The URL can be used to link to this page

Home My WebLink About0966 CONDOMINIUM RIDER f}iIS CONDO~IINIL'~i RtDER is made this ....5~day af Januar,y 19. 88, and is incarporated into and ~hall be ,l~e~r,~~f ~o amend and supplement the ~lortgage, Deed of Trust or Security Deed (the "Securit~• lnstrument") of the same date given i~~ chr undersigned (the "Borrow•er") to secure Borrow~er's Note to C~T~COI2P. S~4VINGS C~', ~LnuTnA A. ~nF~~ .SAVINGS_ AI~ID.IAAN AS90CIATION lthe "Lender") of the same date anci cuvering th~ Froperty described in the Security Instrument and located ar. 9800 . SOUTH_ AlA, . #309. JENSEN. BEACH,. .FL. 34957 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . IPAOPERTY ADDRESSI The Property iticludes a unit in, together with an undivided interest in the common elements of, a condominium project known as: ISLAI~ID_ BEAQ-1 CLIJB ~~A~1E OF COND0~11~31CN PROlECT1 iet~~ "Condominium Project"). If the owners association or other entity which acts for the Condominium Project (the "O~~~ners Associa- iion") holds title to property for the benefit or use of its members or shareho!ders, the Property also includes Bor~ower's interest in ; he O~~ ners Association and tne uses. proceeds and benefits of Borrower's interest. (:U`UUMINII; M COVENAyTS. ln addition to the covenants and agreements made in the Securiry Instrument, Borrow~er and Lender further covenant and agree as follows: .a. Condominium Obligations. Borrower shall perform all of Borro~~er's obligations under the Condominium Project's Constituent Du;uments. The "Constituent Documents" are the: (i) Declaration or any other document which creates the Condominium Project; 1~:? b}-la~~s; (iii> code of regulations; and (iv) other equivalent documents. Borrower shall promptly pay, when du~ all dues and assessments imposed pursuant to the Constituent Documents. B. Hazard Insuranc~ So long as the Owners Association maintains, with a generally accepted insurance carrier, a"master" or "blanket" ~olic~• on the Condaminium Project which is satisfactory to Lender and which provides insurance coverage in the amounts, for the ;.eriods, and against the hazards L.ender requ~res, including fire and hazards inctuded within the term "extended coverage;' then: I (i~, l.~nder w~aives the pro~~ision in Uniform Covenant 2 for the monthly payment to Lender of one-twelfth of the yearly premium :r.tallm~~nts for hazard insurance on the Property: and Iii~ Borro~.er's obligation under uniform Covenant 5 to maintain hazard insurance coverage on the Property is deemed satisfied the e~;tent that the required co~•erage is provided by the Owners Asso~iation policy. ~ t3arro«er shall give Lender prompt notice of any lapse in required hatard insurance coverage. In ~he e~~ent of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to the Property, H~hether ~o the unit or to common elements, any proceeds payable to Borrower are hereby assigned and shall be paid to Lender for application the sums ~ecured by the Sec~rity Instrumenf. «•ith any excess paid to Borrower. C. Public Liability insurane~ Borrow~er shall take such actions as may be reasonable to insure that the Owners Association maintains a public liability insurance policy acceptabte in form, amount, and extent of coverage to Lender. D. Condemnation. The proceeds of any av~~ard or claim for damages, direct or consequential, payable to Borrower in connnection ~~ith an}~ condemnation or other taking of all or any part of the Property, whether of the unit or of the common elements, or for any~ com~eyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to the ,ums secured b>~ the Securit~• Instrumen[ as provided in Uniform Co~•enant 9. E. Lender's Prior Consen~. Borro~•er shail not, e!ccept after notice to Lender and with Lender's prior written consent, either partition ~~r yubdi~icie the Prop~rty or consent ro: (i) the abandonment or termination of the Condominium Project, except for abandonment or termination required by law in the ~ase of ~ubstantial destruction by fire or other casualty or in the case of a tal~ing by condemnation or eminent domain; (ii1 any amendment to any pro~~ision of the Constituent Documents if the provision is for the express benefit of Lender; ~iii? termination of professional management and assumption of self-management of the Owners Association; or (i~ ) an~~ action which ~~~ould ha.~e the effect of rendering the public liability insurance coverage maintained by the Owners Associa- ti~n unacteptable to Lender. F. Remedies. If Borrower does not pay condominium dues and assessments w~hen due, then Lender may pay them. An}~ amounts ~ii~bur;ed by Lender under this paragraph F shall become additianal debt of Borrower secured by the Serurity lnstrument. Unless Borro~~•er 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 pa~•able, ~••ith interest, upon no~ice from Lender to Borrower requesting payment. ~ [3ti" SIGti(tiG E3EL0~~', Borro~~er accepts and agrees ta the terms and provisions contained in this Condominium Rider. , ~ ~J.. G~ Q ~ 5~~ FAf,f . ~ . . . . . . . . . . . . . ~H. . . . . . . . . . . . . . . . . . . . . (Seal) I'~OOK SAMIT~~ ~i' • . . . . -BORRONER ~ ..(Seal) ~ - • - - DOIZOT -~H ' ' . ' U . . . . . . . . . . . . . . . . . . ._soRkow Ea MULTISTATE CONDOMINIUM RIDER - Single Family - FNMA / FHLMC UNIFORM INSTRUMENT Fomt 3140 12/83 F•.~.Ili Ri~: ~u _ ....~__rs- fureeb~'~