HomeMy WebLinkAbout0952 C~N~O~V~[NiI;TI~I ~ID~R
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THIS CONDOhiINIUM RIDER is madc this d~y of ~C:~~?-~-~~ , 19 g~' and is incorporated
into nnd shall be deemed to flmend nnd supplement a hiortg~ge, Deed of '!l~ust or Deed to Secure Debt (herein "security
instrument") dated of even date herewith, given by the undersigned Iherein "Borro~ver"1 to secure I3oi•ro~ver's Note to
AA1F:R1FIRST FEDF.RALSAVINGS ANll I.OAN ASSOCIATION (herein "Lender"):~nd covering the property described in the
security instrument and located ~t 10680 South AlA, Unit 107, Jensen Beach, Florida 33457
The Property comprises 1 unit in, together with ~n undivided interest in the common elemenis of, ri condominium project know~n ~s
OCEANA SOUTtI CONDOTtINIUAi I, A CONDOMINIUNS, Iherein "Condominium Project°).
CONDOMINIUM COVF.NANTS. In fldditian to the coven~~n~ti and agreeinent, made in the ~ecurity instrument,
I3orrower and I,ender further covent~nt ~nd agree as follows:
A. Assessments. Borrower shall promptly pay, ~~•hen due, ~~ll assessments imposed by ihe Ow•ners Association or other
go~~erning body of the Condominium Project (herein "Owners Association"? pUrsuant to the provisions of the declar<~tion,
by-la~+~s, code of' regulations or other constituent document of the Conclominium Project. ~
B. Huz~rd Insurance. So long ns the O~ti~ners Association maintains a"master" or "blanket" policy on the Con-
dominium I'roject which provides in~urance coverage agt~inst fire, hazards included within the ferm "extended coverage; and
such other hazards as Lender ma,y require, and in such flmounts tind for such periocls as I.ender may require, then:
li) Lender ~vflives the provision in Uniform Covenant 2 for the monthly payment to I.ender of one-hvelRh of the
premium installments for hazard insurance on the PropeMy; ~
lii) Borro+~~er's ubligation under Uniform Covenant 5 to n~aintain hazfird insurance co~~erage on the Property is
deemed satisfied; and
1 iiil the pro~•isions in Uniform Co~•enant 5 regarding ~pplication of hazard insurance pruceeds shall be superseded b~~
any provisions of the declar.~tion, by-l~~vs, code of regulations o~ other constiluent document of the Condominium Project or of
_ appiicable la«~ to the extent necessary to a~~oid a contlicl bet~seen such provisions and the provisions of Uniform Coven~nt 5. For
any period oftime during whieh such h~zard insurance co~~erage is not mainE~ined, the immediate.y preceding sentence shall be
deemed to ha~•e no force or effect. Borro~lrer shall gi~~e I.ender prompt notice of any i~pse in such hazard insurance covera~;e.
In the e~•ent of a distribution oPhazard insurance proceeds in lieu of restoralion or repair following a lo~-s to the Property,
~vhether to the unit or to common elements, any such proceeds plyat~le to E3orro~~•er are hereby assigned and shall be paid to
I.ender for application to the sums secured hy the sccurity instrumenl, with the exeess, if any, paid to Borrowec
C. Lender's Prior Consent. I3orro~ti•er shall not, except aRer notice to Lender and ~vith Lender's prior written consent,
partition or subdivide the Property or consent to: .
( i 1 the abandonment or t~rmination ofthe Condominium Project, except for abandonment or termination provided by
law in the ca~e of substantiai destructinn by fire or other c~suaity or in the case of a taking by condemnation or e?ninent domain;
tii) any material amendment to the declaralion, by-la~es ar cc~de of regulations of the O~~•ners Association, or
~ equivalent canstituenl documenf of the ~ondominium Project, including, but not limited to, .~n}• amendment ~~~hich ~~•outd
change the percentage interests of the unit owners in the Condominium Project; or
1 iiil the effectuation of any decision by the Owners Associatian to terminatc; professional management and assume
self-management of the Condominium Project.
_ D. Remedies. If Borrower breaches Borrower's covenants and agreemenfs hereunder, including the coven- .
anf ta pay ~•hen due condominium assessments, thcn I.ender may invoke any remedies provided under the security
instrument, inc)uding, but not limited to, those provid~d under Uniform Co~~enant 7.
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Ii\' 1~'ITNESS \ti'HEREOF, Borro~~•er has executed this Condominium Rider.
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~ Kevl . Thom s ~ -Borruw•er
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E t'•~.~ ~ Helen E. Thom3s - orrower i
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• . . . -F3orrower
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-Borrower
Borrower
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, F ' CONDOMINIUM RIDER -1 to 4 Family -6/75 - FNMA/FHLMC UNIFORM INSTRUMENT (Rev 6J79)
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