HomeMy WebLinkAbout0999 ' ~ ~ CONDOMINIUM RIDER
THIS CONDOMINIUM RIDER is made this ..............22nd day of .........October............................... , 19..87.
and is incorporated into and shall be deemed to amend and supplemene the Mortgage, Deed of Trust or Secu~ily Deed (the
"Security Instrument") of the same date given by the undersi~ned (thc "Borrower") to secure Borrower's Note to
....~ir.$t..Na~i4~~~..Bg~k..~na..Tr~st....~rompany,..of„Stuart (the "i,ender")
of the same date and covering the Property described in the Security lnstrument and located at:
I~4~...~.2~.7....~~~C~~$..~$.~,~~?d..~g~!$gn..$ga~~ Flo;ida , 33457
'~~iop'e'?ty i?ddres:j
The Property includes a unit in, together with an undivided interest in the common elements of, a condominium project
O~H~ RESORTS OF AMERICA AT NETTLES ISLAND
.~IVSme of ~Condaninium~ Projett~
(the "Condominium Project"). If the owners association or other entity which acts for the Condominium Project (the
"Owners Association") holds titte to property for the benefit or use of its members or shareholders, the Property also
includes Borrower's interest in the Owners Association and the uses, proceeds and benefits of Borrower's interest.
CONDOMINIU~~ COVENAN7'S. In addition to the covenants and agreements made in the Security lnstrument.
Borrower and Lender further covenant and agree as follows:
A. Condominium Obligations. Borrower shall perform all of
Borrower's obligations under the Condominium
Project's Constituent Documents. The "Constituent Documents" are the: (i) Declaration or any other dacument which
creates the Condominium Project; (ii) by-laws; (iii) code of regulations; and (iv) other equivalent documents. Borrower shall
promptly pay~ when due. all dues and assessments imposed pursuant to the Constituent Documents.
B. Haznrd Insurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a
"master" or "blanket" 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 i,ender requires, including fire and hazards~ included
i within the term "extended coverage." then:
~ (i) Lender waives the provision in Uniform Covenant 2 for the monthly payment to Lender of one-twelith of
the yearly premium installments for hazard insurance on the Property; and
(ii) Borrower's obligation under Uniform Covenant S 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.
BorrQwer shall give Lender prompt rtotice of any lapse in required hazard insurance coverage.
~ In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair follawing a loss to the
~ Property, whether to the unit or to common elements. any proc~eds payable to Borrower are hereby assigned and shall be
~ Qaid to Lender for application to the sums secured by the Seeurity Instrument, with any excess paid to Borrower.
C. Public Liability Insurance. 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. Condemnation. The proceeds of any award or claim for damages, direct or consequentiai, payable 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
; shall be applied by I.ender to the sums secured by the Security Instrument as provided in Uniform Covenant 9.
~ E. I.ender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior written
consent, either partition or subdivide the Property or consent to:
3 (i) the abandonment or termination of the Condominium Project, except for abandonment 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
~ eminent domain; '
(ii) 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 of self-management of the Owners Association;
or
(iv) any action which would have the eflect of rendering the public liability insurance coverage maintained by
the Owners Association unacceptable to L.ender.
F. Remedies. If Borrower dces not pay condominium dues and assessments when due, then Lender may pay them.
Any amounts disbursed by Lender under this paragraph F shall become additional debt of Borrower secured by the Security
Instrument. Unless 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 Lender to Borrower requesting payment. i
BY SIGNING BELOW. Borrower accepts and agrees to the terrr~s and provisions contained in this Condominium Rider.
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• Seal
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~JJa; i 3 ne R. Herrick eo•'OiNe•
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, ~7 ~CT 27 A8 ~49 Charlotte A. Herr3C -eorrowe?
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3 aooK~Js~ PAGE 997
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MULTISTATE CONOOMINIUM RIDER-Single Family-FNMA/FHLMC UNIFORM lNSTRUMENT Form 31~0 12/83
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