HomeMy WebLinkAbout0118 FIRST FEDERAL SAVINGS AND L4AN ASSOCIATION
OF FORT ~IERCE
GONDOMINIUM RIDER
THIS CONDOMINIUM RIDER is made this . . . . » trh. . . . . . . . . . . day of . . JU!lY. . . . . . . . . . . ,
19 .7~. and is incorporated into and shall be deemed to amend and supplement a Mortgag¢, Deed ot Trust
or Deed to Secure Debt (herein "security inshument") dated of even date herewith, given by the undersigned
(herein "Borrower") to secure Botrow¢r's Note to FIRST FEDERAL SAVINGS AND [.OAN ASSOCtAT10N OF
FORT PIERCE (herein "Lend¢r") and cov¢nn the Prope~rty described !n the securiry instrument and
located at . . . . . . . . 21~Q0. SG~itb .O.oe4r3 ~~'!s s . Fo~t .Piel~ce ~ . F1.4. .33450 . . . . . . . . . . . . .
(a'oDMfy AddAts)
The Properry comprises a unit in, togethei wi~a~.~;divid int~rest, in.~ common eiements of, a condominium
project knouvn as . . . . . . . . . . . Va . . . ~111~ge. . . ao~iai . . . . . . . . . . . . . _ . . . . . . . . . .
c~,. a co~+aom~~~ v~a•~n
. . . . . . . . . . (herein "Condominium Project"?.
CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the securiry instrument,
Borrower and Lender further covenant and agree as follows:
A. Assessments. Botrower shal) prompdy pay, when due, all assessments imposed by the Owners
Association or other goveming body of th¢ Condominium Project (herein "Ownen Association") pursuant to the
provisions of the declaration, by-laws. code of regulations or other constituent document of the Condominium
Proiect.
B. Hazard lnsurance. So long as the Owners. Association maintains a"master" or "blankef' policy on the
Condominium Proj¢ct which provides insurance cov¢rage 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) Lender waives the p~ovision in Uniform Covenant 2 for the monthly payment to Lender of one-
twelkh of the premium instaliments for hazard insurance on the Properry;
(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
shaU be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent
document of the Condominium Project or of applkaWe 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 su~h hazard
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
; the Prop¢rty, whether to the unit or to common elements, any such proceeds payable to Borrower are hereby
~ assigned and shall be paid to Lender for application to the sums secured by the securiry inshument, •with the
~ excess, if any, paid to Borrower: -
C. I.ender's Prior Consent. Borrower shall not, ~xcept aher notice to Lender and with Lender's prior
written consent, partition or subdivide the Property or consent to:
(i) the abandonment or t¢rmination of the Condominium Project, except for abandonment or
termination provided by law in the case of substantial destruction by fire or other casuaity or in the case of a
s 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 Ownen 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 the security instrument, including, but not limited to, those prov[ded under Uniform Covenant 7.
~
~ IN WITNESS WHEREOF. Borrower has executed this Condominium Rider.
~
~
~ c~
~ •
~ ~ ~S, g ~sea ~t
~
~
~ ~
~ -8«.o~e.
-
~ FILEO ~MO RECJRJE~
CONDOMINIUM RIDER-1 to 4 Family-6/75-fNMA/fHLMC UNiFORM INSTRUMEN~-~~~~~_COUNT`! Fl~
~ . ~r , i
~ 4i10'70 :
~
~ ~ J~: Z~ ! I ~H'~~
~ ~R ~
~ F~, 2~ Q 118 ~
~ g~~t'~Vj ~r~,t
~
_____z;.~ -
~ eb = - - - ~ s 4~
g ~ . . ~ ~`"a~.: .
~ ~ .zy~'~'<%"~ ~4`,-„`~-~..°`-.~-,d" °"~~'.z`,.:.~ .i y'^ :.a'
~ -
~ , St ~ a
F~',_.-- ~
y._.:~ _
-