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HomeMy WebLinkAbout1130 ~ ~ C~NDOMINIUi~s RIDER LOAN NC;;~iBCR ~){)~33K31 TNIS CONDOMINIUIN RIDER is made .IAN. 19,1990, and is incorporated into and shall be deemed to amend and supplemeut the Mortgage, Deed of Trust or Security Deed (the 'Security lnstrument") of [he sa~ne date given by the undersigaed (the 'Borrower') to secure Borrower's Note to (~itic~p Savings of Fbrida, a Federal Savings and Loan Acsodation (the `Lender') of the same date and covering the Praperty described in the Security # I~L~trument and located at: y9G0 S. OCEA.N DRIVE; #1002, JENSEN BEACH, FLORIDA 34957 (Property Address) The Property includes a unit in, together with a~ undivided interest in the common elements of, a cor.dominium project known as: ' OCEANA OCEANFR~NT CONDOMINIUM II (Name Qf Condominium Project) (the "Condominium Project"). If the owners association or other entity which acts far the Condominium Project (the "Owners Association') hotds 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, proceecis and benefits o[ Borrower's interest. C,'ONDOh~IIUM COVENAMS. In addition to the covenaats and agreements made in the Security lnstrument, ~ Borrower and l.ender further covenant and agree as follows: A. C:ondominium Obli~ioas. Borrower shall perform all of Borrower's obligations under thc Condominium ~ Project's Constituent Documents. The 'Consti[uent Documents' aze the: (i) Declaration or any other document ~ahich creates the Condominium Project; (u) by-laws; (iu) code of regulations; and (iv) oiher equivalent documents. ~ Borrower shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent documents. i3. Hazard I~urance. So long as the Owners Association maintains, with a generally accepted inswance canier, ~ ~"master" or "blanket" policy on the Condominium Project which is satisfactory to Lender and which provides ~ insurance coverage in the amounts, for the periods, aad against the hazards Lender requires, including fire and ~ hazards inciuded within the term "extended coverage," then: ; (i) Lender waives the provisioa in Uniform Covenant 2 for the monthly payment to Lender of one-twelfth of the yeazly premium installments for hazard insurance on the Property, and ; {ii) Bonower's obligation under Uniform Covenant 5 main[ain hazard insurance coverage on the Property is ' deemed satisfied to the extent that the required coverage is provided by the Owners Association policy. ~ B~rrower shall give Lender prompt notice of any lapse in require hazard insurance coverage. ~ In the event of a disUibution of 6azard insurance proceeds in lieu of res[oration or repair following a loss to the Property, whether to the unit or to common elements, any proceeds payable to Borrower are hereby assigned and ~hall be paid to Lender for applica[ion to the sums secured by the Security Instrument, with any excess paid to Borrower. C. Public liability Iasuranoe Bonower shall take such ac[ions as may be reasonable to insure that the Ow~ners ~ Association maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to ~ Lender. a D. OONDEMNATION. 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 conveyance in lieu of condemnation, are hereby assigned and shall be paid [o Lender. Such proceeds shall be applied by Lender to the sums secured by the Security Instrument as provided in Uniform Covenant 9. ; E. L.ende~s Prior Coasent. Bonower shall not, except after notice to Lender and ~vith Lender's grior written : cc~nsent, either partition or subdivide the Property or consent to: (i) the abandonment or termina[ion 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 ~ taking condemnation or eminent domain; ~ (u) 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 assump[ion of self-management of the Own~rs M ~ Associatian; or ~ t (iv) any ac.tion which would have the effect of rendering [he public liability insurance coverage ~ t maintained by the Owners Associa[ion unacceptable to Lender. , € F. Remedie,s. If Bonower dces not pay condomini?un dues and assessr~~ents when due, then Lender may pay them. ~ ~ Any amounts disbwsed by Lender under this paragraph F shail become additional debt of Bonower secured by the S~curity Instrument. Uniess Borrower and Lender agree to other terms of payment, these amouats shall bear ~ interest from the date of dishursement a[ the Note rate and shall be payable, with interesF upon notice from ! , Lender to Borrower requesting payment. i ~ ~ BY SIGNING BELOW, Borrower accepts and agrees to khe terms and provisions containPd i~~is ~pndnnt,~ium Rider. E . ~022213 ~ ~ C • ~ - _~se~> Bor wet '90 JAN 30 A10 '4 € 5 ~ (Seal) , - - - c r i~. E:. • OR B rower . ~~~~tut a ~ S1 i+ ~ ~ ~~~TY. % . ~ ; ~ MULTIS'TATE CONDONIIMUM RIDER - Single Famity - FNMA/FIfl.MC UNIFORM INSTRUMEKT Form 3140 12/83 ~ BOG~(~75 F„GE1~~O ! a - - ~ ~y' ~rt~'~ ~ J~'~"