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HomeMy WebLinkAbout0940 C;ONDOMINIZJII~I RIDER i ~ LOAN NUMBER: 701774 ~ TFIIS CONDOMINIUM R1DER is made this 19th day of January ~ 19 90 I incoiporated iao and shall be deemed to amend and suppkment We Mortgagc, Deed of Trust or Security Deed (the , "Security InStniment") of the same date givcn by the undersig~ed (the "Borrower") to s~cure Borrower's Note to SUN @ANK/ SDUTH FLOR I DA, NAT I ONAL ASSOC I AT I ON lth~ "Lender") of the same date and covering the Property described in the Sccurity I~wm~ot and located at: z . ~ 3120 N. AlA Unit 7 E, Fort Pierce, Florida 34949 [Property Addrcasj The Property includes a unit in, togetber with an undivided iiitecest in tbe common elements of, a condominium Qroject = know~ as: TIARA TOWERS [Name of Condominium Rnject) (the "Condominium Project"). If tbe owneis associadon or wher entity whic6 acts for the Condominium Project (the "Owneis Association") holds tide to propeRy for t6e benefit or us~ of its members or share6olders~ the Propccty also icx;ludes Borrower's interest in the Owcers Association and the uses, procxeds and bene6ts of Borrower's interes~ CONDOMINIiJM COYENAN'I'S. In addition to the coveaaots and agieements made in t6e Security Inswment, Borrower a~xi L.ecxter furiher covenant and agree as follows: A. Condominium ObGgatioas. Bocrower s6all perfonn all of Borrower's obligations urxier the Ca~dominium Project's Constituent Documecxs. The "Cor?stituent Documeats" are the: (i) Declaiation or any aher docume~t which creates the Condominium Projtcr. (ti) by-luws; (ili) code of regulatioa~; aad (iv) othcr equlvalent docunxnts. Borrower shall pranp~ly pay, when due, atl dues and assessments imposed pursuant to the ConstitueW Documents. B. Hazard Insurar~ce. So long as t6e Owners Associalion maintaias, with a gecerally accepted insurance carrier, a"maslei' ; or "btanket" poGcy on the Condominium Project wlrich is satisfactory to Lender and which provictes in~urance coverage in ~he ~ amounts, for the periods, and against the hazards Lender requiies, including fiie and 6azards included within the term "extecxied coverage;'then: ~ (i) Lender waives the provision in U~ufoim Covenant 2 for the monthly payment to Lencier of one-tweltih of the yearly premium i~tallmeots for 6az.ard irnurance on We Property; and (ii) Bomower's obligadon nnder Unifotm Crnenant S to maiMain baTatd insurance coverage on the Property is deem«I ~ satis6~d to the extent that the eequiied ooverage is provided by the Ownets Association policy. + Borrower s6all give Lender prompt notice of any lapse in tequired haz.v~d insurance coverage. In the event of a distribution of hazard ias~aaoce proceeds in lieu of restoradon or repair following a loss to the Property, whether to the unit or to canmon elemenis, any procteds payabk to Borrower are hereby assigoed and s6all be paid to L.ender i for appGcation to the sums secured by the Secnrity Insaument, with any exoess paid to Borrower. ' j C. Public liability Insursnoe. Bocrower s6at1 take such actioos as may be reasonable to insure that the Owners Association ~ maintainS a public liability ias~rance policy acceptable in form, amount, and exte~x of coverage to L.ender. E D. Condemnation. 'It~e proceeds of any award or claim for damages, direct or consequential, payable to Borrower in ~ ccx~nection with any condemnation or other taking of all or any part of the Property, whether of the unit or of tl~e common ( elements, or for any cooveyance in lieu of condemnation, are 6ereby assigned and shall be paid to Lender. Suc6 proceeds shall ~ be applieci by Lender to the sums secured by the Secvrity Instmment as provided in Uniform Covenar~t 9. E. Leoder's Prior Consent. Borrower shall not, except after nodce to Leoder and with Lender's prior written consent, either ~ partition or subdivide the Property or coosent to: ~ (i) the abandoruneM or termination of the Condominium Project, except for abandortment ~r termination required by law in the case of substa~ial deswction by fire or other casualty or in the case of a taking by condemnation or emineat domain; ~ (ii) any amendmeot to any provision of the Constituent Documents if the provision is for the eapress bene6t of Lender, ~ (ui) temunation of pro6essional management and assvmption of self-management of the Owners Association; or ~ (iv) any action which would have the effect of rendering tbe public liability insurance coverage maintained by ~ the Owners Associacioo unacceptable to I.ender. ~ F. Remeciies. If Bormwer does not pay condomiirium dues and assessments when due, then L.ender may pay them. Any ~ amounts disbuised by I.eader under this paragrap6 F s6a11 become additional debt of Borrower secured by the Security Inswment. U~iless Borrower and Lender agcee to dher tern~s of payment, d~ege amounts shall bear interest from t6e date of disbursement ~ at the Note rate and shall be payable, with i~erest, upon notice from Lender to Borrower requesting paymeot. ~ BY SIGMNG BELOW, Borrower accepts and agrees to the terms and prov' 'oc~s cont ' ' C~x~dominium Rider. . ~ J' ~ ~ ~ ~ar~ 23 a~~ ~ ~ ~~r ? ' tseal) ( -Borrowt~ ed L. d 1 t' -Borrt»vtr ~ . , . ~ . . .4 ~ ~ G ~ ) t ~ -Borrvwcr ~y di~/tApl -Bvrtuwtr ~ ~ ~ ~ 10 2 0 7 3 0 ~se~,> ~ -Burmwt? .BomvM•tr ~ $ t MULTI3TATE CONDOMITAUM RIDER • Skpl~ F~rnN~?- FNMA/FHLMC Ut~lIFORM MSTRUYENT Fam 3110 12/63 ; FNMA016 6/88 ~ R 674 PAGE 940 ~ 600K ~ ~y~-~.~~ ~~~,~~..~~s~~~':~~~~~:~~~.r~;,_;~~~,:.