HomeMy WebLinkAbout2306 . • CONDOMINIUM RIDER
Thts ConclomhWm R~der ~s mads this 15th dar of Jarluary. 1990~ and k hcorporated hto ~nd shar be deerned
to amand and wpplement the Mortpafla, Deed o1 Truat or Sscu~ky Deed (th~ 'Sacurlty Instrumw~i') of d» sarrw date
pFven by tAe undersiqned (the •Borrower•) to secure 8or~owaPs Note to SUN BANK/MIAMI, NATIONAL
AS.SOCIATiON (ttw 'I.endar') of tlw aame dats ond coverin~ ths Propaty desc~ibad h M~ S~cu~ity InsWment and
bca~ed aG
8800 SOUTH OCEAN DR.~UNIT 1409~ JENSEN BEACM, FLA 34957
[Pr'oP«b ~ddressl
The Property includes a unk in, to~ether wkh an undNfded intarest in tha common elements of, a condomhium project
know as:
ISLAND DUNES OCEANSIDE CONDOMINiUM 11 ,
[Name at GondamhWm ProJectJ '
(the 'Co~dominium Project'). if the owners associttbn or other entky which acts fo~ the Condaminium ProJect (the +
'Ownera Associatbn') holds title to property for tho benefit or use ol ts members or sherfholders. Me Property also ~
includes Barowers interest in the Owners Assochtbn and the uses. proceeds and ber~eRs ~ Bomowers in~eres~ I
CONDOMINIUM COVENANTS. In addRbn to the covenants and apreementa made In ihe Security InsUument, i
Barower and l..ender further covenant and apree as fobws: I
A. CQndomiNum ObliqaUon3. Barower sha! perfonn all of Borrower's obifpatbns under the Condomhium '
Project's Constkuent Documents. The 'Constpuont Documents' aro the p) Declaratbn or any other document which
creates Me Condominium Pro)ec~ (i~ bY-iewa: (il~ code ot repul~tbns~ and pv) other equMalent documents. Borrower shaN
prompdy par. when due, a1 dues end assessments imposed putsuant to ihe ConstWent Documents.
B. Hazsrd Insu~anCe. So bnq as the Owners Assacfation mahtains. wth a peneray accepted hsurance carrier,
a'master or 'bianket' pofcy o~ the Condomhkxn Project wh~Ch ia ~atfsiactory to Lender and wh~h provides inaurence
coverape h the amounts, for the periods, and ~ainst the hazards Lender requirea, hcludin~ fire and hazards inciuded
wRhin ths tertn 'eoctended Coverape,' then:
(q Lender wahres the provisfon In Unfform Covenant 2 lo~ the monthy payment to L.ender ot one-Mretfth of the
Y~Y P~um inste~rnents for hazerd insutance on the Property; end
Borrovrera oblipatbn under UnMorm Covenant 5 to mahtain hesard insurance coverafle on the Property is
deemed satisfted to the extent that the requfred coverape is provided br the Owners Associatlon poicy.
Bortower sha11 fli~e lender prompt notice of any Iapse in required hasard insunnce coverepe.
In the event of a distributbn of hasard insuronce proceeda in ieu of restoratbn or repafr foUowin~ a bss to the
Property, wt?ether to the unR or to cortrran elertients. any proceeds payable to Borrowor ore twr~eby assfpnsd and shalt
be paid to Lender for app6cation to the surt~ secured by the Secur~r Instrument. w~h any e~acess paid to Borrower.
C. Publia Uability Insurance. 8onower sAaU take such actbns as m4y be reaaonabk b insure that the
Owners Association maintafns a public iabflity insurance policy ecceptable in form. amount. end ardent of coverape to
Lender.
D. CondemnaUan. The proceeds of any award or clsim for damapes, direct ot consequential, payable to
BoROwer in connection wRh any condertw~atlon or other takinp of a1 or anr part of the Properry, whether ot the unk or of
~ the conwnon eiements. or for any conveyance h ieu of condermation. are hereby assipned and shalt be paid to Lender.
f Such proceeds shall be app;ied by Lender to the sums secured by the Security Instrumeat as provided in Uniform
~ Covenent 9.
f E. Lender's Prior Consent Borrower Sha1 not, e~ect after notice to Lender and witn ~ders pr~or wrinen
; consent, e(ther part#ion or subdivide the Property or c.o~sent to:
~ the abendonment or termination of the Condominium Project, ~ccept tor abandonment or terminatbn
, requ'red
by law h the case of substanttal desWctbn by fi~e or other casualty or in the case oi a takin~ by condemnatbn or
em"nent domsin;:
~ (i~ any amendrnent to sny provisfon of the Constituent Documents Y the provisbn is for the express benefit of
Lender;
d
~ (i~ termination oi professbnal manaflertr~ent and assumption ot ser~manepeinent of the Owners Association: or
~ (iv) any action which woufd have the ellect Oi renderinp the pubRc Iability insuranCe COVerBfle mahtafned by the
~ Owne~rs Assocfation unacceptable to Lender.
F F. Remedies. If Borrower does not pay condomfnium dues and assessments whe~ dus, then Lender may pay
~ them. My amounts dlsbursed by Lender under this parapraph F shal become addtional debt of Borrower secur~ed by the
Security InstrumenG Unless Borrower and Lender aeree to od~er tem~s of payment, these amounts shal bear interest irom
~ the date ol disbursement at the Note rate and shall be payable with ~terest upon notice irom Lender to Borrower
~ requeSuW PaYmenG
~ BY SIGNING BELOW, Borrower accepts and a~ress to th r and provisio s contained in this
~ Condominium Rider. 10 213 4 5 /
2
'90 .IAN 25 A1Q :55 cs~
CARMEN J. L A-
r IL~ ` r~r.
~ ~OUC! 4 ~ ~IXUN ~
; S 1 L U t, i~ t: f~ ?11 ~ (sear~
JfW ~TTA -a~rower
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~ MULTISTATE CONDOMINIUM RIDER - Single Famity - FNMAJFHLMC UNIFORM lNSTRUMENT Form 3
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~ Bo~K 674 ~~~E 2306
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