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HomeMy WebLinkAbout0327 FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION ~ OF FORT PIERCE 01-23032970 CONDOMINIUM RIDER THIS CONDOMINIUM RIDER is made !his 23~'d . day of JuI?~ . 19 and is incorporated into and shall be deemed to amend and supplement a Mortgage. Deed of Trust or Deed to Secure Debt Iherein "security instrument") dated of even date he~ewith. given by ihe undersigned Iherein "Boriowei 7 to secure Borrower's Note to FIRST FEDERAI_ SAVINGS AND LOAN AS50CIATION OF FORT PIERCE (herein "Lender") and covering the Property described in the security inshument and located at . . . . . . . . . .2~QQ S OceB~D .DJ~'~Y~e.s. Apt... 1.02~t~ .Ft. .Pierce~ .Fls. .33450 ~Propa~t~ AdArosfl The Property compnses a unit in, together with an undivided interest in the common elements of, a condominium project known as . . . . . Ocear~ Village .Condaainiwe _ . . . INam.e o1 Condom~+vum Wo~et1~ . . . . . _ (herein "Condominium F'roject"? ' CONDOMINIUM COVENANTS. ln addition to the covenants and agreements made in the security instrument. Borrower and Lender further covenant and agree as follows: A. Assessments. Bonower shall promptly pay. when due. all assessments imposed by the Owners Association or other governing body of the Condominium Project Iherein "O~~ners Association") pursuant to .the provisions of the declaration. by-lau•s, code of regulations or other constituent document of the Condominium Proiect. B. Nazard Insurance. So long as the Owners Association maintains a"master" or "blanket" policy on the Condominium Project which provides insurance coverage against fire. hazards included w~thin the term "extended coverage." and such other hazards as Lender may require. and in such amounts and for such periods as Lender 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 for hazard insurance on the Property: (ii) Borrower's obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the Property is deemed satislied: and (iii) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds shall be superseded by any provisions of the declaration.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 Project or oi applicable law to the exteni necessary to avoid a conflict between such provisions and the provisions of Uniform Covenant 5. For any period of time during which such hazard II insurance coverage is not maintained, the immediately preceding sentence shall be deemed to have ; 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 restoration or repair following a loss to i ; the Property, whether to the unit or to common elements. any such proceeds payable to Borrower are hereby ' assigned and shall be paid ta Lender for application to the sums secured by the security instrument. •with the a excess, if any, paid to Borrower. ~ C. Ix~der's Prior Consent. Borrower shall not. except after notice to Lender and with Lender's prior ~ urritten consent. partition or subdivide the Property or consent to: , (i) the abandonment or termination of the Condominium Project, except for abandonment or r 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 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 ~ (iii) the effectuation of any decision by the Owners Association to terminate professionaf 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, then Lender may invoke any remedies provided ~ under the security instrument, including, but not limited to, those provided under Uni(orm Covenant 7. ~ ~ IN WlTNESS WHEREOF. Borrower has eKecuted this Condominium Rider. . ~ ~ '1lEU Ati;; :<E;:,:.CE~~ ST ! UC+r :~~JyTr F~e ~e~ oTrdileT ~ ~6C: = FJ:'~t".• 2' . ~ - . , ~ ~ ~~`1~~ P.Y ~ _f~;•rOwR~ ~ J;~: I0 3 ~ o ~ .~„t,~,._ ~ 33 ~M ~ . ~ ~~U9398 -~.aw~. - ~ CONDOMINIUM RIDER-~ t0 1~amaiy-6'75-FNMA-F~tMC UN!FORM INSTRUMENT g . gC - orro~rer ~ ~ , ~ ~1 ~~Y~ ~SJiI~ Fo~m 250 - - - - - - - - - . - - • - = t ~ ~ ~~r - 7 ~ ~ : ~ ~ ~-~r3; ~-t~ ~ .~x,s~;t. ~ ~~e . . . . . . -