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Home My WebLink About0960 HARBOR FEDERAL SAVINGS AND LOAN ASSOCIATION ~ 7 •t • CONDOMINIUM ~R'IDER T~us Cc~~~w~iNiuM Ri~FR is made this .....................25~T.N.. day of ................MARCH.................... . ? ............i9...B6~ . ~ and i. in~orExiratrd into and shall be deemed to amend and supNlement the Mortgage, Deed of Trust or Security Deed (the ; "Sccurity Instrument'~ ot the same date given by the undersigncd (the "Borrower'~ to secure Borrower's Note to HARBOR FEDERAL SAVtNGS ~ LOAN ASSUClAT10N (the "Lendcr'~ of the same date and covering the Property dcscribed in the Security Instrument and locatod at: .........................1,A1~IM144~...~ ~.~G.~,~...~QC.•...F9RT...~'.IF.RG~.....F..l.~..~31i~Q...................................................................... (P?operty 1?doressj Thr Yru~rt~~ in~ludes a unit in, together with an undivided interest in the common elements of a condominium project knuH~n :~s: ......................The Pi.nes of..F4rt.. P1eC~e.................................... (Name ol CorWommwm Pro~ectj (the "Condominium Project"). If the owners association or other entity which acts for the Condomini~m Project (the "Ow~ners Association") holds title to property for the benefit or use of its members or sharehotders, the Property atso includes Borniwer's interest in the Owners Association and the uses, proceeds and benefits of Barrower's interest_ Co~DU~t~~l~~t CO~'E~~~TS. In addition to the covenants and agreements made in the Securiry Instrument, Bi~rro~rer and Lender further covenant and agree as follows: A. Condominium Obligations. Borrower shall perform all of BorrOwer's obligations under the Condominium Projc~:t's Constituent Ua:uments. The "Constituent Documents" are the: (i) Declaration or any other document which crcates the Condominium Project; (ii) by-laws; (iii) code of regulations; and (iv) other equivalent documents. Barrower shall promptly~ pay, when due, a!1 dues and assessments imposed pursuant to the Constituent Documents. B. Ha7ard Insurance. So long as the Owners Association maintains, with a generally acceptr~ insurance carrier, a "master" or "blanket" policy on the Condominium Project whieh is satisfactory to Lender and which provides insurance roverage in the amounts, for the periods, and against the hazards Lender requires, including fire and hazards inc~uded w~ithin 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 ~~early~ premium installments for hazard insurance on the Property; and ~ (ii) Borrower's obligation under Uniform Covenant S to maintain hazard insurance coverage on the Property is dermed satisfied to the eztent that the required coverage is provided by the Owners Association policy. Borrower shal! give Lender prompt notice of any lapse in required hazard insurance 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 Fiorrower are hereby assigned and shal! be paid to Lender for application to the sums secured by the Security lnstrument, with any excess paid to Borrower. i C. Public Liability I~surance. Barrower shaU take such actions as may be reasonable to insure that the Owners j Association maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to Lender. 't D. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payab)e to Borrower in ' connection w~ith any condemnation ~r other taking of al! or any part of the Property, whethcr of the unit or of the common elements, or for any ronveyance in lieu of condemnation, are hereby assigned and sF~all be paid to Lender. Such proceeds 5ha11 be applied by Lender to the sums secured by the Security Instrument as provided in Uniform Covenant 9. E. L,ender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior written consent, either partition or subdivide the Property or consent to: (i) the abandonment or termination of the Condominium Project, e~cept 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; (i~) any amendment to any provision of the Constitueni Documents if the provision is for the express benefit of d C.ender; (iii) termination of professional management and assumption af self-management of the Owners Association; or • (iv) any action which would have the effect of rendering the public tiabitity insurance coverage maintained by the Owners Association unacceptable to I.ender. F. Remedies. If Borrower does not pay c~ndominium dues and assessmer.ts when due, then Lender map pay them. ; Any amounts disbursed by L,ender under this paragraph F shatl become additionai 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 3 disbursement at the Note rate and shatt be payabie, with interest, upor~ notice from I.ender to Borrower requesting payment. B~ SIGNItve; BEZOw, Borrower accepts and agrees io the terms and provisions contained in this Condominium Rider_ I ~'~s~t a-.r-~. . . ( Sea l ) •Borrower MILOREO BRENNAN . . G2~ -BOrrpwl~'~ W ~ 800M 497 ~ ~ gSZg m MULTiSTATE CONDOMINIUM RIDER--s,ngle Famely--FNMA/FHLMC UNIFORM INSTRUMENT Fosm 3140 12/83 6~ ~ ~N a~ C"~ . - - . _ - - ---._.L _ - - -