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HomeMy WebLinkAbout0919 ~ C~NI)OI~INIUII~iii RI~~I~ THIS CONDOMINIUM RIDER is made this 31~ day of , 19 ~ and is incorporated into and shali bt deemed to amend and supplcment the Mortgage, Deed of Trust or Socurity Dced (the . "Security Instn~ment") of the same date given by the undersigned (the "Borroa+er") to securt Bonower's Note to ~ICAId pIQJ . . SAVJN(`,S BANK (thc "Lendcr") of the ~Ame date and covering the Property described in the Security Instrument and located at: 5737 DEF.~2 R[kT DRNE, UNI*~ i°-C, FORT PTE~2CE F~, 334~0 [Proaerb Ad~ross The Property includes a unit in, together with an ui~u~~~~~ interest in the common etements of, a condominium project known as: COLF LAKE VII.I,AS [Name of Cnndominfum Projecy (the "Condominium Projcct"). If the owners assaciation or other entity which acts for the Condominium Project (the "Owners Association") holds title to property for the benefit or use of its membcrs or shareholders, the Property also includes Bonower's interest in the Owners Association anci the uses, proceeds and benefits of Borrower's interest. CONDOAfINIUM COVENANTS. In additidn to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A, Coadominium Obllgetions. Borrower shall perform all of Borrower's obligations under the Condominium Project's Constituent Documents. The "Constituent Documents" are the: (i) Declarat'ton or any other dac~~~.~r.: which creates the Condominium Project; (ii) by-laws; (iii) code of regulations; and (iv) other equivalent documents. Borrower shal! promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Documents. B, Nazard Insurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy on the Condominium Project which is satisfaetory to Lender and wnich provides insurance coverage in the amounts, for the periods, and against the hazards I.ender requires, 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 of one-twelfth of the yearly premium instaltments for hazard insurance on the Property; and (ii) Borcower's obligation under Uniform Covenant S to maintain hazard insurance coverage on the Property - is deemed satisfied to the extent that the required coverage is provicied by the Owners Association policy. Borrower shall give Lender prompt notice of any lapse in required hazard insurance coverage. In the evei~t of a distribution of hazaed insurance proceeds in lieu of restoration or repair foilowing a foss to th~ . Property, whether to the unit or to common elements, any proce~ds 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 p~i~ tn Hc~rrower. C. Pubtic LiabilIty Insurance. Borrower shall talce such actions as may be reasonable to insure that the Owners Association maintains a public liability insuranc~ policy acceptable in form, amount, and extent of coverage to Lender. D. CondemnatIon. The proceeds of any award or claim for damages, direct or consequential, payable to Borrowe~ in ~ connection with any condemnation or other taking of all or any part of the Property, whettier 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 proce~eds ~ shall be applied by Lender to the sums secured by the Security Instrument as provided in Uniform Covenant 9. E. Lendec's Prior Consent. Borrawer shall not, except aRer 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 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 Owners Association; or ~ (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by ~ the Owners Association unacceptable to Lender. ~ F. Remedles. If Borrower does not pay condominium dues and assessments ~vhen due, then Lender may pay them. a Any amounts disbvrsed by Lender under this paragraph F shall become additional debt of Borrower secured by the Security ~ Instrument. Unless Borrower and L.ender 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 requesting payment. BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions contained in this Condominium Rider. . ~ = V , fj . / . ~i row~ ` ..F`~ . t,,S"~iJI?~ Y........ ...........:~sea~ "~'~~.~.04 23-500539 ~ ~ 500 86000323 O P 2• ~A J~~~~._.y'~~~~. NA~fX G ~ / ~ ~8 . • . .(Seal) -eo.?owe. ~ ~ ~ILc~ ~ - ~ SOGE?i ~-0''r'"r.i.~`', i IUCIF t,'QUN'~ .Y. F(r (Seal) ~ ' -8orrower MULTISTI~TE CAPlDO~+IINIUM RlDER-SingEe Famisy--FNtdlA/FHI.t~AC uNiFORM INBTRUHIENT Fo~tn 314A 12/83 ~ Ftnantial Law Fcrms° ~~O `1 / Q ~~,GEO 9 I~?r ~ Form 1823 !