HomeMy WebLinkAbout0904 F1RST FEDERAL SAVINGS AND LOAN A330CIATION
~ . OF FORT PIERCE .
~ CONDOMINIUM RIDE~i,
THIS CONDOMINIUM RIDER is made this . . . . . 1 St . . . . . _ . _ . _ day of . . JUI1e . . . . . . , . . .
19 78 and is incorporated into and shall be deemed to amend and supplement a Mortgage. Deed of Trust
or Deed to Secure Debt (herein "security inshument") dated o( even date herewith, given by the und¢rsigned
(herein "Borrower") to secure Borrower s Note to FlRST FEDERAL SAViNGS AND LOAN ASSOCIATION OF
FORT PIERCE the~ein "Lender") and covering the property described in the security inshument and
located at ?4Q0 S. .Ocean Dri.ve, _Fort .Pierce, .Flori.da
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The Property comprises a unit in, togethe~ with an undivided interest in the common elements of, a condominium
project known as . QC@dn Yi ~ 1_age .Condomi ni um. _ . . . . . . . . . . 3
,
~Nams a Gonaominwm wqecn
. . . . . . . . . . (herein "Condomiolum-f'r`oject"1.
CONDOMINIUM -COVENANTS In addition to the covenants and agreements made in the security instrument, .
Borrower and C.ender further covenant and agree as follows:
A. Assessments. Borrower shall promptly pay, when due, all assessments imposed by the Owners
Association or other goveming body ot the Condominium Project (herein "Owners Association") punuant to the r
provisions of ~the declaration, by-laws. code of ~egulaticns or other consfituent document of the Condominium
Proiect.
B. Hazard lnsurance. So long as the Owners Association maintains a"master" or- "blank¢t" poiky on the
Condominium Ptroject whid~ provides insurance coverage against fae. hazards included within the term "extend~d ~
coveraige," and such other hazards as Lender may require, and in such amounts and for such
periods as Lender may require, then: , ~
1
(i) Lender waives the provision in Uniform Covenant 2 for the monthl~r payment to Lender of one-
twethh of the premium instaliments for hazard insurance on th¢ Property; `
(ii) Borrower's obligarion under Uniform Covenant 5 to maintain hazard insurance coverage on the ;
Rroperty is deemed satisfied; and ~ '
(iii) the. provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds
shall be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent
document of the Condominium Proyect or of applicable i~?w to the extent necessary to avoid a conflict between
such provisions and the provistons of Uniform Covenant 5. For any period of time during which . such hazard '
insurance coverage is not mainfained, the immediately preceding sentence ~ shall be__~eemed to have '
II no force or effect. Borrower shall give Lender prompt notice of any lapse in such hazard insurance coverage.
~ In the event of a distribution of hazard insurance proceeds in lieu of restorarion or repair following a loss to
E the Property, whether to the unit or to common elements, any such proceeds payable to Borrower are hereby '
i assigned and sf~al) be paid to Lend¢r for application to the sums secured by the security instrument. •with the
~ excess, if any, paid to Borrower.
~ C. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior ~
written consent, partition or subdivide the Property or consent to:
(i) the abandonment or termination o( the Condominium Project, except for abandonment or
termination provided by law in the case of substantial destruction by fire or other casualty or in the case of a
taking by condemnation or eminent domain:
(ii) any material amendme~t to the declaration. by-laws or code of regulations of the Owners
Association, or equivalent constituent docurnent of the Condominium Project, including, but not limited to, any
amendment which would change the percentage interests of the. unit owners in the Co~dominium Project: or
(iii) the eH¢ctuafion of any decision by the Owners Association to terminate professional management
,
and assume self-management of the Condominium Project. ~
D. Remedies. If Bonower breaches Borrower's covenants and agreements hereunder. including the ~
covenant to pay when ~ due condominium assessments, then Len~er may invoke any remedies provided ~
under the security instrument, including. but ~ot limited to. those provided urtder Uniform Covenant 7. i
IN WITNESS WHEREOF. Borrower has executed this Condomi ~ m Rider. "
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CONDOMINIUM RIDER-~ to 4 fam+iy-6/75-FNMA/fHLMC UNIfORM INSTRUMENT '
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aoi~ 289 ~a~~ ~
Form 250 _ ~
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