HomeMy WebLinkAbout0973 ~ CQNDp~1~TIUM RIDER 50-2195
_ THIS CONDOMINIUM RIDER is msdt th13 16 th d~y O~ MaY ~ 1~ 6 ~ -
snd is incflrporatod into u~d shalf be doen~ed to amead aad wpplenneat the Mortgage. Doed of Trust or Socurity De+ed (the
••Security Iastrument") of tbe same date given by tbe widasigned (the'~8orroaer") to secure Bocrower's Note to
INDEPENDENT HANKERS' BANK OF FLORIDA <<~~ '
of the sune date and~ooverins ihe Froperty dacn'bed in tbe Security Iiutrumeat and located at: ;
Unit C-~, 11000 South AlA, Jensen Beach, Florida 33457 ~
[~av~b ~~l
The Froperty includes a unit in~ together with an undivided intereat in the common ekments of~ a condominium project ~
kc'°w""s' V~lla Del Sol Condominium ~
(N~m. a candomY~w++ Projael
(the "Condominium Projcct"). If the owners asaociatian or other eatity which acta for the Condominium Project (the
"Owners Association") holds titk to property far the bak5t or use of its memb~ra or slharehddera, the Praperty also
includes Horrowa's interest in the Owners Associstion and the uaes, pmaods and bene8ts of Bornowa's intenst.
CoNno~uM CovErter~75. In additioa to the oovenanta and agramenta made in the Security Iastrumait~
Bonower and Lrnder furiher covenaat and agre~ as follows:
A. Cosdomiai~ OWi~tioa~. Borrower shsll paform all of Horruwer's obligations under the Condominium
Pmjoct's Canstituu?t Documents. T6e "Constituent Documeats" an the: (i) Lleclaratioa or ~wy other documant which
creates the Condominium Project; (u) by-laws; (ui) code o[ regulations; and (iv) otha oquiv~?leat documet~ts. Borrower shall
promptiy pay, when due, all duts and assessments imposed pursuant to the Constitueat Documents.
B. Hazard Imwra~ce. So loag as the Owners A~aociation maintains, with a Beaerally aoapted insurance carrier, a
"master" or "blanket" policy on the Condominium Projoct which is aatisfactory to Leader and which provides insurance
coverage in the amounts, for the periods, and against the hazards L~da requires. including fin and hazarda includod
within the term "extendea coverage," then:
(i) Lender waives the pmvision in Uniform Coveaant 2 for the monthly payment to Lender of onrtwdfth of
the yearly pnmiura installments for hazard iasurana on the Fropaty; and
(ii) Borrower's obligation under Uniform Covaiant S to maintain hazard insurance coverage on the Property
is dcemod satis6ed to the eactent that th~ required ooverage is provided by the Oaners Association policy.
Borrower shall give Lender prompt notice of any lapse in required huard insurance coverage.
~ In the event of a distribution of harsrd insurance proc~eds in lieu of restoration or repair following a loss to the
Property, whether to the unit or to common elements. any proooods payable to Borrower are herebY assign~ed and shail be
paid to Lender for applicatian to the sums sxured by the Security Iastrument, with any exc,ess paid to Borrower.
C. Pnblie Lisbility Imwraece. Borrower shall take such acrions as may be reasonable to insun that the Owners
Association maintains a pubGc liability insuraaoe policy aooeptabk in form~ amount, and exteat of ooverage to I.ender.
D. Coademaatioe. The proceeds of any award or claim for damages, direct or consoquential. paYabk to Horrower in
connection with any condannation or other taking of all or any part of the Pt+operty, whether af the unit or of the common
elements. or for any r,onveyance in lieu of condemnatioa, are t~ereby assigned and shall be paid to Lendtr. Such procxeds
shall be appliod by Lender to the sums s~cural by the Socurity Insirument as provided in Uniform Covenant 9. ,
E. Le~er'a Prior Cooseet Borroaer xhall not. eaotpt after noticx W Lendex aad with I.endec's prior writtrn
consent, either partition or subdivide the Property or consent W:
(i) the abandonment or termination of tho Condoaiinium Projxt, exapt for abandonment or termination
requirod by law in the case of substantiai destruction by fire or other casualty or in the case of a taking by oondemnatioa or
eminent domain;
(ii) any amendmrnt to any provision of the Constitueat Documents if the provision is for tht express bene6t of
j Lender; ~
s (iii) termin~tion of professional management and assumption of seU management of the Owners Association; ~
~ or
R (iv) any action which would have the ~cct of rtndering the public liability insurance coverage maintained by ~
~ the Owmers Association unacceptabk W I.endu.
F. Bs~ediea. If Borrower does not Qay condominium dues and assessmrnts whea due, thcn Lender may pay them.
~ ~Any amounu disbursed by Lender under this psragraph F shall bocome additional debt of Borrowa secured by the Security
Instrucrsent. Unkss Borrower and Lender agrce to other texms of payment, these amounts st~all bear interest from the date of
disbursement at the Note rate and shall be payable, with interest, upon notice from Lender W Borrower requesting ~yment.
BY SIGNiNG BELOW, Borrower acceQts and agrees to the terms and provisions containod in this Condominium Rider.
~ Seal
- B H S. BARONE f/k/a ~
Beth A. Holwell
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