HomeMy WebLinkAbout0955 ~ ~ CONDOMIINIUNi RIDER .
THIS CO!~DOMINIUN R1DER 1s ~ade tyis..........~Q~,~l day of .........December............................. 19.. 85
~ u inoorpor~~ad into aod sbaU be ieew~d w are~d aod wppkmeat the Mat`a~t, I?eed oi Trust or Secunq• Deed (the
•`Security Instrumeit") d tl~e saa~e date pvs~ 1~? tLe t~wiarsip~ad (t1~e "Horrow~a") to secure Borrowcr's Note to .~GLER
~l.T.~S2~A1+..~l~(?..S?~..~..~~..311~?~5~...~Q~...?~~..P~i~+.~2R~Y.F.....NR$,..F~...3~401........ (the "Lender")
ot the sarn~e datt a~d oovainj the Prc~ty ddt~ct~d ia tiie S~ws'ity Insttva+ent and {ocated at:
.................S.Q.59..I~R~..AIA.....jJA~?~..A-~....~x.... ~.~x~~~~A~.~dA...~3450............................................................
p~.~p~r~y i~cl~t ~ uait ie. to~tl~w ~ aie u~ivid~d ieterest in tbe commoa elcments of, a condominium project
lcno•?rn aa: aryn Mavr Ocean ?o~w~era
.~~:~:~..~ii. . .
(t~ "C~y~ r~»), j{ at6er enucy wrhich acts for the Condominium Project (the
••p~ners A~o~tio~"j ~pld~ titk b/~a~wty ior tLs br~ ar ufe ot its memben or s}ureholdecs, the Property~ also
~y~ ~~,~•s ~,~p p~,~ A~o~oi~eq~ ~d t1~e wK. pr,oceeds aad benefits ot Borrow
a's incerac.
(~.pp~tll~ ap~1,t~AM: b a~tjM p f~s pfv~tt: aod a~t+oememit made in the Security Instrumefl4
Bor:+o.?K aod I,e~iir h~tber as~~t a~f ~/re r toio~rs:
A, p~i~a, ~e~arrr sVY Nfor~ a11 of Horr+n~er's obligations under the Condominium
p~z's ~~p ~~t ~oq1~a1~~ are tba (i) DecLntion or any other documcnt w•hich
cceatas tlie h"a1~e~ C~ h-~~ f~ and Crv) otba equivalent documents. Borrowet shall • .
p~a~Y P~Y• rM it. all dwt aw~ a~wwM~ i~aMd ~at to tl~e Coastitumt Docume~ts.
~1~r~ I~e~ee. So la~ at d~e O~r~ers At~o~eioa maiatairt. with a jcneratly accepted insurance carrier. a
••~a» a••~« ~,.y a t~e ~o~iOee~i~ T~+p~ret ~?Lic~ is sstisfactory to I.ender and ~hich provida insuru?ce
covera~e in tl~e aaowid. !or tit periei. ar apiMR tLs tiasat~ I.eoder requires. including 6rc and haurds includod
w~thin tbe tam "ezt~d~d ~+ars~" ti~s:
('i) l,w~d~ ~rairs t~e p,Nri~iow i~ U~'ot~ Gb4eMSt 2 for tLe na~thlY payment to Lrnder c+f one-t~~elfth of
the Yesrly p~e i~ for ~+i i~c a~ tie ttvpertr; aod
r~) ~~rs (,y~,w~t S tip ~iatain ~arud insurance coverage on thc Proptrty
is dear~ed sztis6rd to t~t e~1wt tb~t trt ~it~i ooraea~c it peo~ided b'Y t~e O~rners Asaociation policy. .
Borro~r~et i6s11 p~c I.eader praqt ao~ioe da¦p I~p~c ia nequired Larsrd iosurance ooverage.
In tbe evest d a~trib~tioo 1 Y~td i~w+aroe Pro'oNd~ m 1~u nst°r~t~°" or re~pair follorving a loss to the
Property. wrbet~er to tbs wit cr b oa~o~ ~ aisp Prooads P~Yabk w Hotrow~a ue herrby usigned and shill be
ptid to L,er~der for a~pliation to t~e s~¦s `J? t~e Sra~? Iau*ummt, with aay excess paid to Borrow-a.
G p~~ j„~, y~~p~ ]~ey~p~r~t ~iy taiot wch actions at may be roxonabk to insure that the Owners
pyy~~~n ~~s ~ prbiit ~bi~t~ i~wca~oe ~oiiey aooeptsbk in foeta. announb u?d extrnt of coverage to Lender.
D. C~~~y~,,'~ Pa,~is ~taa~r rratd or e,Lim {a damages, direct or consoqurntial. psyable to Borrawer in
~~y ~p~tio~ a ~tl~ ~aki~ af' aii ar ta~r part of the Propert~ .~rhether of' thc unit or of thc common
elenxnts, or tot ~+y ooareyaaoe i~ liw o~~atioo. are 1~atbY ~u~ed. a~d shall be paid to Lender. Such proceeds
shall be applied bp I~nda to tbe wais ~e~wrd t~e S~y Iattru~neat as provided in Uniform Covenant 9.
, ~ti hyr ~p~,~,N~ ~t fot~ suepR afta natioe to Lender and with Lender's prior w~ritten
oonsent, atbet ~atatio~ ar ~bdifide trie ~'ra~rty ar oorr~t i~:
~~~r ~i~tio~ o( tLe CAOdomiai~m pr~nject, except for aban~onmrnt or terminatian
mryirad by ls~r ia ttie eMe d wisun~i~l itr~etio~ b~? b+e er otLer catuslty or ia the cau of a taking by conds~nnation or
~ emi~+e~t doma~; '
; {rij aey a~ac+dsd~t ~a auY re+o~iaioo d tire C~t D~ocuuatats if th~ provision ie for the express brnr5t of
La:der;
(ui) ta~oi.atioa dproiw~~l ~otoa~e+~est a~d ~wmPtioa of sdi'manigement of the Owntcs Assotittion;
; or
~ (iv) a~y ~ w~bic~ ~~d ~aMC t~e eB~et dre+o~de:io~ tbe pubiic liability insurance coveragc maintained by
i tbe Owe~ers Assowtioe ~ooe~Rabk 6o I~nd~r.
F F. 1t~~iis. If Horr+o.ar do~t.oe ry aood~o~im dua,ad a~a w~brn due, chen I.ender may pay chem.
f My smouAu d~b~r~d by i,~de~ ~eder t~is p~tap~ F s~r1i ireooa~e additional deht of Borrowrcr securad by the Security
~ Iastru~t. Uatiet ~oetaref a~d Ise~r aRte ~o t~tlret t~e~s of P~ymeab tbat s~nu Sh~l~ bear ~nterest from the datc of
~ disbursar~et u tbc Note rau a~d sh~1i rt ptYable, writh is~erst, aPon notioe fran L,ender to Barrowtr requestin8 PaYmrnt.
Y
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~ BY SIGNING BEt.o~v. Bara~rer aooepes a~d ~re~s to tLe terms and uined in this Condominium Rider.
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Fit - - VIV~~~. CORBA.... )
ROGE < _
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MULTISTATE CONOVMMMUM RIDER-~. ~.~wr-~?+?/~rc t~o~w a+sntu~~xt ce.+~+ 3iao iz~s3
' a~ a~?s sYSnris .~wa ro+wa
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