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Home My WebLink About0994 . ~o~ GLEIIQALE ~EDERAL '~~415 ~ 2~ a~o :2~ CONDOMINIUM RIDER Fi~~~ ; . ROGEn ~ THIS CONDOMINIUM R1DER is made this 2~ day of ~'•~~9~~" and is incorporated into and shall be detmtd to amend and supplemeat the Mortgage, Deed of Truat or Security Deed (the "Security lnstrument'~ of the same date given by the underaigned (the "Borrower'~ to secure Borrower's Note to GLENDALE FEDERAL SAVINGS AND LOAN ASSOCIATION (the "Lender'~ of the same date and covering the Property describod in the Security lnstrument and locatcd at: 9C50~ 90VI'H AIA NO. 2001, JE[ZSS~t BFAC~i, FL 33457 ~Prop~rty Ada~ss~ The Property includes a unit in, together with an undividod interest in the common elements of, a condominium projcet known as: Tf~ PRINCES.S (wn+. a ca+aoe,wwn wo~.~o ' (the "Condominium Project'~. If the owners association or other entity which acts for the Candocniaium Projcet (the "Owners Auociation`~ holds title to property for the benefit or use of its membtrs or shateholdcra, the Property also includes Borrower~ inter~st in the Owners Association and the uses, procoeds and beaefits of Borrower'a intenst. CONDOMINIUM COVENANTS. In addition to the covenants and agroements made in thc Security Instrucnent, Borrower and L.ender further covenaat and agree as follows: A. Condominium Obli=atloas. Borrower shall perform all of Bonowtr's obGgatioas under the Condominium Project's Constituent Docu~nents. The "Coastituent Documents" art the: (i) Declaration or any other document which creates the Condominium Project; {u) by-laws; (ui) code of ngulations; and (iv) other equivalent documents. Bonowcr shall promptly pay, when due, aU dues and assesaments imposed purs~tant to the Constitueat Documents. B. Hazud Insurance. So long as the Owners Association maintains, wich a generauy accepcea insurance carrier, a "master" or "blanket" policy on th~ Coadominium Project which is satiafactory to Ltnder and which provides inaurance coverage in the amounts, for the periods, and against the hazards Lender rtquires, including fire and hazards includod within thc term "extonded coverag~,° then: (i) Lender waives the provision in Uniform Covenuit 2 for the monthly payment to Lendtr of onc-twelfth of the yearly pnmium installmenta for hazud inaurana on the Property; and (ii) Borrower's obligation under Uniform Covenant S to maiatain hazard insurancx coveragt on the Property is deemed satisfiod to the extent thu the requirod coverage is provided by the Owners Association poGcy. Bonower shall give Lender prompt aotice of any lspae in required hazard insurance coverage. In the event of a distribution of hazard insuranoe procteds in lieu of restoration or npair following a loss to the Propcrty, whether to the unit or to common elements, any proceeds payable to Borcower are hereby assigned and shall be paid to Lender for application to the sums secwod by the Security Instrumeat, with aay oxctss paid to Bonower. C. Public LLWNt~ Iasarance. Borrower shall take such actiona as may be nasonabk to insure that the Owners Associati~n maintains a pubGc liability insurana policy accxptabk in fotm, amount, and extent of coverage to Lender. D. Condemnatbu. The prooeeds of any awacd or claim for damages, diroct or consequential, payabk to Bonower ! in connection with any condemnuion or oihcr taking of all or any patt of the Property, w6ether 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. ~uch proceeds shall be applied by I.ender to the sums securod by the Security Instrument as provided in Uniform Covenant 9. E E. Lender~s Prior Coosent. Borrower shall not, except after notice to L,ender and with I,ender's prior written consent, either partition or subdivide the Property or consent to: ~ (i) the abandonment or termination ot the Condominium Project, excxpt for abandonment or termination ' required by Iaw in the case of substantial destruction by fire or other casualty or in the case of a takiag by condemnation or eminent domain; (ii) any amendment to any provision of tho Constituent Documents if the provision is for the express benefit of Lender; (iii) tcrmination of professional management and assumption of self-management of the Owners Association, or (iv) any action which would have thc effect of r~ndering the public liability insurance coverage maintaincd by ~ ths Owncrs Association unacceptabk to Lender. ~ F. Remedies. If Bonower does not Qay condominium dues and assessments when due, then I.ender may pay them. Any a~ounts disburs~d by Lender under this paragraph F shall become additional debt of Borrower secured by the Security Instrument. Unless Bonowa and I.ender agree to other tem?s of payment, these amounts shall bear interest from ' the date of disbursement at the Note ratc and shall be payable, with interest, upon noticx from Lender to Borrower ~ rcquesting payment. - r ~ BY SIGNING BELOW, BORROWER accapts and agrces to tht terms and provisions containcd in this Condominium ~ Ride ~ C'Q~Q - a)a]0 ~7 ~ ~ ~ ~ J ~IDO~.LI ~ IE I ~ ~GER p'; ~ _ : F. C ~ ~ ~.~.;.~=R ~~~2~80 ~`°~r~~v~NT Y. 900~ F~ ~ ~ ~ MULTISTATE CONDOMiN1UM RIDER - Siny~e Fsmiy - FMMIVFMIMIC UNIFORM iNiTWMEMT Fonn ~1401Z/q ~iF FL145S i-!4 ~ ~ q ~97 PAGE ~7a71~. I~ # 0810309 300~ J_ ~ . ~ . - . _ , 3<< ~ _ . . _ ~ ~