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~ ~ONI~t~M~N~UIl~I RIDER ~
. .~.Q.~,/• , • . . . . , . . . , day af . . . J~~.' . . . . . . . . . . . . . . . . . . ~
THIS CONDOI?11NIUI?i RIUER IS l118cIC lhli.
19. 82., and is incorporated into and shall bc dcemcd to amend and supplemcnt a Mortgage, Dred oI Trust or Deed
'G to S~cure Debt (hercin "securit'~ instrument") dated o( even datc herewith, given by the undersigned (hcrei~
; "BOffON~cr'~) l0 SCCUft BOf~OWCf S NOI~ IO.Fj-~'~. ~1~~Q~~. ~t11C .~d.T7cUSt •~u oE •Stu~x't• • • • • •
j . . . . . . . . . . . . . . . . . . . . . . (herein "Lender") and covrring the A~opcny describcd in the security instrument and
; located at . . 4fi~t ,4Q4, ,1.~.¢D. Mi,tC11e11. Av~nue, . P~r.t St. . Lucie,• ~Florida• • •33~52 •
; (rrop+tty 1?ddrssll
~ Thc Pmpcrt~~ comptises a unit in, to~ethcr with an undivided intcrcst in thc common ctements ot. a condorninium
, p«~j~ct kno«•n as. .`ra~p~1 &?Y.Y~~~,d~ . .
{ • (Name ol Co~Com~n~um Proicct?
~ . . . . . . . . . . . . . . . . (hcrein "Cortdominium Projcct' ~
i
Co~no~t~*~iut?t Co~'ENANTS. In adJitian to the cov~•nants and agreements made in the security instrument, .
BorroN•~~r and Lendcr furthcr covcnant and agrec as follows: ~
~1. Asscssments. Horraw•cr shali promptl~~ pz~~, whcn duc, all asscssmcnts imposed b~~ thc Owners Assaciation
or other go~•erning boci~~ of the Co»dorniniuir Praject (herein "Owners Association") pursuant to thc provisions of th~
declaratian. by-laws, code ~f regulations ar othe~ constituent document of the Condominiu~n Project.
B. ~iszard Insunnce. Sc~ long as thc Owners Association maintains a"masttr" or "blanket" policy on the
~ Condo~t~inium P~nject which Qrovides insurance coverage against fire, hazards included within the term "extended
~ ~ co~•erage." and such other hazards as Lcnder may rcquirc, and in such amounts and for such pcriods a5 L~ndrr ma~
; require, then:
ti) L~ndcr waives thc provision in Uniform Cov~nant 2 ta~ the monthty pa~ment ta Lender of one-tvre![th
of the prcmium in5tatlments for hazard insurance on the Propert~;
(ii) Borrowcr's obligation under Uniform Covenant S to maintain hazard insurance cove~age on the
~ Praptrty is deemed satisficd; and
~ (iii) the proi~isions in Uniform Covenant S rtgarding application of hazard insurance pracceds shali be
i superseded b~~ any provisions of the declaration, by-laws, code of regulations ar ather canstituent document of tht . ~
~ C~ndominium ~roject or of applicable lav?~ to the extent necessary~ to avoid a conflict between such provisions and
the provisions of Uniiorm Cov~nant 5. For any period of time during which such hazard insuranc~ coverage is not
maintained. the ':mmediately prcceding sentence shall be dcemed to have .no force ar efiect. Borrower shatl ~ti~~c
Lender prompt notice of any lapse in such hazard insurance coverage. . ~
ln th~ event of a distribution ot hazard insurance proceeds in lieu of restoration or repair following a loss to
thc Propcrt~•, whethcr to thc unit or to common ~lcments, any sueh Frocecds payable to Borrower arc hcreby assigned ~
and shall be paid to Lender for application to the sums securcd by the security instcument, with the excess, iE an}•.
paid to Borrower. ~
i C. [.snder's Prior Consent. Borrower shait not. except after notice to Lender and with Lender's priar v?ritten
conscnt, partition or subdivide the Propeny or conscnt to: _ -
(i) the abandonment or tcrmir,ation of the Candominium Project, cxcept for abando~ment or tcrmination
pro~•ided by iaw in the case of substantial dcstruction by fire or other c3sualty or in the casc of a takiag by eondemnation
or emincnt domain; _
(ii) any matcrial amcndmcnt to the dcclaration, by-laws or codc of rcgulations af tht Owners Associaiion.
or equivalen; constituent document of the Condominium Project, including, but not limited to, any amendm~:~t which
would change the petcentage interests of the unit ownt~s in the Condominium Project; or
~ (iii) thc efiectuation of any dccision by the Owners Association to terminatc professional management ~nd
' assume self-man~gement of the Condominium Project.
~ D. Remed~es. It Bonower breaches ~orrower's covenants snd agceements 6ertunder, iarluding the corenant ;
` to pa~~• when due condominium assessments, then L.ender may iavoke sny nmrdies prorided under ihe security ~
irstrvmcnf, ir?Eludi»g, bnt not limitcd to, those prorlded rnder Unitonr~ Corenant 7. '
~ ]~I WITNESS WHEREOF, Borrowcr has executed tfiis Condominium Rider.
- W~ GRF~I STF~, L'I~. , a Sritish C'ampany
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BY:
S ~ PRk'~SID~TI' -eorrowe~
-Eorrower
- ~9~2 A!!~ -2 Pfi 12~ 33 - -
tF1: ~L~ !!iC- f,f"'i~~ ~
- J~.l~rt~E r,Gti~~ f. . r~.
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. CIERIt Clr^.f.til i C: ~;r •
. - ~•~•F:r-~ i. _ . _ ~C~~
CONDOMINlUM RID~R - ~ to 4 familr-6I15-FMAlA/FliIMC UM1FQR~1 (11ST~UMEM1
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3~1 P~E ~74 -
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