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Home My WebLink About0299 CONDOMINIUM RIDER _ TMS CONDOMIMLTM RIDER is made this 17t h day of January ~ 19 90 inco~porated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust ar Security Deed (the "Security Instiument") of tt~e same date given by tbe undersigned (We "Borrower") to secure Borrower's Note to SUN BANK/SOUTH FLORIDA~ NATIONAL A880CIATION ~~"~~er") of the same date and covering the Property described in the Security lnstrument and located at: ~ 3120 N. AlA, Unit 7-C, Fort Pierce, Florida 34949 [Property Addressj The PropeRy includes a unit in, together with an undivided interest in the common elements of, a condaminium projcct known as: TIARA TOWERS SOUTH [Name of Condominium Project) (the "Condominium Project"). If the owne~ associadon or ot6er entity whic6 acts for the Condominium Project (the "Owners Association") holds ade to properry for t6e benefit or use of its members or shareholders. the Property also includes Borrower's inteiest in the Owners Association and the u~es, procudn and benefits of Boirower's inteiest. CONDOMIMUM COVENAIV'I'S. In addition tu t6e covenaMS and agreements made in the Security 1nSwment, Borrower and L,ender funher covenant and agree as follows: A. Condcxninium Obligalions. Borrower shall perform all of Buirower's obligadons w~der the Condominium Projec~'s Coc?stituent Documents. Tt~e "Co~titusnt Documents" are tht: (i) Declaradoo a any othtr document which cr~ates the Condominium Project; (u) by-laws; (iii) code of regulations; acd (iv) other equivalent documents. Borrower shall promptly pay, when due, all dues ux1 ass~nenis imposed puisuad to the Constituent Docu~nents. B. Ha7ani Iasurance. So long as the Owrers Association maintai~, with a generally accepteci iruurance carrier, a"master" or "blanlcet" policy on the Condominium Projeet wtrich is satisfactory to Lender and which provides ia4urance coverage in the , aniouats, for the periods, aod agaiast the haTards Lender requues, including fue and hazanls included witWn t6e tem~ "eatencieci j coverage;'then: ~ (i) Lender waives the provision in Uniform Cover~ant 2 for the monthiy payment to Lender of one-twelRh of tl~e yearly I ; premium i~tallments for hazarci iasurance oa the Propeity; and ~ (u) Borrower's obligadon under Uaiform Covenant S to maintain hazard 'uuurance coverage on the Property is deemcd ( satisGed to the extent that t6e iequired coverage is Qrovided by the Owners Association policy. i Borrower shall give I.ender prompt notice of any lapse in req~dred hazard insurance coverage. In the even~ of a distribution of haza~d insurance prooeecis in lieu of restoration or repair following a loss to the Property, ~ whcther to the unit or to common elements, any p~eds payabk to Barrower are hereby assigned and st~all be paid to Lerxler for applicatioa to the sums secured by the Security In4wment, with any eaoess paid to Borrower. ~ C. Public L~ability Insuranoe. Borrower s6a11 take such actions as may be ieasonable to insure that the Owners Association ~ maintair~s a public liability insuranc~e policy acceptable in fonn, amount, and extem of coverage to Lender. ~ D. Casciemnatioa 'It~e procceds of azry award or claun for damages, direct or comequential, payable to Borrower in corv~ection with any condemnation or other taking of all or aoy part of the Ptoperty, w6ether of the unit or oF the commun ~ elements, or for any conveyanoe in lieu of condemnation, are hereby assigned and shall be paid to Lencler. Sucl~ proceeds st~all ~ be applied by Leoder ro the sums secured by the Security Instmment as provided io Unifomi Covenant 9. ~ E. Le~der's Prior Consent. Borrower shall ~ot, except after nodce to Lender acxl with Lender's prior written conseni, eitt~er partition or subdivide tbe Property or consent to: ~ (i) the abandonment or terminadon of the Condominium Project, except for abandonmeM or terminati~n required by 1aw ~ in tl~e case of substantial destcuction by fi~e or other casualty or in the case of a talcing by conclemnation or enuc~eut don~ain; E (ii) any amendment to any provision of the Coc~stituent Documents if the provision is for tl~e express benefit of Lender, ~ (iii) temunation of pmfessional management and assumption of self-management oF the Owcers Association; or (iv) any action wtuc6 would have the efted of rendering the public liability insucance coverage maintaineci by ~ the Owneis Association unacceptable to Lender. 6 F. Remedies. If Borr~wer does not pay condomirrium dues and assessments when due, then Leoder may pay them. Any amounts ciisbuised by Lender uncier tlris pazagtaph F sha!! 5ecome aciclitional Jebt of Borrower secured by the Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall beaz interest from the date of disbursement $ at the Note rate and shall be payable, with interest, upon aotice from Lender to Borrower requesting payment. i F ~ BY SIGNING BELOW, Borrower accepts and agrees to the tetms and provisior~s coatained in this Condominium Rider. ~r,~~~ 22 p ~ . 1 ~ 2 ~ 41 Q~ (Seal) X~~-t~.; (Seal) ~ i ~ i. -Bor~•er Rut h E. SU 1 1 1 V 8Y~ .$ornnrtr • 1' ~ s ' , + ~.SCdI~ ~ "L/~-c~'QLa.~-~- -Borimvtr L 1 oyd C. S U 1 1 1 V dri -Bonvwtr ~ (Seal) (SCaI ) -Bor?vwtr ~ -Bumv»~tr MULTI3TATE CONDOMiNiUM RIDER - Singl~ FamM~r- FKMAlFHLMC UNlFORM INSTRUIiAENT • Fortn 31 ~0 12/83 FNMA016 8/8S BOOK U~~ PAGE ' Fr~ ' s"~ :.'n - a~+ ~r -_~:,,'is- ~l ..r::~- r.-~~,_,~ s'~~, ~s:.`i- ~~ir'°~.,