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HomeMy WebLinkAbout0946 s , ~ . ` , ~ HARBO~t FEDERAL SAVINGS AND LOA1~1 ASSOCIATION CONDOMINIUM RIDER ~ TIII~ Cc~N[~c)MINII~M RIDER is made this......... ~O~ D'~ 19..85 , ; day of g anJ i. inr~~rEx~rated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Security Deed (the ~ "Security Instrumtnt'~ of the same date given by the undersigned (the "Borrower'~ to securt Borrower's Note to ~ HARBOR FEDERAL SAYINGS dt LOAN ASSOCIATtON (the "Lender'~ of the same dat~ and covering the Propert dcscnbed ip the Secunt i ent and iocated at:, ~ ............~3.. Lake..Vista..Trailyr....~.~.~~~i...Port,. St.. I~ucie~.. Florida._ 33452 . . ~Prooe.?v Ad~i.essl Thr Pru~xr~y inrludes a unit in, together with an undivided interest in the common elements of, a condominium pro~ect I~nuW n a'' VISTA ST. I~CSE, A C~IDONIINILI~l (Name ol Coodom~n+um Pro~ectj (the "Candominium Project"). If the owners association or other entity which acts for the Condominium Project (the "pws~ers Association") holds title to property for the benefit or use of its members or shareholders, the Property also . in~ludes Borre~wer's interest in the Owners Association and the uses, proceeds and benefits of Borrower's interest. Cc~~oc~~u~tU~t Co~'E~~tiTS. In addition to the covenants and agreements made in the Security Instrument, &xru~ver and Lrnder furiher covenant and agret as follows: A. Condomiaium Obligations. Borrower shall perform all of Borrower's obiigations under the Condominium Project's Constituent Documents. The "Constituent Documents" are the: (i) Declaration or any other document which crrates the Condominium Projec:t; (ii) by-taws; (iii) codt of regulations; and (iv) other equivalent documents. Borrower shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Documents. B. Hazard Insurance. So long as the Owners Association maintains, with a generally acceptrd insurarce carrier, a "master" or "bfanket" policy on the Condominium Project which is satisfactory to [.ender and which provides insurance roverage in the amounts, for the periais, and against the hazards l.znder requires, including fire and hazards inctuded w~ithin the term "extended coverage," ihen: (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 5 to maintain hazard insurance coverage on the Property is dermed satis6ed to the extent that the required coverage is provided by the Owners Association policy. ~ Borrower shall give Lender prompt notice of any lapse in required hazard iflsurance coverage. In the e~•ent of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to the { Property, whether to the unit or to common elements, any proceeds payable to Borrower are hereby assigned and shaU be ~ paid to Lender for application to the sums secured by the Security Instrument, with any excess paid to Borrower. C. Public Liability Insurance. Borrower 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. Condemnation. The proceeds of any award or claim for damages, direct or consequentiai, payable to Borrower in connection w~ith any condemnatiun or other taking of all or any part of the Property, whether of the unit or of the common zlements, ~r for any conveyance in lieu of condemnation, are hereby assigned and shaU be paid to Lender. Such proceeds 4hall be applied by Lender to the sums secured by the Security Instrument as provided in Uniform Covenant 9. i E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior written ronsent, either partition or subdivide the Property or consent to: (i) the abandonment or termination of the Condominium Project, except for abandonment or termination 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; ; (ii) any amendment to any provision of the Constituent Documents if the provision is for the express benefit of ~ E Lender, ~ ~ (iii) termination of professional management and assumption of seif-management of the Owners Association; ~ s Oi j ~ (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by ~ the Owners Association unacceptable to L.er.der. ~ 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 paragsaph F shall become additional debt of Borrower secured by the Security ~ Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from the date of ~ disbursement at the Note rate and shall be payable, with interat, upon notice from L,ender to Borrower requesting payment. p ~ ~ BY SIGNINCi BELOW. Borrower accepts and agrees to the terms and provisions centained in this Condominium Rider. ~ - ~ : - . ~s~a~~ ~ ~85 DEC 23 A 9 :07 ~ .~..o..e. ~ ~ Fi~; - ~ ROGEn = ST. ~U~ _ . ' ~ . _MARY... LA . cseal) .....~9o..owe. ~ # '738669 ~ } ~ ; r , ~ ~ ~ MULTISTATE CONDOMINIUM RIDER-smgle family-FMMA/FHLMC UNIFORM ItiSTRUMENT Focm 3140 12/83 ~ ~ 6/84 ~;K ~ LN MI ~ = goaK 48b F~~~ y4~ ~ w_.. . _ . ~ . ~ ~ ~ ~ ~ - - - - - - - - - ~ .