HomeMy WebLinkAbout0313 ~ FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE
CONDOMINIUM RIDER
THIS CONDOMINIUM RIDER is made this 6Lh . day of J~Y . .
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 instrument") dated of even date herewith, given by the undersigned
(herein "Borrower"1 to secure F3orrower's Note to FIRST FEDERAL SAVINGS AND LOAN ASSOC(ATION OF
FORT PIFRCE (herein "Lender") and c verin~tne PrQp~~ ~e~x~r~ie d~~~ s¢r~~ritx instrument and
located at . 21~00 South 8Cea1 iv~e,~ iro , 3 7°
.
~Propeity ~aarosfl -
The Properry comprises a unit in, together ~~th an undivided interest in the common elements of, a condominium
project known as . . . . . . . . . . . . Ocean. Qill.$ge. Caidan3niuw . .
IName ol Co~danmwm P~o~ectl •
. . . . . . . . . . (herein "Condominium Project")
CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the security instrument.
Borrower and Lender further covenant and agree as follows-
A. Assessments. Borrower shall promptly pay, when due. all assessments imposed by the Owners
Association or other governing body of the Condominium Project lherein "Owners Association") pursuant to the
provisions of the declaration. by-laws, code of regulations or other constituent document of the Condominium
Proiect.
B. Hazard Insurance. So long as the Owners Association maintains a"master" or "blanke:" policy on the
Condominium Project which provides insurance coverage against fire. hazards included within the term "extended
coverage," and such other hazards as Lender may require, and in such amounts and for such
periods as l.ender may require, then:
(i) Lender waives the provision in Uniform Covenant 2 for the monthly payment to Lender of one-
twelfth of the premium installments tor hazard insurance on the Properiy: .
(ii) Borrower's obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the
Property is deemed satisfied: and
(iii) the provisions in Uniforrrz 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shall be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent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 Project or of applicable law to the extent necessary to avoid a conflict between
such provisions and the provisions of UnifoFm Covenant 5. For any period of time dunng which .such hazard
~ insurance coverage is not maintained, the immediately preceding sentence shall be deemed to have
no force or effect. Borrower shall give Lender prompt ~otice of any lapse in such hazard insurance coverage.
; In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to
~ the Property, whether to the unit or to common elements. any such proceeds payable to Borrower are hereby
} assigned and shal) be paid to Lender 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 aher notice to Lender and with Lender's prior
~ written consent, partition or subdivide the Property or consent to:
~ (i) the abandonment or termination of the Condominium Project. except for abandonment or
~ termination provided by law in the case of substantial destruction bv fire or other casualty or in the case of a
~ taking by condemnation or eminent domam:
~ (iit any material amendment to the declaration. by-laws or code of regulations of the Owners
~ Association. or equivalent constituent document of the Condominium Project, including. but not limited to. any
~ amendment which would change the percentage interests of the unit owners in the Condominium Project; or
Iiii? the effectuation of any decision by. the Owners Association to terminate professional management
~
~ and assume self-management of the Condominium Project.
~
~ D. Remedies. If Borrower breaches Borrower's covenants and agreements hereunder, including the
~ covenant to pay when due condominium assessments, tfien Lender may invoke any remedies provided
~ URC3gT the securisy~ 'snstrument, 'srtcluding, but noi 14mite~ t~, r~r~~o nF~yli~e~ ~ndv_r ~Inifnrm Covenant 7.
~
IN WITNESS WHEREOF. Borrower has executed this Condominium Rider.
~
- _ ~Ilt6 ~?+D HEG~~r±;~~~
ST LUC•E .;CUNT~ F; ~
rcr' `!il'~~c ~y j / 1,~_. `
w Wil~:aoi D ick ~ - -°°„"'"P'
~ J~.~~ 10 3 z~ PM'~r - ~ , ,
~ , ~ i~,Y ~~k _eo.,a«~.
= 4U939~3 ~
;
~ CONDOMINlUM RIDER-1 ?0 4 Fam~:y-6115-FNMA!FNLy:C UftifORM ~?~STRUMENT .
~
~
~
~
~ ~ ~~0 313
~ ~ :1~±~ ! AI..
Fo?m 2so
~ _ . -
_ r--- - - -
~ ~ ~~~~~g~~~ _ ~ n~ ~