HomeMy WebLinkAbout0926 . ~
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. CONDC~MINILJM RID~;R ~
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TNIS CONDOr1INlUM RIDER is made this ...........15rh........... day of .......September 19...8b.
and is incorporAted into and shall be deeme~ to amend and supplement the Mortgage, Deed oPTrust or Se~urity Deed (the
"Security Instrument") of the same date given by the undersigned (the "Borrower") to secure Qorm~~~er's Note to
..............F~.~i$~..~T~~~r..~~..~..~~T..44t"~~'~NX..Q~..$~'UAR~............................................... (the 'Lender")
of the same date and coverir~g the Property described in the Security Instrument and located at:
...............~$Q~...~~..A-°1-A~...N~~:~~4.~~..~~~,~14~~..~~~~~t~ AC~~~...~~,.t...~3~~.?...........................................................
~ roperty Address
The Property includes a unit in, together with an undivided interest in the common elements of, a condaminium project
known as: ~
OUTDOOR RF~SOF2TS AT NE~.'rLFS ISLAND~ INC.
. .~~~ame ~o( ~Conifeminium~ Projezti.
(the "Condominium ProjecY'). If the owners association ~r other entity which acts for the Condominium Project (the
"Owners Association") holds title to property for the beneflt or use of its members or shareholders, the Property also ~
includes Borrower's interest in the Owners Associatinn and the uses, procceds and benefits of Borrower's interest.
. CONDO\fIN1UA'1 COVENANTS. In addition to the covenants and agreements made in the Security Instrument,
Borrower and Lender further covenant and agree as follows:
A, Condominium Obl~gations. Dorrower sha!! perform al) of Borrower's obligations under the Condominium
Project's Constituent Documents. The "Constituent Doeuments" are the: (i) aeclaration or any other document which
creates the Condominium Project; (ii) by-laws; (iii) code of regulations; and (ivj other equivalent documents. Borrower shall
promptly pay. when due, all dues and assessments imposed pursuant to the Constituent Documents.
II. Hazard Insuranee. So long as the Owners Association 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 the hazards Lender ~equires, including fire and hazards included
within the term "extended coverage," then:
(i) Lender waives the provision in Uniform Covenant 2 for the monthly payment to Lender oi one-t~velfth oP
the yearly premium instailments for hazard insurance on the Properity; and
(ii) Horrower's obliga:ion under Unifor~l~ Covenant S to maintain hazard insurance coverage on the Yroperty
is deemed satisfied to the extent that the required coverage is pravided by the Owners Association policy.
i Borrower shall give Lender prompt notice of any lapse in required hazard insurance coverage.
~ In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair fottowing a loss to the
Property, whether to the unit or to common elements, any proceeds payable to Borrower are hereby assigned and shal! be
~ paid to Lender for application to the sums secured by the Security Instrument, with any excess paid to Borrotiver.
C. Public Liability Insurance. Borrower shall take such actions as rnay be reasonable to insure that the Owners
Association maintains a public iiability insurance policy acceptable in form, amount, and extent oPcoverage to Lender.
D. ~ondemoat[on. The proceeds of any award or claim for damages, direct or consequential, payable to Borrower in
connection with any condemnation or other taking of all or any part of the Property, whether of the unit or oP tt?e common
elements, or far any conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds
shall be applied by Lender to the sums secured by the Security Instrument as provided in Uniform Covenant 9:
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 abandanment or termination of the Condaminium Project, except for abandonment or termination
required by taw in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or
eminent domain;
(ii) any amendment to any provision of the Constituent Documents if the provision is for the express benefit of
Lender;
~ (iii) termination of professional management and assumption of self-management of the ~wners Association;
or ,
(iv) any action which would have the efi'ect of rendering the pubiic liabifity insurance coverage maintained by
the Owners Association unacceptable to Ler+der.
F. Remedies. If Borrower does not pay condominium dues and assessments when due, then Lender may pay them.
Any amounts disbursed by Lender under this paragraph F shall become additional debt of Borrower secured by the Security
Instrument. Unless Horrbwer and Lender agree to other terms of payment, these amounts shall bear interest fram the date of
disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting payment.
BY SIGNING BELOW. Borrower accepts and agrees to the terms and provisions contained in this Condominium Rider.
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(Seal)
RICHAFZD D. ING L -eo~rower
`~~33~(~ .
. . . . . . . ~ (Seal)
~ ~ ~2 ~~5 ILA I~1G LL -~rower
; FELE;~ ;ili:~ " :G
ROGER PU~~i t
~ ST. LUCIt t;.~t'ri ~
BOOK PACE
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` MlJLTISTATE COt~DOMINfUM RIDER-Single Family-fNFAA/FHLMC UNIFO~tM INSTRUMEMT Form 3140 12/83