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HomeMy WebLinkAbout0085 FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT PIERCE CONDOMINIUM RIDER THIS CONDOMiN1UM RIDER is made this . . . . .l~th. . . . . . . . . . day of . . . . ~~,Y. - . . . . . . . . 19 ?8 and is incorporated into and shall be deemed to am¢nd and supplement a Mortgage, Deed of Trust or Deed to Secure Debt (herein "security instrumenY') dated of even date h¢rewith, given by the undersgned (herein "Borrower") to secure Borrower's Note to FlRST EEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT PIERCE (herein "Lender") and covering the Property described in the security ~n3 oument and located at . . . . . . 2Lt04. OQs.W~? _ Driqe,, FoTt Piel'cs,. F'la. _ 3345 . . . . . . . . c~oo.~+r ~aan»? The Property comp~ses a unit in, together with an undivided interest in the common elements of, a condominium project known as . . . . . . . . . . . . . . . OCe~t. Vil1~?6e. COQd04i~11~m! . . . . . . . . . . . . . . . . . . . . n„m. a cawa+w~~um P~oNCn . . . . . . . _ . . (her¢in "Condominium Project"1. CONDOM(NIUM COVENANTS. In addition to the covenants and agreeme~~ts made in the security inshument, Borrower and Lender further covenant and agree as tollows: A. Assessments. Borrower shall prompdy pay, when due, atl ass¢ssments imposed by the Own¢rs Association or other goveming body of the Condominium Project (herein "Own¢rs Association") pursuant to the provisions of the declaration, by-laws, code of regulations or other consfituent document of the Condominium Proiect. B. Hazard insurance. So long as the Owners Association mai~tains a"master" or ' blanket" policy on the Condominium Project whkh provides insurance coverage against fire, hazards included within the term "extended coverag¢." and such other hazards as Lender may require, and in such amounts and for such periods as Lender may require, then: (i) Le~der waives the provision in Uniform Covenant 2 for the monthly payment to Lender of one- . tw¢Hth of the premium installments for hazard insuranc¢ on the Property: (ii) Borrower's obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the Prop¢rty 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satisfied: and (iii) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds shall be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent document of the Condominium Project or. of applicable law to the extent necessary to avoid a conflict between such provisions and the provisions of Uniform Covenant 5. For any period of time during which such haaard insurance coverage is not maintained, the imm¢diately preceding sent¢nce shall be deemed to have no force or effect_ Borrower shall give Lender prompt notice ot any lapse in such hazard insurance coverage. In the event of a dishibution of hazard insurance proceeds in lieu of restoration or r¢pair following a loss to ~ the Property, whether to the einit or to common elements. any such proceeds payable to BOROWCT are hereby ~ assigned and shall be paid to Lender for application to the sums secured by the securiry instrument. •with the ~ excess, if any, paid to Borrower. F C. Lender's Prior Consent. Borrower shail not, except after notice to Lendet and with Lendei s prior ~ written consent, partition or subdivide the Properry or consent to: ~ .(i) the abandonment or termination of the Condominium Project, except for abandonment or termination provided by law in the case of substantia) deshuction 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 effedbation 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. then Lender may invoke any remedies provided under tfie security instrument. including. but not limited to, those provided under Uniform Covenant 7. ~ ~ IN WITNESS WHEREOF, Borrower has executed this Condominium Rider. ~ ~ - ~ ~ ~ ~ -ea.~a.~. ~ ~ " • ' ~ P!~ M. I~e~cey s~•~•a• ~ ~ CON~MINIUM RIDER-i to 4 Family-6/75-FNMA/FHLMC UNIFORM INSTRUI~IENT ~ ~ ~t~~+~a R~M~y ~ ~l~~~~ S~ CAuTRISLL ~ ~ r~ ' .r GU'_T CC:.~ • _a .8 kx291 '85 ~ ~6 jyaN'?~ Form 250 l ~ . ~ i ~ _ : : . f - - - _ _ , _ „ _ _ - _ 1~"r L z>-~ ~*r ~ k-~ ~'-rt : ~ = '~c.~'~~'.~~~ ~~y~-~ ~ .:~x. ~~~`~s-s,r. ~~~=ks~c+ r.:, i ,.rc. ~ ~ ' _ - .