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Home My WebLink About2547 f ~ ~ ~ CONDOMINIUM RIDET~ THis CoN~~~i?viuM R~nER is made this 23rd day of ......J.a.n u a.r.Y 19..9.~... and is iaeorp~rated into and shall be dcemed to amend and supplement the Mortgage, Deed of Trust or Sc~unt} Deed (the ~I "Security Instrument") of the same date given by the undersignod (the "Borrower") to secure Borrower's Note to • L d (the " en er") of the same date and coverinS t4e Propcrty described in the Security Instrument and located at: ' 3150 No . AlA - Apt_...,5.01.-N.,..._Ft_;...P.ierce.,._ .F.lori,da 34949 : ~Prope;iy'iiifd:essj The Propert~~ incluiies a unit in, together with an undivided interest in the cammon elements of, a condominium project ; knownas: TIARA TOWERS CONOOMINIUM ~ ~rwn,e ot cax!«nnwn, ProKct) (the "Condominium Projcct"). If the owners association or other _entity which acts for the Condominium Projxt (the "Owners Association") holds titl~ to property for the bereefit or use of its members or shareholders, the Property also includes Aorrower's interest in the Owners Association and the uses, proceeds and benefits of Bonower's interest. ' Co~no~tttit~~t Covs`,+a'['s. In addition to the covenants and agreements made in the Secucity Instrument. ~ Borro~~~er and Lender further covenant and agree as follows: Condominium Obligations. B~rrow~er shall perform all of Borrower's obligations under the Cond~~minium Project's Constituent Documents. The "Constituent Documents" are the: (i) Declaration or an~~ other document which creates the Cand~minium Project; (ii) by-laws; (iii) code of regulations; and (iv) other equi~~alent dor.uments. Borrower shall prompth• pay, «~hen due, all dues and assessments imposed pursuant to the Constituent Documents. ; B. Hazard Insuiance. So !ong as the Owners Association maintains, with a generally~ accepted insurance carrier, a ~ "mastrr" or "hiznket" ~li~}~ ~~n the Condominium Proj~ct which iti tatistactor~~ Lender :tnd w~hich ~ro~ides in~urance ~ coverage in the amounts, for the periods, and against the hazards Lender requires. inciud~ng fire and hazards ~nclu:~ed aithin the term "extended ro~tra~e." thzn: ~ (i) Lender waives the provision in Uniform Covenant 2 for the monthly payment to Lender of one-twelfth of the yearly premium installments for haz,ard insurance on the PropeRy; and (ii) Borrower's obligation undet Uniform Covenant S to maintain hazard insurance coverage on the Property is deemed satisfied to the extent that the roquired coverage is provided by the Owners Association policy. ~ Borrower shall give Lender prompt notice of any lapse in required hazard insurance coverage. . In the event of a distribution of hazard insurance proceods in lieu of restoration or repair foflowing a loss to the , Property. whether to the unit or to common elements, any pmceeds payable to Bonower are hereby assigned and shall b~ ~ paid to Lendtr for application to the sums securod by the Security Instrument, with any excess paid to Borrower. ; C. Public Liability Iasurance. Borrower shall take such actions as may be reasonable to insure that the Owners ' Association maintains a public liability insurance policy aaxptable in form, amount, and extent of coverage to Lender. ~ D. Condemnatioa. 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 of the common elements, or for any conveyanc~ in Geu of condemnation, are hveby assigned and shall be paid to I.ender. Such proc~~ds shall be applied by Lender to the sums secured by the Security Instrumrnt as provided in Uniform Covenant 9. E. Lender's Prior Coasen~ Borrower shall not, eacoept after notice to I.ender and with Lender's prior written I~ consent, either partition or subdivide the Property or coas~at to: ~ (i) tho abandonment or termination of the Condomitium Project, except for abandomnent or termination ~ 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 Documenu if the provision is for the eapress benefit of ; Lender; (iii) termination of professional management aad assumption of self-management of the Owners Association; E 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 disburs~d by Lendtr undrr this paragraph F shsll bxome additional debt of Borrower secured by the Security Instrument. Unless Borrower and Lender agree to other terms of paymtnt, 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[GhING BEtow. Bonower accepts and agrees to the terms and provisions contained in thi Condominiam Rider. ~ ~ ``I ~ ~ /..........................................{Seal) ~ Vernon D . Smith 3'"'°"e' ; n . , ~ ~ 2 1 ~ ~ 1 ' !.~:.:t'.~r.z:--~~~......,1.5.:.~.: . ~ ~...........(Seal) ; r.:-~r... ; '9Q ~~j ~2 :3j B r e n d a K. 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