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HomeMy WebLinkAbout0981 it ) ~ HARBOR FEDERAL SAV~lNGS AND LOAN ASSOCIATION . ; CONDOMINIUM RIDER ; ~ ~ ~ , 'T~~~s Cc~y~x+H~tv~uht R~nF:R is made this da af Januarx9 87 ~ y ~ and i~ inr~~rFx~rated int~ and shall br dremed lo amend and suppiement the Mortgage, Deed of Trust or Security Deed (the "Security Instrument'~ of the same date given by the undcrsigned (the "8orrower'~ to secure Borrower"s Note to ~ HARBOR FEDERAL SAVINGS dt LOAN ASSOCIATION (the "Lender") of the same date and covering th~ Property described in the Security Instrument and located at: ,.,,.....,,2050 Oleander Blvd._,,,..Ft.,,.,Pier~e,~._.F1....334.50...,...._ . (Property AddressJ Th~ YruExrty inrludec a unit in, together with an undivided interest in the common elements of, a candaminium projec~ knua~n as: ........................LSLAPJD... HDU.SE...CONQOMINIUPi.S...P.HASE...I..............................................................---................ [Name ol Condomm~um Proiect~ ~ (thr "Cundominium Project"). If the owners association or other entity which acis for the Condominium Project (the '•Owners Ass~x:iation") holds title to prope~ty for the benefit ar use of its members or shareholders, the Yroperty also ~ includes Borr~iw~er's interest in the nw~ers Associatio~ and the uses, proc:eeds and benefits of Sorrower's interest. Co~ix~~tl~lU~t Co~'i~:~~~`iY;. In addition to the covenants and agreements made in the Security~ Instrument, ~ Borr~~~~•er and Lender further cavenant and agree as foltows: ~ A. Condominiam Obligations. Borrower shatt perform atl of Dorrower's obligations under the Condominium ~ Project's Constituent Doeuments. The "Const+tuent Documents" are the: (i) Declaration or any other document which t crrate~ the Candominium Project; (ii) by-laws; (iii) code of regulations; and (iv) other equivatent documents. Borrow•er shall ~ promptiy pay, when due, al! dues and assessments imposed pursuant to the Constituent Documents. B. Hazsrd lnsurance, So long as the Owners Association maintains, wi~h a generally accepted insurance carrier, a ~ "master" or "blankeC' 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 requires, including fire and hazards inctuded w•ithin the term "extended coverage," then: ~ (i) Lender waives the provision in Uniform Covenant 2 for the monthly payment to Lender of one-t~velflh of ~ the }~earl}~ premium installments for hazard insurance on the Property; and (ii) Borrower's obligation under Uniform Covenant S to maintain hazard insurance co~•erage on the Property is dermed satisfled io the extent that the required coverage is provided by the Owners Association policy. 3 Borrower shall give Lender prompt notice otany lapse in required hazard insurance coverage. i ~ In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a I~ss to the Property, whether to the unit or to common elements, any proceeds payable to Borrower are hereby assigned and shall be ~ paid to Lender for application ro the sums secured by the Security Instrument, a•ith any excess paid to Borrower. ~ C. Public Liability Insurance. Borrower shall take such actions as may be reasonablr to insure that the Owners . Astiociation maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to Lender. D. Condemnation. The proceeds oFany award or claim for damages, direct or consequential, payable to Borrower in ~ connection w~ith any condemnation or other taking of all or any part of the Prop~rty, whethcr of the unit or of the common ' ~ elements, or for any conveyance in lieu of condemnatian, are hereby assigned and shall be paid to Lender. Such proceeds ' ~hal) be applied by Lender to the sums secured by the Security Instrument as provided in Uniform Covenant 9. ~ E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior ~vritten ! ; consent, either partition or subdivide the Property or consent to: € (i) the abandonment or termination of the Condominium Project, except tor abandonmeni 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 E eminent domain; ~ (ii) any amendment to any provision of the Constituent Documents if the prov~sion is tur the express benefit of € Lender; ~ (iii) termination of prnfessional management and assumption of seif-management of the Owners Association; i or ~ (iv) any action which would have the efi'ect of rendering the public liability insurance co~~erage maintained by E the Owners Association unacceptable to Lender. ~ 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 additionai debt of Borrower secured by the Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shal) bear interest from the date of E disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting payment. Bv SIG!v~~ve; BE~ow. Borrower accepts and agrees to the terms and provisions contained in this Condominium Rider. ~ t ~ ~\S~ ~ W:""'L ~ "'I~I~T~END'ON . . ..---'-easowe~ ~ ~ ~ (Seal) ~ Bo+rower ~ MU~TISTATE CONDOMlNIUNi RIDER-sin$~e Family-~1~!}~1~ l}~{F~~~~tUMENT Fo:m 3~ao ~2/83 6/84 BKV 3 t~ rAa ~ LN ~14 . ~l_. - --'f.'!~ r Y ~ . -.:_i:_ _ . _ . . _ . . . _ ..~..~,..e..~.