HomeMy WebLinkAbout0956 HARBOit FEDERAL SAVINGS AND LOAN ASSOCIATION
CONDOMINIUM RIDER
TFUS C~?~vtx~H~!viu!H R~t~EK is made this ~.ZTH. day of JUNE................................., 19......~~
;~nd i. inrt~r~x~rated intci and shall be deemed to amend and supplement the Mortgage. Deed of Trust or Security Deed (the
"Sccurity Instrume~t") of the same date given by the undersigncd (the "Borrower'~ to secure Borrower's Note to
HARBOR FEDERAL SAVINGS dc LOAN ASSOCIATION (the "L.ender'~ ot the same dase and covering the
Property descri t r an te~ t• ~
~1~l~b ~o~'~~~~ ~b4~~~.,.~~~~.rR~~....F~-....33450
(Property Address] .
The Yru~xrt~ includes a unit in, rogether with an undivided interest in the common elements of, a condominium pro~ect
~'""N"'~'~ Ocean Village
.
~ ~ (Name o1 ConAom~mum P~o~ect~
(the "Condominium Yroject"). lf the owners association or other entity which acts for the Condominium Project (the
"Owners Association") holds title to property for the benefit or use of its members or shareholders, the Property also
inciudc~ Borrowrr's interest in the Owners Association and the uses, proc:eeds and benefits of Aorrower's interest.
Co~DO~ti~1u~1 CU~'E~~~~. In addition to the covenants and agreements made in the Security Instrument,
Bc~rro~~rr and ~ender further covenant and agree as follows: ~
A. Condominium Obligations. Borrower shall perform all of Borrower's obligations under the Condaminium `
Project's C~~nstituent Da:uments. The "Constituent Documents" are the: (i) Declaration or an~~ other document which
crtates the Condominium Project; (ii) by-laws; (iii) code of regulations; and (iv) other equivalent documents. Bormw~er shali
prumptl}~ pay, w•hen due, ail dues and assessments imposed pursuant to the Constituent Documents. '
B. Hazard Insuranee. So long as the Owners Association maintains, with a generally acceptrd insurance carrier, a
"master" or "blanket" ~licy on the Condominium Project which is satisfactory to Lender and which provides insurance
co~erage 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 tor the monthly payment to Lender of one-twel(th of
the }~early premium instaliments for hazard insurance on the Property; and
(ii) Borrower's obligation under Uniform Covenant 5 to maintain hazard insurance co~~erage on the Propert}~
u deemed satisfied to the extent that the required coverage is provided by the Owners Association policy.
Borrower shall gi~~e 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
Propert~•, whether to the unit or to common elements, any proceeds payable to Borrower are hereby assigned and shall be
paid to Lender for application to the sums secured by the Security Instrument, with any excess paid to Borrow•er.
C. Pubtic Liability Insurance. Borrower shall take such actions as may be reasonable to insure that the Owners
ASLCx:iation maintains a public liability insurance policy acceptable in form, amount, and extent of co~~erage to Lender.
D. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to Borrower in
ronnect~on ~+~ith any condemnatiun or other taking af all or any part of the Property, whether of the unit or of the common
elements, or for any conveyanre in lieu of condemnation, are hereby assigned and shall be paid to Lender: Such proceeds
.hall br applied by Lender tu the sums secured by the Secarity Instrument as provided in LJniform Covenant 9. 't:
E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior «~ritten
r~nsent, either partition or subdivide the Property or consent to:
~ (i) the abandonment or termination of the Condominium Praject, except for abandonment or termination
~ required by !aw in the case of substantial destruction by fire or other casualty or in the case of a taking b~~ condemnation or ~
eminent domain; r
~ (ii) any amendment to any provision of the Constituent Documents if the provision is for the exprc~s benefit of +
~ Lender. ;
~ (iii) termination of professional management and assumption of seif-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 ro Lender.
F. Remedies. If Borrower does not pay condominium dues and assessments when due, then Lender ma}~ pay them.
~ Any amounts disbursed by Lender under this paragraph F shall become additional debt of Borrower secured by the Security
Instrument. Unless Borrower and Lender agree to other terms ~f payment, these amounts si~all bear interesi from the date of
di~bursement at the Note rate and shall be payable, with interest, u~n notice from Lender to Borrower requesting payment.
~ v' in this Condominium Rider.
BY SIGNI!~Ci BELOW, Borrower accepts and agrees to the terms and pro is~ons contained
~ ~ ~J~ 1.`~ t--j
~ ~ . ~Seal)
€ X . . . .
~ ~ rower
WILI.IAM E WOLF JR
.!y~: , ~~.~.~y/~~ 1 ~1 Q -
liV ~,ut'1 JV ~ i! ,
J . ~ (Seal)
T . ~9o.rower
r •~--c;; ~ 4101.FE
R~~"t;. ; _ ~ PHY ~ I S
ST. ~uC~=-
MULTISTATE CONOOMINIUM RIDER-Smg~e Fam~ly-FHMA/FHLMC UNIFORM INSTRUMEHT Fo;m 3140 12/83
6/84 300K505 F;GE e7~~7 LN It4
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