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HomeMy WebLinkAbout0960 LOANi22133977 ' CONDOMINIUM RIDER ; THIS C~NDOMINIUM RtDER is made this 26th daY pf AuguBt .~y 87 ~ ~ and is incorporatcd into and shall be deemed to amend and supplement the Mortgage. Deed of Trust or Securily Deed (the ~ "Socurity Instrument") oFthc same date given by the undersigned (thc "Borrower") to secure Borrower's Note to ~ F~rat Citizens Federal Savings 6 Loan Association (the'`Lender") ~ of the same date and covering the Propehy des~:rihed in the Sec:urity Instrument and tocated at: , Unit G204, 3100 pruitt Rd~~P~o~t~~~s~ Lucie, Florida 33452 The Property includes a unit in. togethe~ with an undivided interest in the common elements of, a condominium project ~ v known as: . TAf2PqV BAY YA~(i' CUJB CCA~DQ~1INIl~i G ~t~sme ot C«wommn,m P?o~ect~ - (the "Condominium Project"). If the owners association or other entity whieh acts Por the Condominium Praject (the + "Owners Association") hotds title to propehy for the benefit or use of its members or shareholders, the Property alsu inetudes Borrower`s interest in the Owners Association and the uses, proceeds and benefits of 8orrower's interest. CONDOMlM~M COVENANTS. In addition to the covenants and agretments made in the Securiry Instrument, Borrower and Lender further covenant and agree as follows: A. CoQdomintum Obllgntlons. Borrower shaU perform all of Borrower's obligations under the Condominium ` Projert's Constituent Documents. The "Constituent Uocuments" are the: (i) Declaration or any other document which ~ creates the Condominium Project; (ii) by-laws; (iii) code of regulations~ and (iv) other equivalent documents. Borrower shall - ~ promptly pay~ when due, all ducs and assessments imposed pursuant to the Constituent Documents. " B. Hazard Insuranee. So long as the Owners Association maintains, with a generaUy accepted insurance carrier, a "master" or "blanket" policy on the Condominium Project which is satisfactory to Lender and which provides insurance 11 coverage in the amounts, for the periods, and aga:nst the hazards l.ender requires, including fire and hazards inciuded 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 ~ 4 the yearly premium installments for hazard insurance on the Property; and ; (ii) Sorrower's obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the Property ' ~ is deemed satisfied to the extent that the required coverage is provided by the Owners Association policy. Borrower shall give Lender prompt notice of any lapse in required 6azard insurance coverage. 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 commoA eleinents, any proceeds payable to Borrower are hereby assigned and shall be paid to I.ender for application to the sums secured by the Securety Instrument, with any excess paid to Borrower. ~ C. Publie Lisbility. Iesuranee. Borrower shall take such actions as may be reasonable to insure that the Owners - ~ } Association maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to Lender. D. Condemns~tion: T'he proceeds of any award or claim for damages, direct or consequential, payable to Borrower in i ~ connection with any condemnation or other taking of all or any part of the Property, whether of the unit or of the common 4 elements, or for atey conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds , ~ shall be applied by Lender to the sums sccured by the Security Instrument as provided in Uniform Co~~enant 9. ~ E. Leader's Prior Corisent. Borrower shaU not. except after notice to L.ender and with Lender's prior written ` consent, either partition or subdivide the Prop~rty or consent to: ~ (i) the abandonment or termination of ihe Condominium Project, except for abandonment or termination ~ required by law in the case of substantia! destruction by fire or other casualty or in the case of a taking by condemnation or i eminent domain; ' (~i) any amendment to any provision of the Constituent Documents if the provision is for the express benefit of L.ender, (iii) termination of professional management and assumption ofsetf management of the Owners Associatioti; or (iv) any action which would have the effect of rendering the pvblic liability insurance coverage maintained by ~ tho Owners Association unacceptabte to Lender. ' ~ F. Rem~edles. If Borrower doss not pay condominium dues and assessments when due. then Lender may pay them. ~ Any amounts disbnrsed by Lender under this paragrapfi F shal! become additional debt of Borrower secured by the Security Instrument. Unlcss Borrower and Lender 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 Lendcr to Borrower requesting payment. BY SIGNING BELOW. Borrower accepts and agrees to the terms and provisions contained in this Condominium Rider. ~ ' ~ r gnatius C. erra . . ~ . ~ JG~ ~.SL L~J ~ = Rose Marie Serra 'Bo~O'"~ yJ~ 844412 a/k/a xosemar~e serra s~ '87 AUG 27 P 1 :42 ts~) ~ I L z 800X 5~ P14GE 7a)O -eo.row.? aOUG~ r . , - (sfa~ ~ u~M~I ST, tUCI~ . ~ ;~r, . ~ ; M!lLTISTATE COPlDOMINIUM RlDER-single Fam~ly-FNMA/FHLMC UNIfORM INSTRUMENT Form 31A0 l2/83 8 VMP MORT(ill(iE FORMS • 13131 792-4700 • 18001 621-72g1 ~ _ _ .