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Home My WebLink About0963 . , ~ : ~ONDOMI~I~J1Vi RI~ER ~I~lIS CONDOMINIUM RIDF.R is made this Z~............ day of ........................J~X........................., 19..... 8 fi and is incorporated into and shall be damed tc, amend and supplement the Mortgage, I?eed of Trust or Security Uted (the "Security Instrument") of the sarne dat-e $iven by ihe undersi ed (the "Bonower") t~ secure Berrower's 1Vote to c "Len ................S~F.~.Q~~.~,Y.~'~.Ct~..J~?~.~Q~.~4~~~~~'~~~....................................... ~th der") 950Q A2,A of the same datt and cover.ng the pr~op~ rty described in the Security Instrument and located at: u • , Jen~en..BeachR..Florida.,33457 j. ' ~a~ope'riy ' iiad:esi 'The Property includes a unit in, together with an undividal inttrest in the common elements af, a condominium project knawn as: ISi~~IDIA II ~OMITIIUM [wme ot Cmdorn+nium Pro~ecti' (the "Condominium ProjecY'). lf ihe owners association or other entity which acts for the Condominium Projec.t {the "Owners Association") holds title to property for the benefit or use of its members or shareholders, the Property also includes Borrower's interest in the Owners Association and the uses, proceeds and benefits of Borcower's interest. CONDOMINIUM COVENAM'S. In asidition to the co~~nants and agreements mad~ in the Security Instrument, Bonower and Lender furthGr covenant and agree as follows: A. Condorninium Obli~ations. Borrower shall perform all of Borrower's obligations under the Condominium Project's Constituent Documents. The "Constituent Dc~cuments" are the: (i) Declaration or a~iy other document whict~ creates the Condominium Project; (iil by-laws; (iii) cade of regulations; and (iv) other equivalent documents. B~rrower shal! promptly pay, when due, all dues and assessments impos~ pursuant to the Constituent Documents. g, Hazard Insurance. So long as the Owners Associaiion maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy on the Condominium Project which is satisfactory to Lender and which provides insurance coverage in the amounts, for the periods. and against tht hazards L.ender requires, including fire and hazasds included wethin the term "extended coverage," then: - (i) Lender waives the provision in Uniform Covenant 2 for the monthly payment :o Lender of one-twelfth of the yearly premium installments for hazard insurance on the Property; and ~i (ii) Borrower's c~bligation undtr Uniform Covtnant S to maintain hazard insuran~e coverage en the Property is deentied satisfied to the extent that the roquired coverage is provided by the Owners Association policy. Borrower shzil give Lender prompi notice of any lapse in rer~uired hazard insurance coverage. In the event of a distribution of hazard insurance procxeds in lie~ of zestoration or repair following a loss to the Property, whether to the unit or to common elements, any proceeds payable to Borrewer are hereby assigned and shall be paid to Lender for applicatioz tu the sums securod by the Security Instrument, with any excess paid to Borrow~er. C. Public Liability Insuraiace. Borrower shall take such actions as may be reasonable to insure that Ehe Owners Association maintains a public liability insurance ~.+olicy acceptable in form, amount, sn~ extent of coverage to Lender. D. CondemnAtion. The proceeds of any award or claim for damages, direct or consequentiai, payable to Borrower in connection with any condemnateon or other taking of all or any part of the Property, whether 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 shall be applied by Lender to th~ surns secured by the Security Instrument as ~rovided in Uniform Covenant 9. E. Leader's Prior Conseat. Bonower 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, except for abandonment or termination required by law in the case of substantial destruction by fire or other casualty ur in the case of a taking by condemnation ar ; eminent domain; j (ii) any amendment to any provision of the Constituent Documents if tt~e provision is for tt~e express benefit of ~ L,ender; ~ ; (iii) termination of professional management and assumpiion of self-management of the Owners Association; ~ or (iv) any action which would have the effect of rendering the pub~ic liability insurance coverage maintained by the t)wners Associacion unacceptable to Lender. F. Remedies. If Bonower does not pay condominium dues and assessments when due, then I,ender may pay them. Any amoui~ts disbursed by I,ender under this paragraph F shall become additional debt of Borrower secured by the Security Instrument. L~nless Bonower and Lender agrce to other terms of payment, these amounts shall bear interest from the date of disbursement at the Note rate and shall be payable, with interest, t~pon notice from I,ender to Borrower requesting payment. BY SIGNING BELOW, Borcower ac~cepts ar~d agrces to the terms and provisions contained in this Condominium Rider. ~ '7'74068 ~.~~,..Sl.~_..~ . . . s~i~ ~ . . . .-8orrower ~ A. r ~ ~ ` (Seal) ~ •g6 RUG -4 A 9 :49 -~..~,e. FILE{' " ' R$TGLUCIE Ci:'-'~ BOOK ~O9 PAGE ~761 M~LTISTATE CONDO~AINIUM RIDER-Single family-fNM1A/FHU~AC UNIFORM INSTRUM~NT Fam 3140 13/g3 MLCA 35 (tevt3ed 1/85) IiiM iAF iYSTEMS AND FORAR1f CNlC~1G0, iL - _ ;r,., _ . ~.e: ~~.~.:'=;u," -..4 ~~-r i- - - . . _ _ _ . __xr_:.^ ~•-~.._...._,-:..-r..~.___..~~--- . _ . : ~