HomeMy WebLinkAbout0795 COND~MINIUM RIDER LOAN NUMBER: 9892433
THIS CONDOMlNIUM R1DER is made DEC.22,1989, and is incorporated into and shall be decmed to
amend and supplement the Mortgage, Deed of Trust or Security Deed (the "Security Instrument') of [he same date
given by the undersigned (the 'Borrower") to secure Borrower's Note to (itioorp Savi~ of ~la~ida, a Federal
Saving~ and l.oan Association (the "Lender') of the same date and covering the Property described in the Security
~ lnstrument and tocated at:
1633 GREEN ACRES CIRCLE; #CC-204, PORT ST. LUCIE, FLORIDA 33542
(Property Address)
The Property includes a unit in, [ogether ~~nth an undi~zded interest in the common elements of, a condomin:um
project known as:
EVERGREEN OF PORT ST. LUCIE
(Namc Of Condominium Project)
(the 'Condominiucn Project'). If 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 Borrower's interest in the Owners Association and the uses, proceeds and benefits of
Borrower's interest.
CONDOMII~JIUM OOVENANI'S. In addition to the covenaots and agreements made in the Security Instrument,
Borrower and Len~er further covenant and agree as follows:
A. Condominiwm Obligationt, Borrower shall perform all of Bonower's obligations under the Condominium
ProjecYs Coastituent Documents. The `Constituent Documents are the: (i) Declaration or any other document
which creates the Condominium Project; (ii) by-laws; (ui) code of regula[ions; and (iv) other equivaleat documents.
Borrower shall promptly pay, when due, alt dues and assessments imposed pursuan[ to the Constituent documents.
B. I-ta~ard 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 sacisfactory [o I.ender 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-twelfth of
the yearly premium installments for hazard insurance on the Property, and
(ii) Borrower's obligation under Uniform Covenant 5 maintain hazard insurance coverage on the Property is
deemed satisfied to the extent that ihe required coverage is provided by the Owners Association policy.
Borrower shall give Lender prompt notice of any lapse ia require hazard insuracce coverage.
In the event of a distribu[ion of hazard insurance proceeds in lieu of res[oration or repair following a loss to the
Property, whether to the unit or to common elements, any proc.~eds payable to Bonower are hereby assigned and
shall be paid to Lender for application to the sums secured by the Security Instrument, with any excess paid to
' Borrower.
C. P~b1ic I~ability I~~*a.+~r Borrower shall take such actions as may be reasonabte to insure that the Owners
Association main[ains a public liability insurance policy acceptable in form, amount, and extent of coverage to
Lender.
! D. C~ONDEMNATION. The proceeds of any award or claim for damages, d'uect or consequential, payable to
Borrower in connection with any condemna[ion or other taking of afl or any part of the Property, whether of the
~ unit or of the common 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 Iustrument as
' provi3ed in Uniform Covenant 9.
~ E. L,cnder's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's priar written
; consent, either partition or subdivide the Property or consen[ to:
~ (i) the abandonment or termination of the Condominium Project, except for abandonment or
€ termination required by faw in the case of substantial destruction by fire or other casualty or in the case of
~ [aking condemnation or eminent domain; ~
~ (u) any amendment to any provision of the Consti[uent Documents if the provision is for the express
~ benefit of Lender;
~ (ui) termination of professional management and assumption of self-managemen[ of the Owners
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Association; or
~ (iv) any action which would have the effect of rendering the public liability insurance coverage
~ maintained by the Owners Association unacceptable to Lender.
~ F. Remedies. If Bonower dces not pay coadominium dues and assessments when due, then Lender may pay them.
~ Any amounts disbursed by Lender under this paragraph F shall become additional debt of Bonower secured by the
Security InsUument. Unless Borrower and Lender agree to other terms of payment, t6ese amounts shall bear
interest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice from
I,ender to Borrower requesting payment.
BY SIGMNG BELOW, Borrower accepts and agrees to the [erms and provisions contained in this Condominium
` Rider.
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MUL'IZSTATE CONDOMINIUM RmER - Single Family - FNMA/FE~.MC UNIFORM INS'I'RUMENf Form 3140 12/83
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