HomeMy WebLinkAbout2259 CONDOMINIUM RIDER
'TNIS CONI~MiNIL~~f RIDER is made this 24th day of January , t9 90 .
and is incorporated into and shall be deemed to amend and supplemeot the Mortgage, Deed of Trust or Security Derd (the
"Security lnstrumen[") of the same date given by the undersigned (the "Borrower") to secure Borrower's Note to
First National Bank and Trust Company of the Treasure Coasth
(t e "Lertder")
of the same date and covering the Property described in the Security lnstrument and located at:
?380 South Ocean Drive ~521A, Jensen Beach, Florida
~Property Addrrss) 3 4 9 5 7
The Property inctudes a ur±~~ ~n, together with art undivided interest in the common elements of, a condominium project know~n
as:
SAND DOLLAR NORTH
~Name of Condominium Projectj
(ihe "Condominium 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.
CO~DOMINIUM COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower
and Lender further covenant and agree as follows:
A. Coadominium Obligations. Borrower shall perform atl of Borrower's obl~gations under the Condominium Project's
Constituent Documents. The "Constituent Documents" are the: (i) Geclaration or any other document which creates the
Condominium Project; (ii) by-laws; (iii) code of regulations; and (iv) other equivalent documents. Borro~er shall promptly
pay, when due, all dues and assessments imposed pursuant to the Constituent Documents.
B. Hs~zard Insumnce. So long as the Owners Association maintains, with a generally accepted insurance carrier, a
"mastee" 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 fot 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 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.
! Borrower shall give Lender prompt notice of any lapse in required hazard insurance coverage.
i
{ In the event of a distribution of hazard insurance proceeds in Geu of restoration or repair following a loss to the Property,
~
a~hether 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 excess paid to Borrower.
C. Public I~Stbility lasur~ace. Barrov?er shall take such actions as may be reasonable to insure that the Owners Association
maintains a public liabiGty insurance policy acceptable in form, amount, and extent of coverage to Lender.
D. Condemnatloa. The proceeds of any award or claim for damages, direct or consequential, payable to Borrower
in connection with any condemnation or other taking of all or any part of the Property, whether of the unit or oE the common
elements, or for any conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds
shail be applied by Lender to the sums secured by the Security Instrument as provided in Uniform Covenant 9.
E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior written consent,
either partition or subdivide the Property or consent to:
(i) the abandonsnent or termination of the Condominium Project, except for abandonment or ternunation required
by law in the case of substantial destruciion 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 would have the effect of rendering the public liability insurance coverage maintained by
~ the Owners Association unacceptable to Lender.
~ F. Remedies. If Borrower does not pay condominium dues and assessments when due, then Lender may pay them.
~
~ Any amounts disbursed by Lender under this paragraph F shail become additional debt of Borrower secured by the Security
Instrument. Unless Borrower and Lender agree to other tercns of paysnent, these amounts shall bear interest from the date
of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender Lo Bottower requesting payment.
8Y SIGNING BELOW, Borrower accepts and agrees to the terms and provisions contained in this Condominium Rides.
~ 10
21~ 2 ~ ~28N _ ` s~,
F{~f+.:` r1ND R C+~ Ch rles Meis~.er .~«oW«
OQUGL AS UI XON ~ ~~JGZ,C~!/JU ~>~1;e~~`
Sl. IUCI~ ~~'JNT't, ~ . (Seal)
Char2ene ~ Meiste -8oro"'" '
• C. ~ .
(~4
-Borrower
(Seal}
-Borrower
@O~K P~iE~~ lSign Original Only1
MULTISTATE CONDOMINI~IM RIDER-Single Family-FNMA/FHI.NFC UNIFORM INSTRUMENT Form 3t4Q 12,•83
~ ~6809; VMP MORTGAGE GORMS • 1313;?~3-81np • (8W1521~7291
_ ~ r.~-~~=r ~ .c~" ' '~,f -'a-" -5,,~~,e"~~~
~ z.`~~~~~a~a~~v+~d ' s~.~~s
J 'x ..'~s.~.~ ~T.~ '§Y` r ,,.s.,..- _