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Tt115 CONQOFlINIUh! RIDER IS MBdC 2FIIS. . . . . .da oi. . . . . . . . . . . . . . . . „ ~
1982. and is incarporatcd into and 3hall bc dccmcd to amend and supplemcnt a Mortgage~ Dced oi Trust ar Derd ~
to Srcu~e Debt (hercin "securit~• instrument") dated of evert Aate herewith. given by the undetsignrd (herein •
"Ba~row•cr" ) to sccure Borrowcr's Nocc to.Ff~'St'. ~~;3G~d~.. &~ttk .az~d. Tx~st .CJoap~riy. .o~ .Stu~~rt . . . . .
. . . . . . . . . . . . . . . . . . . . . . (hcrein "L.cnder") and covcring the Propen;~ descnbcd in the security instrument and
lacated at . IhU.~ .4Q~, . ~~Q4. ~t~~-~.. A~U~ ~ . P'Q~ .St. .I•1~~,. .~lor3~da . .33452 . . . . . . . . . . . . . .
(Prop+Ky Addrttsl
The P~opert~• comprises a unit in, togethtr with an andivided interest in tlie c~mmon elements of, a condominium
pn,jcct kno~~•~ as. . . . ~r'~L~?OLl. Say. V~llas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
' (Namt of Condom~mum ProjtUl
j . . . . . . . . . . . . . . . . (hcrein °Candominium Projcct"). ~ '
~ Co~~o~t~~ivrt Coe'ENANTS. ?n adJitian to th~ covcnants and ag~cemcnts madc in the security inst~ument,
~ Bor~ow•cr and Lendcr furthcr covcnant and agrcc as follows:
~i ,i?. t~ssessmenls. Borro~+•cr sha{I promptly pa~~, when duc, all assessmcnts imposed b~~ the Owners Association
~ or otHcr So~~erning bod~~ of the Condo;rtinium Projcct (herein "Owncrs Assaciation") pursuant to the prot+isions of the
; declaration, bylaK•s, c~dc oE regulations a~ ather constiwcnt document ot the Condominium Project.
~ B. ~i~zard Insurnnce. Sc~ lang as thc Owners Association maint~ins a"master" or "bfanktt" poficy on th~
Condominium Project which provides insu~anee coverage against fire, hazards inctuded within the term "extended
co~•erage." and such other hazards as Lender may require, and in such ama~nts and for such periods as Lend~r rna~
requirc, thrn: ~
i (i) .Lendcr waives the provision in Uniform Covcnant 2 for the monthly pa~•ment to Lender of one-tveelfth
of thr prcmium installmcnts for hazard insurancc on thc Propcrty; . -
(ii) ~orrowcr's obliga:ion under Uniform Covenant 5 to maintain hazard insurance coverage on the ~
Property~ is desmed satisfied; and
(iii) the provisians in Uniform Covenant S regarding application of hazard insurance proceeds shall be
j superseded by an~~ pravisions of the declaration, by-laws, code af regulations or other constituent document of the
~ C~ndominium Project or of appiicablc laK~ to the extent necessary to avoid a conflict between such provisions and _
the provisions of Uniform Covenant S. For any period of time during which such hazard insurance coverage is not
maintained, the irnmediatef~• prcceding sentence shalt be deemed to hav~ no force or effect. Borrower shall gi~~c
~ Lender prompt notice of any lapse in such hazard insurance coverage.
ln the evcnt of a distribution of hazard insurancc proceeds in tieu of restaration or repair follawing a loss to
~ thc Propcrt~~, whechc~ to thc unit c?r ta cammon clemcnts, any sucn proceeds payablt ta Borrower arc hereby assigned
! and shall be paid ta Lender for application ta the sums secured by the security ins~rnment, with the excess, if an~•.
: paid to Borrower.
' C. Lender's Prior Consent. Borrower sh~ll not, except after notice to Lender ar?d with I.ender's prior written
~ consent, partition or subdivide the Property or consent to:
(i) Yhe abandonmcnt or termination of the Condominium Projcct, except for abandonment or termination
pro~•ided by law in the case of substantial destruction by fire or other cas~ualty or in the case of a taking by condemnation
or emincnt domain;
(ii) any material amendment to the dcclaration, bylaws or code of regulatians of the Owners Association.
or equivalent constitucnt document of the Candominium Project, including, but not iimited to, an}~ amendmcnt which
would change the percentage interests of the unit owners-in the Condaminium °rojcct; or
(iii) the efiectuation oE any decision by the 4wners Association to terminate prof~ssional management and
assume seft-management of the Candominium Projcct.
I D. Remcdies. If Barrowsr brc~ches Borrower's covtruir~t3 and agrcements bereunder, includir~g the coren~nt
to p~~ whcn due condornin~um assessments, then L.ender may invoke ~ny rcmedies provided unckr the srcurity -
tnstrument~ In~rtuding, bat nat limited to, thoss prorided a~ Uniform Co~eaaat 7. ~
I:~1 WITNE55 WHEREOF, Borrowcr has exccuted this Condomi;~ium Rider.
~ WII~,IAM C~t SI'~,, LTD. , a Briti.sh C~ar?~~
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