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Home My WebLink About0941 HARBOR FEDERAL SAVINGS AND LOAN ASSOCIATION .M. C+ONDOMINItJM ~IDER ; Tt~IS C~~tvn:~H~N~titit R~ntR is made this ......................11.T.H.. day of ................AP.R1L..............................., 19....86. ~ and i. inror~x~ratrd into and shall be dremed to amend and suppltment the Mortgage, Deed of Trust or Security Deed (the ~ "Security lnstrument") of the same date given by the undersign~d (the "Barrower'~ to securc Borrower~ Note to ~ HARBOR FEDERAL SAVINGS dt LOAN ASSOCtAT10N (the "Lender'~ of the same date and cavering the ~ Propeny described in the Securiry Instrument and located at: : ..........................~4QO..S...QG~~1N..AR.tV~...~12.1.....FART...P..tERCE...~1....33450............................................................. ~ (Property Address] ~ The Pruperty in~ludes a unit in, together with an undivided interest in the common elements of, a condominium project ? k~iuan as: OCEAN VILLAGE F ~ [Name of Condom~n+um~~Pro~ectj (the "C~~ndominium Project"). If the owners association or other entity which acts for the Condaminium Project (the "Owne~ Association") holds title to propeny for the benefit or use of its members or shareholders, the Property also includc~ &~rrower's interest in the Owners Association and the uses, proceeds and benefits of Sorrower's interest. Cv~Dt~~ti~i~~~t CO~'EVA!~7S. In addition to the covenants and agreements made in the Security Instrument, Borrow~er and Lender further covenant and agrce as follows: A. Condominium Oblig~tions. $orrower shall perform all of Borrower's obligations under the Condominium Project's Constituent Documents. The "Constituent Documents" are the: (i) Declaration or any other document which crrates the Condominium Project; (ii) by-laws; (iii) code of regulations; and (iv) other equivalent documents. Borroa•er shall promptly~ pay, when due, all dues and assessments imposed pursuant to the Constituent Documents. B. Ha~rd Insurance. So long as the Owners Association maintains, with a geaerally accepted insurance carrier, a "master" or "blanket" policy on the Condominium Project which is satisfactory to I.ender and which provides insurance coverage in the amounts, for the periods, and against the hazards L,ender requires, including fire and hazards inc~uded w ithin the term "extended coverage," then: (i) Lender waives the provision in Unifbrm Covenant 2 for the monthly payment to Lender of one-twelfth of the }~early premium installments for hazard insurance on the Praperty; and (ii) Borrower's obligation under Unifornn Covenant 5 to maintain hazard insurance co~~erage on the Property ; I is deemed satisfied to the extent that the required coverage is provided by the Qwners Association policy. Borrower shal! give I.ender prompt ~otice of any lapse in required hazard insurance coverage. ' j 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 shall be F, paid to Lender for application to the sums secured by the Security lnstrument, with any excess paid to Borrower. C. Public Liability Insurance. Borrower shall take such actions as may be reasonable to insure that the Owners Asu~ciation 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 consequential, payable to Borrower in connection w~ith any condemnation or other taking of all or any part of the Property, whethcr of the unit or of the common elements, or for any conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds shal! be applied by Leoder ro the sums secured by the Security Instrument as provided in Uniform Covenant 9. E. Lender's Prior Consent. Borrower shall not, ezcept after notice to Lender and with Lender's prior written ~ consent, either partition or subdi~~ide the Property or consent to: ~ (i) the abandonment or terminatian of the Condominium Project, escept 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 6 eminent domain; p (ii) any amendment to any provision of the Constituent Documents if the provision is for the exp~ ess benefit of ~ Lender; - 4 ~ (iii) termination of profe~tional 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 ~ the Owners Association unacceptable to Lender_ y F. Remedies. If Borrower does not pay condominium dues and assessments when due, then Lender may pay them. ~ Any amounts disbursed by Lender under tt~is paragraph F shall become additional debt of Borrower secured by the Security i Instrument. Unless Borrower and L.ender agree to other terms of payment, these amounts shall bear interest from the date of ~ ~ disbursement at the Note rate and shaU be payable, with interest, upon notice from Lender to Borrower requesting payment. ~ ~ BY Sto!~l~c; B~LOw. Borrower accepts and agrees to the terms and provisions contained in th;s Condominium Rider. $ ~ C~~]p i ~ ! a~Uv ~ ~ • ~ APR 21 A 9:42 G1~ } ~ c~~ ~ ~ ~ X...........~ :....................................~s~~~ ; ~ ' ~ ~BOfrOwEr 1 i : ~ ~ ROGE•, ' j' JAM CHEKO ~ : _ ~ S7. LU;... . . .......4~ ' ~ ~ ~ ...(Seal) ~ ~ -8o+rower . ~ GEORGIA ~~CHEKOS ~ ~ _ booK 497 939 ~ ~ MULTISTATE CONDOMINIUM RIDEf~-s~~gie Family-FNMA/FHLMC UNIFORM INSTRUMENT Form 3140 12/S3 ~ 6/ 84 ' LN NI ~ ~ - - - - ~ - _ . - . - . .