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HomeMy WebLinkAbout0714 . ~ CONDOMINIUM RIDER THISCONDO~tINfUM RIDER IS II18dC IhIS . 19th day of Januai•y , 1990 . and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Security Deed (the "Security Instrument") of the same date given by che undersigned (the "Borrower") to secure Borrower's Note to First Federal Savings and Loan Association of the Palm Beaches (the "Lender") of the same date and covering the Property described in the Security lnstrument and located at: 2~00 So. Ocean Drive, Untt 2353 Fort Pierce. FL 39949 [PropeM Addreu] The Property includes a unit in, together with an undivided interest in the common elements of, a condominium project known as: CATAMAKAh I (Name of Candorn~n~um Project] (the "Condominium Project"). lf the owners association or other entity which acts for the Condominium Project (the "Owners Association") holds title to property for the benefit or use of its members or shareholders, the Property also includes Borrow~er's interest in the Owners Association and the uses, proceeds and benefits of Borrower's interest. CO~DO~t1~lU~f COVENA`TS. In addition to the covenants and agreements made in the Security instrument, Borrower and Lender further covenant and agree as follows: ~ A. Condominium Obligations. Borrower shall perform all of Borrower's obligations under the Condominium Project's Constituent Documents. The "Constituent Documents" are the: (i) Declaration or any other document which creates the Condominium Project; (ii) by-laws; (iii) code of regulations; and (iv) other equivalent documents. Borrower shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Documents. B. Hazard Insurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy on the Condominium Project which is satisfactory to Lender and which provides insurance coverage in the amounts, for the periods, and against the hazards Lender requires, including fire and hazards included within the term "extended coverage," then: (i) Lender waives the provision in Uniform Covenant 2 for the monthly payment to Lender of one-tweifth of the yearly premium installments for hazard insurance on the Property; and (ii) Borrower's obligation under Uniform Covenant S to maintain hazard insurance coverage on the Property is deemed satisfied to the extent that the required coverage is provided by the Owners Association policy. Borrow~er shall give Lender prompt notice of any lapse in required hazard insurance coverage. In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair foilowing a loss to the Property, whether to the unit or to common elements, any proceeds payable to Borrower are hereby assigned and shall be paid to Lender for application to the sums secured by the Security Instrument, with any ezcess paid to Borrower. C. Publie Li~bility Insurance. Borrower shall take such actions as may be reasonable to insure that the Owners Asscxiation maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to L.ender. D. Condemnation. The proceeds of any award or claim for damages, direct or consequentiai, payable to Borrower in connection with any condemnation or other taking ot all or any part of the Property, whether of the unit or of the common I~ elements, or for any conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds ! shall be applied by Lender to the sums secured by the Security Instrument as provided in Uniform Covenant 9. i E. Lender's Prior Consent. Borrower shal! not, except after notice to I.ender and with Lender's prior written ~ consent, either partition or subdivide the Property or consent to: i (i) the abandonment or termination of the Condominium Project, except for abandonment or termination E required by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or ~ eminent domain; ~ (ii) any amendment to any provision 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 (iv) any action which wo~ld have the effect of rendering the public liability insurance coverage maintained by the Owners Association unacceptable to I.ender. ~ F. Remedies. If Borrower does not pay condominium dues and a.csessments when due, then Lender may pay them. ~ Any amounts disbursed by Lender under this paragraph F shall become additional debt of Borrower secured by the Security Instrument. Unless Borrower 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 payable, with interest, upon notice from Lender to Borrower requesting payment. ~ BY S~o~vt;~G BE~ow. Borrower accepts and agrees to the terms and provisions contained in this Condominium Rider. ~ ~~a ~ara 23 a 9:~ t / _ . ~ - ~ 1Q24616 6~ ~ 4 ~ ; , , . ~1.,~ .~:~..t..,..._ ~ _ ~J ~ ~ . N ~'y ) in ` Wi 1 1? am .J . ye~her / ~~-8°"°"~e` ~ , , , ~ . F J ~ ......................~.~ll... .(Seal) ~ Glori~ M. Meagher { ~6oro"~` ~ ~ ~ (Seal) ~ ' ~ ~ 600lt 67~ PAGE ~~,4 ( sea 1) MULTISTATE CONDOMINIUM RIDER-singie Family-FNt~IA/FHIMC UNIFORM INSTRUMENT Form 3140 12/S3 ~ ~ - - s~,;., r..- ,~s,.