HomeMy WebLinkAbout1021 (;UrIDOMINIUM RIDER
THIS Cotinu~t~ti~U~~ R~Dk R is made ~his 25th day of January , 1990 ,
and is incorporated ?nto and shall be dermed to amend and supplement the Mortgage, Deed o( Trust or Srcunt}~ Deed (~he
"Serurity Instrument") of the same date given by the undersigned (the "Borrawer") to secure Borrow•er's Note ro
CITICORP SAVINGS OF FLORIDA, a Federal Savings and Loan Association
(the "Lender")
of the samr date and covering the Proprrty drsrrit~ed in the Securit~~ Instrument and loc;ated :~t~
9423 S. Ocean Drive, Jensen Beach, Florida
[Preperty AOdressJ
The Property inrludes a unit in, together with an undivided interest in the common elrments of, a condominium project
knownas: ISL4IND VILLAGE OF HUTCHINSON ISLAND PHASE II
~Name ot Co~tlomm~um Pro~ectJ
(the "Condominium Project"). If the owners association or other entity w~hich acts for the Condominium Project (the
"Owners Assa;iation") hold~ title to property for the benefit or use of its members or shareholders, the Property also
includes Borrower's interest in the Ow~ners Association and the uses, proceeds and benefits of E3orrowrr's interest.
CU~DO~tl~ll'~f CO~'E\~\TS. In addition to the covenants and agreements made in the Security Instrument.
Borrower and Lender further covenant and agree as follows:
A. Condominium Obligatioes. Borrower shall perform all of Borrower's obligations under the Condominium
Project's Constituent Documents. The "Constituent Uocuments" are the: (i) Declaration or any other document which
creates the Condominium Project; (ii) by-laws; (iii) code of regulations; and (iv) other equivalent documents. Borrow•er shall
promptly pay, when due, all dues and assessments imposed Pursuant to the Constituent Documents.
B. Hazard Insurance. So iong as the Owners Assaciation maintains, with a generally accepted insurance carrier, a
"master" or "blanket" policy on the Condominium Project which is satisfactory to Lender and which provides insurance
coverage in the amounts, for thr 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-tw•elfth of
the pearly premium installments for hazard insurance on the Property; and
(ii) Borrower'sobligation 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 ot'any lapse in rec;uired hazard insurance coverage.
In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to the
Property, w•hether to the unit or to common elements, any proceeds payable to Borrou~er are hereb}~ assigned and shail be
paid to Lender for appiication to the sums secured by the Security Instrument, with any excess paid to Borrower. ~
C. Publie Liabelity Insurance. Borrower shafl take such actions as may be reasonable to insure that the Ow•ners ~f
Assa:iation maintains a public liabilitS~ insurance policy acceptable in form, amount, and extent of coverage to Lender. 1
. D. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to Borrower in ~
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` connection a~ith any condemnation or other taking of all or any part of the Property, whether of the unit or of the common
E 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 Instrument as provided in ~Jniform Covenant 9.
! E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior written j
~ consent, either partition or subdi~~ide the Property or consent to: ~
~ (i) the abandonment or termination of the Condominium Project, except for abandonment 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 j
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~ eminent domain; ~
(ii) any amendment to any provision of the Constituent Documents if the provision is for the express benefit of j
~ Lender, i
~ (iii) termination of professional management and assumption of sel~ management of the Owners Association; i
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E (iv) any action which would have the etfect of rendering the public liability insurance coverage maintained by '
~ the Owners Association unacceptable to Lender.
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~ F. Remedies. If Borrower does not pay condominium dues and assessmenis when due, then Lender may pay them.
~ Any amounts disbursed by Lender under this paragraph F shall t~ecome additional debt of Borrower secured by the Security !
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y Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from the date c~f
~ disbursement at the Note rate and shal) be payable, with interest, upon notice from Lender to Borrow•er requesting payment.
~ BY SIGNING BFLOw. Borrower accepts and agrees to the terms and provi ions contained in this Condominium Riaer.
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-B~rovror
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-Borrower
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600K PAGE
? ° R 675 1021
MULTISTATF CONDOMINIUM RIDER-Sing~e Family-FNMA/FHLMC UNIFORM INSTRUMENT Form 3140 12/83
~ 8 ~8703~ vMaMORTGAGE FORMS • ~373!29387~0 • ~8pp1521-729~
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