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Home My WebLink About2636 ~ ~ ` EXHiBIT A Loan rumber 063560-0 Program 30Yr Fixed . ~ . ~ CONDOMINIUM RIDER Tf~~s Cc~~[x~~t~~it'~t RinEk is made this .....30th day of ~y................................ 19.86..., and is inror~rateci into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Securit~~ Deed (the "Security Instrument' ) of the sa~ne date Riven by the undersiR~~ec! (the "Borrower") to secure Borrow~er's Note ta Cit~..b:ederal tia~.inKs and Loan Assuci~tion...._..--------........... Irh~ ••I Pn~rr'~) of the samr date a d ro~erin the Pro rt described ir, the Security Instrument and located at: a 9~50 Sout~ AlA ~16v08, Jensen Beach, Florida 33457 °O {P.oce.ty nea~~c~~ cn " The Proprrty includc~ a unit in, ts~gether with an undivided interest in the common elements of, a condominium project " know n .i.: ~ THE MAJESTIC OF JENSEN BEACH ' " (Name of Cwidommium Pro~ect] ~ (the "Condominium Proic~t"). If the ownerc azcociation or ~ther entity whifh ~ct~ for ~hP C'~,~i~~ml~?~~~•,~ pr~~ec~ (!he "vwr~c„ ~,s;i,~.;ai;cn-,"j ;~~1us iiiir iu Niupr~iy iur iiee i~creGi ur use oi iis members or snarenaiders, [ne Yro~rt)~ also . includes Borrower's interest in the Ow ners Association and the uses, proceeds and benrfits of Borrower's interc~t. Co~no~t~~~u~f Co~'eti~~~[~s. In addition to the covenants and agreements made in the Securit}' Instrument, _ Borrower and Lender further covenant and agree as follows: ~ A. Condominium Obligations. Borrower shall perform all of $orrower's obligations under the Condominium ~ Project's Constituent Documents. The "Constituent Documents" are tt~e: (i) Dec:laration or an}~ other dckument w~hich ~ creates the Cond~minium Project; (iij by-laws; (iii) code of regulations; and (iv) oiher.equivalent da:uments. Borrow•er shall promptl~• pa}•, when due, all duc~ and assessments imposed pursuant to the Constituent Docun~ents. B. Hazard Insurance. So lo~~g as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" poli~~~• on the Condominium Project which is satisfactory to Lender and H~hich pro~~ides insurance co~erage in the amounts, for the periods, and against the hazards Lender requires, including fire and hazards included w ithin the term "extended co~erage," then: (i) Lender waives the provision in Uniform Covenant 2 f~r the manthl}~ pa~~ment to Lender af one-tw•elfth of the y earl}~ premium installments for hazard insurance on th~ Property; and (ii) Borrow~er's obligation under Uniform Covenant 5 to maintain hazard insurance co~~erage on the Propert~~ is deemed satisfied to the extent that the required coverage is provided by the Owners Association policy. ' Borrou~er shall give Lender prompt notice of any lapse in required hazar~ insurance co~erage. C In the r~ent of a distribution of hazard insurance proceeds in lieu of restoration or repair follow~ing a ioss to the Propert}~, hether to the unit or to common elements, any proceeds payable to Borrower are hereby assigned and shall be paid to Lender for appliration to the sums secured by the Security Instrument, with any excess paid to Borrow~er. C. Public Liability Lisurance. Borrower shall take such actions as ma~• be reasonable to insure that the Ow~ners Association maintains a public liability insurance policy acceptable in form, am~unt, and extent of co~~erage to Lender. f ; D. Condemnation. The proceeds of any award or claim for damages, direct or consequential, pa}•able to Borrow~er in ~ connection w~ith any condemnation or other taking of all or any part of the Property, whether of the unit or of the common ~ elements, or for an}• conve~•ance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds , E shall he applied by Lender to the sums secured by the Security Instrument as provided in Uniform Covenant 9. ! E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and w~ith Lender's prior written ~ ; consent, either partition or subdivide the Property or consent to: ~ (i) the abandonment or termination of the Condominium Project, except for abandonment or termination ~ required b~~ la~• in the case c~f substantial de~truction b~~ fire or other casualty or in the case of a tahing b~~ condemnation or E emineni d~main; i (ii) any amendment to an} pmvision of the Constituenl Documents if the prc~vision is for the e~press benefit of E h I.~RC~~f: (ii~) termination of professional management and assumption of self-management of the Ow~ners Association; ; or ~ (iv) an}~ artion w~hich w~ould have the effect of rendering the public liability insurance co~•erage maintained by ~ the O« ners Association unacceptable to Lender. ~ F. Remedies. If Borrow~er does not pay condominium ~ues and assessments when due, then Lender may~ pa}• them. ~ An} amounts disbursed b}• Lender under this paragraph F shall become additional debt of Boreow•er secured by ihe Security ~ Instrument. Unless Borrow•er and Lender agree to other terms of payment, 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 Borrow~er requesting payment. i ` B~ S~c;ti ~~c; Bt~ [ c~H . Borm~cer accepts and agrees to the terms an~ pro~~isions contained in this Condominium Rider. i ~ ~0 FEB -1 P 2 ~3U ' ~ ~ 1422903 ~ ~ ~ r?~; ~ ~ , ~ - / . : : ; ~ B($o3e) . _ ~ ~ DO GLAS SCHENK ~ 4j f~+' ~ . . . . . t . ....~~t~~i~ i ~ ~ {Seal) BETTY I SCHENK ~~~rowe~ j ~ ~i ~ p4:~~ ~ i o~~ : ` 5U2 ; , . ~ R = . ~~.,K <e ~ ~ Sj. ~uc~- ~ , ; i MULTISTATE CONDOMINIUM RIDER-s~~giQ Family-FNMA/FMLMC UNIFORM INSTRUMENT Form 3140 12/83 ' ~~,-,93oz-0zas GENER~L 2805~G NCR - ~ P~rt ' ~ ao~x675 F,,~E2636 ~ ~ . ~ :~;~y~