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Home My WebLink About0951 ~ WM/ i i i i Jv i v CONDOMINIUM RIDER ~ THlS CONDOMINIUM RIDER is made this 13th day of April . 19 87 , and is incorporated into and shall be deemai to amend and supplement thc Mortgage, Deed af Trust or Security Deed (the "Security instrumenY') of the same date given by the undersignod (the "8orrower") to sccure Borrawe~'s Note to First ~Citiz~ns Federal Savinga & Loan Association ~(the"Lender") oPthe sam~ date and covering the P~aperty clcscrit~ed in the Security Instrument and located at: l188 Comanodore Court, Apt.106 Ft. Pierce, Florida 33449 (P~operty ~tde~essl t The Pro}~erty includes a unit in. together with an undivided interest in the common elemenls ~f, a condominium project known as: COLONNADBS CONDOMINIUM N0. 8 (Name o1 Condommwm Pro~ecl~ (the "Condominium ProjecC'). [f the owners association or other entiry which acts for the Condominium Project (the "Owners Association") holds title to property for the benefit or use of its members or shareholders, the Pro~serty also includes Borrower's incerc~i i~~ i ~e Owr:.r~ !l~.sM~~~lO!! ?!nd the uses, proceeds and benefits of 13orrower's interesl. CONDO~fINII:M COYFNAM'S. In addition to the covenants and agreements made in the Secu~ily lnstrument, ~ Borrower and Lender turther coveriant and agrre as follows: ` A. Condaminium Obligatlons. Borrower shati perform all of Borrower's obligations under the Condominium ' ; Project's Constituent Documents. The "Constituent llocuments" are the: (i) Declaration or any other document whieh = creates the Condominium Project; (ii) by-laws; (iii) code of regulations; and (iv) other equi~ alent documents. Borrower shall ~ promptly pay, when due, all dues and assessments imposed pursuant ro the Constituent Documenis. ~ B. Hazurd InsurAnce. So long as the Owners Assnciation maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy on the Condominium Praject which is satisfactory to Lender and which prnvides insura~ue coverage in the amounts, For the periods, and against ihe hazards Lender requires, including fire and hazards included within the term "extended coverage," then: (i) Lender waives the provision in Uniform Covenant 2 for the monthly paymrnt to Lender t~f one-t~•elfth of the yearly premium installments for hazard insurance on the Property; and (ii) Borrower's obligation undcr UniPorm Covenant S to maintain harard insurance roverage on the 1'roperty is deemed satisfied to the extent that the required coverage is provided by the Owners Association policy. ; Borrower shati gi~e Lender prompt notice of any fapse in required hazard insurance coverage. ' In the event of.a distribution of hazard insurance proceeds in lieu of restoration or repair foilow~ing a loss to ihe Property, whether to the unit or to common elements, any proceeds payable to Borrower are hereby assigncd and shall be ~ paid to Lender Tor application tu the sums secured by the Secucity Instrument, with any excess paid to Borrower. C. Public Liability Insursnce. Borrower shall take such actions as may be reasonablr to insure that the O~•ners ~ Association maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to Lender. _ D. Condemnation. The proceeds of any award or claim for damages, direct or consequentiat, Qayabte to Borrower in connection with any condemnation or other taking of all or any part of'the Property, whether 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 proceeds ; shalt 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 written consent, either parlition or subdivide the Property or consent to: ihe ?!~n~innment or terminaiion oi the Condominium Project, except for abandonment or lermination required by law in the case of substantial destruction by fire or other casuafty or in ihe ca~ ~Fa sal:i;,g b~ e~.^.LiPmnatinn (1~ eminent domain; ! (ii) any amendment to any provision of the Constituent Documents if the provision is fnr the eapress benefit of ~ I.cnder, (iii) termination of professional management and assumption of self-management oP the Owners Association; or (iv) any aetion whieh would have the effeet of rendering the public liability insurance coverage maintained by the Owntrs Association unacceptable to Lender. F. Remedies. If Borrower dces not pay condaminium dues and assessments when due. then L.ender may pay them. ~ Any amounts disbursed by Lender unclu this paragraph F shall txcome additional debt of Borrower secured by the Security ; instrument. Unless Horrower and Lender agrce to oth~r terms of payment, ihese amounts shal( 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. ~ F BY SIGNING BE40w, Borrower accePts and agrces to the terms and provisions contained in this Condominium Rider. r`-, ~ . ~ ~ - ~ a /t ~ ~ IGl! PREPARED BY: Robert K. Stickler Do~plas E. Ganano, Esq, ~ 26C~ S. ce";:ja( ~rY- Ste. 20Q ~ ~.c_ ~ :r~ ' 1ti ) Fort Pierce, fl 33~50 _ (305) 4b4-1032 _ Clara M. Stickler e~ss>>~. '~7 ; 21 P 1 :56 ~ ts~ r r ~b ~ : ~ n ~ . t. _ : , ~ ; f MULTISTATE CONDOMINIUM RIDER-Sin~e familY-fNMA/fHLMC UNIFORM INSTRUMEI~_ R`~~n 3~1a0 ~?j~ - a4a~ ,~hi ~ ~ e v M? t~ o R r d t c~ F o w N S • ~ 3 t a> t.~ m o e 0 o! e t t• 7 s 9 t