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Home My WebLink About2197 CONDOMINIUM RIDER -rHIS CONDOMIN[U;vt RIDER is made this ...?~day of ..JANt~+RY , lg 90 and is incorporated into and shall be ~eemed to amend and supplement the Mortgag~ Deed of Trust or Security Deed (the "Security Instrument"~ of the same date given b~ che undersigned (the "Borrower") to secure Borrower's Note to CIT~S~?P. SA~NGS OF, F[ARICA~ .A. F'EDQ2AG SAVIt~S ANi~ iAAN AS90CIAT70N . . . . . . . . . . . . . . . . . . . . . . . . . . (the . . ••Lender") of the same dat~ and covering the Property dacribed in thc Security lnstrument and located at: . .1,Q~~2 .S .~'.AN. i~t ,~302,,. JEt~T', BC~-~, _ FL 34957 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (PROPERTY ADDRESS) Ti:e Property inctudes a unit in, together with an undivided interest in th~ common elements of, a condominium project known as: . . .ATLATTI'IS OON(XJMINItM, _8[]ILDING "A~~. . . . . . . . . . . . . (MAME OF CONDOMINIUM PROJECTI i; he "Condominium Project"). If the owners association or other entity which acts for the Condominium Project (the "Owners Associa- cion") holds title to property for the bentfit or use of its members or shareholders, the Property atso includes Borrower's interest ia c~;e Owners Association and tne uses, proceeds and bene~ts of Borrower's interest. COVDOM[NIUM COYENANTS. In addition to the covenants and agreements made in the Security Instrumen[, Borrower and Lender turther covenant and agree as follows: Condominium Obtigations. Borrower shatt perform all of Borrower's obiigations under the Condominium Project's Constituent = Documents. The "Constituent Documents" are the: (i) Declaration or any other document which creates the Condominium Projecr, ; ii) by-laws; (iii) code of rcgulations; and (iv) other equivatent documenis. Borrower shatl promptly pay, when due. all dues and assessments - 'f ~.npased pursuant to the Constituent Dacuments. ~ S. Hsuard Insuranca So long as the Owners Association maintains, with a generally accepted insurance carrier, a"master" or "btanket" ~ no]icy on the Condominium Project which is satisfactory to L,encfer and which provides insurance coverage in the amounts, for the ;,eriads, and againse the hazards Lender requires. including firc and hazards included within the ttrm "extended coverage;' then: E (i) L.end~r waivts the provision in Uniform Covenant 2 for the monthly payment to Lender of one-twelfth of che yearly premium ~ ` n;:allments for hazard insurance on the Property; and ~ (ii) Borrower's obligation under UniforTp Covenant 5 to maintain hazard insurance coverage on the Property is deemed satisfied ~ !he extent that the required coverage is provided by the Owners Association~; cy. ~ Borrower shall give L.ender prompt notice of any lapse in required hazard insu`r~nce coverage. In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a(oss to the Propecty, µ•hether ~ -o che unic or to common elements, any proceeds payabie to Borrower are hereby assigned and shall be paid to Lender for application r che sums secured by the Security Instrument, with any excess pa:d to Borrower. ~ G Pubiic Liabiljty Iasur9nea Borrower shall take such actions as may be reasonable to insure that the Owners Associacion maintains ! ~~=sblic tiabiiity insurance poficy accepcable in form, amount, and extent of coverage to Lender. ~ D. Condemns~tion. The proceeds of any award or claim for damages, direct or consequential, payable to Borrower in connnection ? :ch any condemnation or ot4~er taking of aU or any part of the Property, whether of the unit or of the common elements, or for an~~ ~ ~o~~eyance in lieu of condemnation, are he~eby assigned and shall be paid to Lxnder. Such proceeds shall be applied by Lender to the ' <ums secured by the Security Instrument as provided in Uniform Covenant 9. ~ E. Leader's Prior Consent. Borrower shall not, except after notice ro Lender ansi with Lender's prior written consent, either partition € subdivide the Property or consent to: (i) the ahandonment or termirtation of the Condominium Project, except for abandonment or termination required by law in the ~ _::,e of substantial destruction by fire or other casualty or in the case of a taking by condemnation or eminent siomain; (ii) any amendmtnt to any provision of the Constituent Documents if the provision is for the express benefit of Lender; (iii) cermination of professionai management and assumption of self-management of the Owners Association; or (iv) any action which woutd have ehe effect of rendering the public liabiiity insurance coverage maintained by the Owners Associa- unacceptabte to Ixnder. r. Ftemedies. tf Borrower does not pay condominium dues and assessments when due, then Lender may pay them. Any amounts ',bursed by Ltnder under this paragraph F shail become additional debt of Borrower securcd by the Security Instrument. Un{ess Borrower .~d Ixnder agree to other terms of payment, these amouncs shall bear interat from the date of disburscment at the Note race and shall ;;~ayable, with interest, upon notice from [xnder to Borrower requesting payment. SIGNING BELOW, Borrower accepts and a r s the terms ar~d provisions contained in this Condominium Rider. '~o ~~e :f~ , 1022682 ~~`~°H ~ ~.J...J .y~ . (Seal} . • ~ ~I~I~7~q ~ D}~~ ~ -80RRO~ER ~)C'U~~ - i jN ~ , . . . . . .~C~,.~~U¢~:~t1. . ~ . . . . . . . . . . (Sea1) c • i;•. [~12HIyg,'N M. DIDONATO -e~RRONER `.~~4.aRT1STATE CONDOMINIUM RIDER - Sln~lt Family - FNMA / FMLMC UNIFORM iHSTFiUMENT C~ 140 12/83 . =FV biea ~ k1~ ~~e,1 ~ t~. ~;7 d ~ ~