HomeMy WebLinkAbout0927 imposed by the Treasure Coast ~dedical Center L'onclominium
Association, Inc. (hereinafter referred to as the "Association") as
the governing body oF the Condominium Project, pursuant to the
provisions vf the Amended and Restated De~laration of Condominiun~ of
Treasure Coast Medical Center Condorninium, the Articles af
Incorporation, Bylaws, and Rules and Regulations of the Grantor, or
other constiCuent document of the Condominium Project (hereafter
referred to as the "Condominium Documents"}.
2. Insurance. So long as the Association maintains, with
a generally accepted insurance carrier, a"master" or "olanket"
policy on the Condominium Project whicn is satisfactory to Mortgagee
and which provides insurance coverage ~n the amounts, for the
periods, and against the hazards Mortgagee requires, inclucfing fire
and hazards included within the term "extended coverage," then
Grantor shall be deemed to have maint~ ined atiequate insurance on tf~e
Property for the benefit of the Murtgagee. Provided however,
Grantor shall give Mortgagee prompt norice of any lapse in required
hazard insurance coverage or the failure of the Association to
maintain the policy coverage required under the condominium
documents.
In the event of a distribution of hazard insurance proceeds
in lieu of restoration or repair following a loss to the Property,
whether to the unit or to common elements, any proceeds payable to
Grantor are hereby assigned and shall be paid to Mortgagee for
application to the sum secured by this Second hlortgage Deed, with
any excess paid to Grantor, subject to the rights of the Prior
Mortgage.
Borrower shall also undertake to maintain adequate liabili.ty
insurance in the form and in the amount set fortn in the condominium
documents and shall give tdortgagee prompt notice of the failure of
the Association to maintain such liability insurance as is requireci
under said condominium documents.
The proceeds of any award or claim for damages, direct or
consequential, payable to Grantor in connection with any
condemnation or other taking of all or any part of the Property,
whether the unit or of the common elements, or for any conveyance in
lieu of condemnation, are hereby assigned and shall be paid to
Mortgagee, subject to the provi~ions of the condominium documents
and of the Prior Mortgage. Such proceeds shall be applied by
Mortgagee to the sum secured by this Second Mortgage Deed.
3. Funds for Taxes, Insurance and Assessments. Subject to
applicable law or to a written waiver ~y Mortgagee, or Grantor's
obligations under the Prior Mortgage, Grantor shall pay to Mortgagee
upon written direction to do so, on the day monthly installments of
principal and interest are payable under the Secured Indebtedness,
until the Secured Indebtedness is paid in full, a sum (hereinafter
referred to as "Funds") equal to the sum of one-twelfth of the
yearly taxes and assessments which may attain priority over this
Mortgage Deed.
The Funds shall be held in ar~ institution, the deposits or
accounts of which are insured or guaranteed by a Federal or state
agency (including t~lortgagee if Mortgagee is such an institution).
Mort~agee shall apply the Funds to pay said taxes, assessments,
insurance premiums and Association assessments. Mortgagee may not
charge for so holding and applying the Funds, analyzing said account
or verifying and compiling said assessments and bills, nor shall
Mortgagee be required to pay Grantor any interest or earnings on the
Funds. Mortgagee shall give to Grantor, without charge, an annual
accounting of the Funds showing credits and debits to the Funds and
the purpose for which each debit to the Funds was made. The Funds
are pledged as additional security for the sums secured by tt~is
t~iortgage Deed.
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