HomeMy WebLinkAbout0107 . FIRST FEDERAL SAVING3 AND LOAN ASSOCIATION
OR FORT PIERCE ~
CONDOMINIUM RIDER
THIS CONDOM1NlUM RIDER is made this . . . . . ?~h. . . . . . . . . . day of . . . . . . J~ . . . . . . . ,
19 ?8. and Is inco~porated into and shall be deemed to amend and supplement a Mortgage, Deed of Trust
or Deed to Secure Debt (herein "secucity instrument") dated of even date herewith, given by the undersigned
(herein "Boirower') to secure Borrower's Note to FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF
FORT PIERCE (herein "Lender") and covering~ the Pr~rty described in the security instrument and
located at . . .21t00 S. . Ocean _D~ive, _ Fort . Pierce., . Fla. . . . . . . . . . . . . . . . . . . . . . . . . . . .
~P.w«a Aoonss~
The Property rnmprises a unit in, together with an undivided interest in the common elements of, a condomin+um
project known as . . . .O.c~aA V~17,aK@ .~W~~~.n~~ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
m.m. ot co~oomMwm v?w.~n
. . . . . . . . . . (herein "Condominium Project").
CONDOMINIUM COVENANTS. ln addition to the covenants and agreements made in the security instrument,
Borrower and L¢nder further covenant and agree as follows:
A. Assessments. Borrower shall promptly pay, when due, all assessments imposed by the Owners
Associatlon or other goveming body of th¢ Condominium Project (herein "Owners Association") pursuant to the
provisions of the declaration, by-laws, code of regulations or other constituent document of the Condominium
ProjecL
B. Hazard Insurance. So long as the Oumers Association maintains a"master" or "blanket" 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 Lender may require, then: '
(i) Lend¢r 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 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shall be superseded by any provisions of the declaration, by-laws, code of regulaHons or other constituent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 UnifoTm Covenant 5. For any period of Nme during which such hazard
insurance coverage is not maintained, the immediately preceding sentence shall be deemed to have
no force or effect. Borrower sha1) give Lender prompt notice of any lapse in such hazard insurance coverage_
In the event of a dishibution of hasard insurance proceeds in lieu of restoration or repair following a loss to
i the Property, whether to the unit or to common el¢ments, any such proceeds payable to Borrower are hereby
~ assigned and shall be paid to Lender for appl'ication to the sums secured by the security instrument, •with the
excess, if any, paid to Borrower.
i C. Lender's Prior Consent. BoTrower shall not, except aher notice to Lender and with Lender's prior
written consent. partition or subdivid¢ 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 by fire or other casuahy 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 cfiange the percentage interests of th¢ unit owners in the Condominium Projed; or
(iii) the effectuation of any decision by the Owners Association to terminate professional management
~ and assume self-management of the Corrdominium Pro)ect.
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 Uniform Covenant 7.
~ iN WITNESS WHEREOF, Borrower has executed this Condominium Rider.
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CONDOMINIUM RIDER-~ to 4 Fam+ly-6i75-fNMA/FHLMC UNIFORM INSTRUMENT °~G"= ?+,-i'RA.
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