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Home My WebLink About0944 - ~ . . . , r. • • • ~ i o~~~ GLE(l~4LE FEC~ERAL TH1S CONDOMtNIUM RIDER is made this l~ day of ~Y~ 1987 and is incorporated into and shall be deemed to amend and supplement the Mongage. Deed of T~ust or Security Deed (the "Security Instrument'~ of ihe same date given by the undersigned (the "Bonower'~ to secure 8orrower's Note to GLENDALE FEDERAL SAVINGS AND LOAN ASSOCIATION (the "L.ender'~ of the same date and covering the P~operty dcscribcd in the Security lnstrument and located at: - 10044 S. A-1-A N0. 505, JFN.S~1 HFA4i. FL 3~457 cwov.~ naa.s.~ The Property includcs a unit in, together with an undivided inteeest in the common elemen~s of, a condominium project known as: .~',~ID Dpl~t 'i~WER CONDOMINIUM lwm~ o~ Condomtnknn ProJ~W (the •'Condominium Projtct'~. If the owners association or other antity which acts for the Condominium Project (the "Owners Association'~ holds title to pr.operty tor the benefit or use of its members or shanhoideta. the Proptrty also includes Borrawer's interest in the Owners Association and the uses, procxeds and benefita of Bonower's interest. CONDOMINIUM COVENANT5. In addition to th~ covenanta and agreements made in the Security Instrument, Borrower and Lendtr fu~thcr covenant and agne as follows: A. Condoralnlu~ ObUtattons. Borrower ahall perform all of Borrower's obligations under the Condominium Project's Constituent Documents. 'The "Constituent Documents" an the: (i) Dtslaration or any other document which creates the Condominium Project;_(ii) by-laws; (iii) code of ngutationa; and (iv) other equivalent documents. Borrower shall promptiy pay. when due~ all dues and asaessments imposed pursuant to the Constituant Documents. B. Harard lnsurnace. So loag as the Owners Assceiation maintains. with a generaliy acapted insuranc~ carrier, a '•master" or "blanket" policy on the Condominium Project which ia satisfactory to i.ender and v~hich provides inauranca coveragc in the amounts. for the periods, and against the hazards Lender requires, including fire and hazards included within the term "extended coverage~" then: ~ (i) I.ender waives the provision in Uniform Covenant 2 for the monlhly payment to l,znder of one-twelith of cho yearly pn~ium installments for hazard inauranoe on the Property; and (ii) Bonower's obligation under Uniform Covenant S to maintain huud insurana coverage on the Property ' is deemed satiafied to the extent that the requiced coversga ia providod by th~ Ownera Auociation poGcy. Borrower shaq give i.ender prompt notia of any lapae in requirod hat.ard insurancx coverage. In the event of a distribution of hazard insurance praxeds in lieu of restoration or npair following a loss to the Property. whether to the unit or to common elementa, any procxeds payable to Borrower are henby assignal and shall be paid to lereder for application to the sums socured by the Security Iastrument. with any exoeaa paid to Borrower. C. Pubik LlabUiq in~urance. Bonower shall take such actions aa may be naaonable to insure that the Owners Association maintains a public liability insurance policy ac~ceptabk ia form. amount, and extent of coverage to Lender. D. Conden~nadoq. The proceeds of any award or claim far damages. diroct or consequential, payable to Borrower in connection with any condemnation or other taking of all or any put of the Property, whether of the unit or of the common elemtnta, or for any coaveyance in lieu o! condemnation, are t.enby assigned and ahall be paid to Lender. Such procecds shall be appiied by Lender to the suma aecut+od by the Security Inatrument ss provided in Unifocm Covenant 9. E. Lenaer~ Prior Consent. Borcovrer ahall not, esapt after noticx to Lender and with Lender's prior writt~n consent. either partition or subdivide the Property or conaent to: (i) the abandonment or termination of the Condomiaium Projxt. excxpt for abandonment or termination required by law in the cau of subatantial deatruMion by ~n or othet 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) te~mination of professionai management and assumption of ulf-management ot the Owners Association. or ' - (iv) any action which would have the effect af rendering the public liability insurance coverage maintaincd by the Owners Aasociation unacceptable to l.ender. F. Re~ed[a. It Borrower does not pay condominium dues and ssaeaaments when due, then Lender may pay ~ them. Any amounta disburud by Lender under this paragrapb F shall become additional debs of 8orrower secured by ~he Security tnstrument. U nleu Bonower and [.ender agra to other tera5s of payment, these amounts ahall bear inter~at from tho date of disbursement at the Note rate and ahaii be payable. with interest, upon notice from l.eader to Bonower " - rcqueating payment. BY SIaNING BELOW. BORROwER accepts and,agrtes to the terms and proviaions contained in this Condominium Rider. J ~ . - ~~-v`M- . ~ 82584~~ ~ } ! '~7 MAY 22 P 1:12 ~ ~°00~~4~ ~ 937 MULTI8TATE CONDOMINIUM RIt~E$~p . UMiF~RM ~ETRUMENT Ronp »a ~:ia . of n~.•s N. ~TULUCi~ C~blN + YL ft 0964049 ' _ _ _ - ~ _ . . _ , r-_g..-~ _ _ -