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Home My WebLink About1363 . ~ CONDUiVIiNiUM RIDER ~ Loan No 075 702 7815 i _ ~ ~ THIS CONDOMINIUM RIDER is made th~s 22nd day of January . 19 90 , and ~s ~ncorporated ~nto and shall be deemed to amend a~d supplement the Mortgage, Deed of Trust or Security Deed (the Secur~ty I~strument') of the same date g~ven by the undersigned (the "Borrower') to secure Borrower's Note to ~ (the "Lender'~ ~ of tha same date and covering the Property descnbed ~n the Secur~ty Insirument and located at: 3300B S.7th St., Ft Pierce, F1 34982 ~ 3 Ip~ot~„ty A.R3'e`-s) ` The Property ~ncludes a un~t ~n, together w~th an und~v~ded ~nterest m the common elements of, a condomin;um pro~ect known as THE COLONY (Name cr Cun.~orn n ~n v,u;i,~ t} (the "Condomirnum Pro~ect~). If the owners assoc~ation or other ertity :vh~ch acts for the Condominium Pro~ect (the "G~+vners ~ Associat~or.'~ holds t~t~e to property for the benefit or use of ~ts members or shareholders, the Property also includes Bor- rower's ~nterest ~n the Ovvners Assoc~at~on ar,d the uses, proceeds and benet~ts of Borrower's interest. CONDOMINIUM COVENANTS. In add~t~on to the covenants and agreements made in !he Security instrument. Bor- rower and ~ender furthe~ covenant and agree as follows: A. Condominium Obligations. Borrower shall perform aIl of Borrower's obligat~ons under the Condominium Pro ;ect's Const~tuen; Documents. The "Constituent Documents'" are the: Declarat~on or any other document wh~ch creates the Condominium Project; (i~) by-laws; (iii) code of reguiat~ons; and (~v) other equivalent documents. Borrower shall pro- mptty pay, when due, ali dues and assessmen!s ~mposed pursuant to the Constituent Doc~ments. B. Hazarrf Insurance. So long as the Owners Assoc~ation ma~nta~ns, with a generally accepted insurance carrier, a~~master" or "blanket" pol~cy on the Condomin~um Project which is satisfactory to Lender and which provides insurance coverage ~n the amounts, for ihe penods, and against the hazards Lender requires, inciuding fire and hazards included ~.v~th~n tt~e term ~extended coverage," then: Lender waives the provision in Un~form Covenant 2 for the monthly payment to Lender of one-tweifth of the yearly prem~um instaliments for hazard insurance an the Property: and (ii) Borrower's o6f~gation under Uniform Covenant 5 to ma~ntain hazard insurance coverage on the Property ~s deemed satisf~ed to ihe extent that the requ~red coverage is provided by the Owners Association policy. Borrow~er shall qive Lender prompt notice of any lapse ~n requ~red hazard insurance coverage. In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair follmnr+ng a loss to the Pro- perty, whether to the unit or to common elements, any proceeds payable to Borrower are hereby assigned and shall be paici to Lender for applicat~on to the sums secured by the Securiry Instrument, with any excess paid to Borrower. C. Public Liability Insurance. Borro~~er shall take such actions as may be reasonable to insure that the Owners Associa!ion maintains a public liab~lity msurance policy acceptable ~n form, amount, and extent of caverage to Lender. D. Condemnation. The proceeds of any award or claim for damages, direct or conseque~tial, paya5le to Bor- rower ir. conrection with any condemnatio~ 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 I~eu 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 Uniform Cove- ~ nant 9. 4 E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior written con- ; ssnt, e~ther partit~on or subdivide the Property or consent to: ! (i~ the abandonment or terminat+on ofi the Condominium Project, except for abandonment er term~nation re- ~ qu~red by law in ihe case of substantial destruction by fire or other casualty or ~n the case of a taking by condemnation or eminent doma~n; (i~) any amendment to any p~ov~sion of the Const~tuent Documents ~f the provision is for the express benefit of Lender; ~ (~n) termination of pro~essioral management and assumpt:on of self-management of the Owners Association; or ~ (~v) any action which would have the effect of rendering the public liabi~ity insurance coverage maintained ~ oy ,he O~vners Association unacceptable to Lender. F. Remedies. If Borrower does not Fay condom+nium dues and assessments wnen due, then Lender may pay ~ them Any amounts d~sbursed by Lender under this paragraph F shall become additional debt of Borro,rver secured by ; the Secur~ty Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest ~ from the date of d~sbursement at the Note rate and shall be payable, w~th interest, upon notice from Lender ;o Borrower requestinq payment. i ~ BY SIGNING BELOW, Borrower accepts and agrees to the terms and prov~sions contained in this Condominium Rider. ~ P 102232a (Seaq '9~ ,1AId 30 PI2_ ~~'~4 ~ Y ooper ~ao«a~~ (Seal) t IL~ J ' ~ . , aarov.e ~OUG! _ .i;;?, . € Si l.i~:' . "';N~ z (Seal) ~ eorrowe~ ~ ~ ~t (Seaq y ~ BOrrpl~r a , F F MULTISTATE CONOOMINIUM RtDER-S.^g;e Fam;iy--FNl~AA/FHLMC UNIFORM INSTRUMENT Form 3140 12/83 LD x}i SP,4 ~O~K675 P~~E136~ _ _ _ ~ ; ~:,r~~~'~,:~,~~~ a~-,.,.~,~~;: ~