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Home My WebLink About0914 ~-IA~tB~l2 FEI~E~AL ~AVII~IGS ~1~IIj LOAN ASSOCIATIaIV ~ CONDONIINTUM ItYDE~o-ZSa4a~Fo ~I~I11~ Cc~`Ix~`tINIUM RII~ER is made this .......................9TH.. day of SEPTFMBER......................, 19.....86, ,~n~i i~ inri~r~urated inlo and shall he deemed to amend and supplement the Mortgage, Deed of Trust or Security Deed (the "Security Inslrumen!") of' thc same date given by the undersigned (the "Borrower'~ to secure Borrower's Note to HARBOR FEDERAL SAVINGS & l.OAN ASSOCIATION (the "l.ender'~ of the same date and covering the Prope~ty described in the Security Instrument and located at: . ..........................5..LAKE VISTA TI2AILr..~ORT ST LUCIE...FL.~...33452.................................................................... .............iPrcperty liddress) ~2oz "Ch~ Yrur~rt~~ inrludes a unit in, together ~vith an undivided interesl in the common elements of, a condominium project knu~~~n :~s: . VISTA ST. LUCIE ~Name of Condom~nium Pro~eclj (the "Cund~~minium Yrajert"). If the owners associatic~n or ather entity +vhich acts for the Condominium Project (the "O~+•ners Association") holds titlc ro nroperty f~r the bencfit or use of its membcrs or shareholders, the Yroperty also inrludec Borm~+~er's interest in the Uwners Association and the uses, prcx:eeds and benefits ot' Rorrower's interest. Cc~~nc~~tt~~U~t CovE~AtiTS. In addition to the covenants and agreements made in the Security Imtrument, H~~rra~~~er and Lender further co~~enant and agree as follows: A. Condominium Obligations. Fiorrower shall perform al! of I3orrawer's obligations under the Condominium Project's Constituent Documents. The "Constituent Dacuments" are the: (i) Declaration or any other document which creatrs the C~ndominium Project; (ii) by-iaws; (iii) code of regulations; and (iv) other equivalent documents. Borrow•er shall prompily~ pay, w•hen due, all dues and ass,ssments imposed pursuant to the Constituent Documents. B. Nazard Insurance. So long as the Owners Association maintains, with a genera!ly accepted insurance carrier, a~ "mastYr" or "blanket" policy on the Condominium Project ~ahich 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 incfuded ~~~ithin the term "extended coverage," then: (i) Lender «•ai~•es ihe rrovision in Uniform Co~•enant 2 for thc rnonthl}• pa}•ment to I.ender of one-t«•elfth of ~he yearly~ premium installments for hazard insurance on the Property; and ! (ii) Borrower's obligation under Uniform Covenant 5 ta maintain hazard insurance coverage on the Property is deemed satisfied to the extent that the required co~•erage is provided by the Owners Association policy. Borro~4~er shall give Lender prompt notice of any lapse in required hazard insurance co~~erage. In the e~•ent of a distribution oF hazard insurance proceeds in lieu of restoration or repair follo~ving a loss to the Yroperty, w•hether to the unit or to c~mmon elements, any proceeds payable to Barrower are hereby assigned and shall be paid to Lender for application to the sums secured by the Securiry Instrument, with any excess paid to Borrower. C. Public Liability Insuran~e. Borrower shall take such aciions as may be reasonable to insure that the Owners Atiti~ciation maintains a public liability insuranee poliey acceptable in form, amount, and extent of coverage to Lender. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to Borrower in connection u~ith any condemnation ur other taking of all or any part of the Property, H~hether of the unit or of the common elements, or for anp conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds shal) be applied by Lender to the sums secured by the Security Instrument as provided in Uniform Co~~enant 9. E. Lender'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, except for abandonment or termination required by law in the case of substantial destruction by fire or other casualty or ir fhe case of a taking by condemnation or eminent domain; (ii) any amendment to any provision of the Constituent Documenis if the provision is for the express benefit of Lender; (iii) termination of professional management and assumption of self-management of the Owners Asso~iatian; or (iv) any action which would have the effect of rendering the public liability insurance co~~erage maintained by the Owners Association unacceptable to Lender. F. Remedies. If Borrower does not pay condominium dues and assessments when due, then Lcnder may pay them. ' Any amounts disbursed by Lender under this paragraph ~'shall become additional debt of Borrower secured by the Security Instrument. Unless Barrower and Lender agree 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, upon notice from Lender to Borrower requesti~tig payment. _ BY SIG`ItiC; BELnw, Borrower accepts and agrees to the terms and provisions contained in this Condominium Rider. = C ~1~0~ . ~ ~ ~ ; ...........................(Seal) ' -Borrower ~ ~ ~ 6 P 2,47 S ADDONI O s . . . 6 FI~EC~ ' • . „ ~i . ~--~J~ (Seal) . ROGER F u ; _ r ' :r -Borrower' ST. LUCi;: i:~~~Fi F I S YMOUR KERSCHNER ~ 'r ~ ~ . i i ~ i ~ MULTISTATE CONDOMINIUM RIDER-sing~e Family-fNMA/FNLMC UNIFORM INSTRUMENT Fo~m 3140 12/83 r 5 6/ 84 LN ~t4 ~ 1 ~ ~ ~ aooK 514 ~ACE ~1~__ - _ '