly paym~nt to Lender of ono-twelRh of the yeariy premium installments for hazard insurance on the Property; and (ii) Borrowei s obligation under Uniform Covenant S to maintain hazard insurance coyerage on the Property is deemed satis6ed to the extent that the roquired covtrage is providod by the Oamers Association policy. ~ Borrower shall give Lender prompt notice of any lapse 'rn roquired hazard insurance covtrage. In the event of a distribution of hazard insucance procoeds in lieu of restoration or repair following a loss to the Property, whether to the unit or to common elements. any procaeds payable to 8orrower are hertby assigned and shall be paid to I.ender for application to the sums secured by the Security Instrument, with any ex~.ess paid to Borrowec. C. Publie Liability Insurance. Bonower shall talce 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 I.ender. D. Condemnation. The proceods of any award or claim for damages, direct or consequential, payablc to Borrower in connection with any condemnation or other taking of all or any part of the Property, whtther of the unit or of the common elements, or for any conveyance in lieu of condemnation, are hereby assignod and shali be paid to Lender. Such proceeds shall be appfied by L.ender to the sums secured by the Security Instrument as provided in Uniform Covenant 9. E. Leeder's Prior Consent. Borrawcr shall not, except after notice to Lender and with Lender's prior written - ~ consent, either partition or subdivide the Property or consent to: ;i (i) the abandonment or termination of the Condominium Project, ezcept for abandonment or termination I required by Iaw in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or eminent domain; (ii) any amendment to any provision of the Constituent Documents if the provision is for the express benefit of i L.ender, j (iii) termination of professional management and assumption of self management of the Owners Association; ~ or (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by s the Owners Asso~ciation unacceptable to Lender. F. Remedies. If Borrower does not pay condominium dues and assessments when due, then Lendcr may pay ihem. ~ Any amounts disbursed by I.ender under this paragraph F shall become additional debt of Bonower secured by the Security `g Instrument. Unless Borrower and Lender agra to other terms of payment, these amounts shall bear interest from the datt of 4 disbursement at the Note rate and shali be payabfe, with interest, upon notice from I.ender to Bonower requesting payment. ~ ~ ~ BY SlGNING BELOW, Bonower accepts and agrocs to the terms and provisions contained in th:s Co:?dominium Rider. ~ ~ € ` - - - . . :ed.~ ' PH B. oNncr ; '85 DEC 20 P 3 :48 . . .~~1 . - n ~ (~RALOINE M. DMlCY ~ Fi~ ROG:_ : ST. LU: _ l) '73~365''l En~K ~~6 F~GE ~ ~•.l MULTISTATE CONDOMlNtUM RIDER-~~ fa~~-~+~u?i~u~c ur~FOrr~ ursn~uM~ Fo.~+, 3i4o iiia~ ~ ~ Fnanua~ law Forms^ Form t6T3 ~C 277 7/84 ~ . ~ `:'e~' ~.~:`§~~-x. -,e,~ - " - -