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HomeMy WebLinkAbout0062 FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT PIERCE o5-23033440 CONDOMINIUM RIDER THIS CONDON(INIUM RtDER is. made this . . . . . {~.t}1. . . . . . . . , . day of . . -Ju13T~ - • ~ • ~ - ~ • . . I9 .?8 and is incorporated into and shail be deemed to amend and supplement a Mortgage, Deed oi Trust or Deed to Secure Debt (herein "security instramenY') dated of even date herewith, glven by the undersigned (herein "Borrower") to secure Borrower's Note to EIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT PIERCE (herein "Lender') and cov¢ring the Property described in the security instrument and located at .p.~I--A~,~:i~tah~.nsoxi• Island, -Sensen. Beach, .Flor~da. . . - -3.31~.57. . . . . . ~Prco«b ~wanaa~ The Property comprises a unit in, together with an undfvided interest in the common elements d, a condominium projecc known as . . .Atlanti9• Condomini.um . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (N.ms a condortxnw~n Peo~.ct~ . . . . . . . . . . (herein °Condominium Project"). CONDOMINIUM COVENAIYTS. in addition to the covenants and agreements made in the security instrument, Borrower and ~ender further covenant and agree as follows: A. Assessments. Borrower shal! promptly pay, when due, al) assessments imposed by the Owners Association or other goveming body of the Condominium Ptoject (herein "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 Own¢n Asso~cia~tion maintains a"master" or "blanket" policy on the Condominium Ptoject whkh provides insurance coverage against fire, harards included within the term "extended coverage," and such other hazards as Lender may require, and in such amounts and for such periods as Lender may r¢quire, then: (i) Lender waives the provision in Uniform Covenant 2 for the monthly payment to Lender of one- twelfth of !he premium installments for hazard insurance on the Property; (ii) Borrower's obligafion under UniEorm Covenant 5 to maintain hazard insurance coverage on the Property is d¢emed satisfied: and (iii) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds shall be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent document of the Condominium Project or of appticable law to the extent necessary to avoid a conllict between such provisions and the proyisions of Uniform Covenant 5. For any period of time during which such hazard insurance coverag¢ 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 the Property, wheth¢r to the unit or to common ¢lements, any such proceeds payable to Borrower are hereby assigned and shall b¢ paid to Lender for application to the sums secured by the security instrument. •with the excess, if any, paid to Borrower. C. Lender`s Ptior Consent. Borrower shaq not, except after notice to Lender and with Lender'~ prior ~ written cons¢nt, partition or subdivide the Property or cansent to: (ij the abandonment or termination of 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 materiai amendment to the declaration, by-laws or code of regulations of the Owners Association, or equivalent constituent document of the Condominium Proje~:t, including, but not limited to, any amendm¢nt 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 professiona! management and assume self-management of the Condominium Project. ~ D. Remedles. lf Borrower breaches Borrower's covenants and agreements hereunder. inciuding the covenant to pay when due condominium assessments, then Lender may invoke any remedies provided undeT the security instrument, including, but not limited to, those provided under Uniform Covenant 7. 1N WITNESS WHEREOF, Borrower has executed this Condominium Rider. . ; ~ ~ Dgvid K. Lehman ~ -~a.~ ~ _eo,,,,.s, CONDOMINIUM RIDER-t b 4 Fam~ty-6~75-FNMA/FHLMC UNIFORM Iq~R01Y?EN~" Lehman ~~~iyC~~ ~~uwT~ ~u ~ Fd.E.~ =JtTqAS ~CJIT Cc);f4r '`c'?- ~ 8~~~291 ~acE ~ Ju~ 16 !0 3~ AN'7g Form 250 - - ~~.~asx ~ ~ ~ ~ _ _ :~~s~~ Y~=~. xk ~ ~ ~ ~ ~ ~ ~ ~~t ~ ~ ~ ~ ` ~ ~ ~ -