HomeMy WebLinkAbout0344 FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF FORT PIEF2CE
CONDOMINIUM RIDER
~ 05-23034~
THIS ONDOMINIUM RIDER is made this . . 3~ O~i . . . - . . . . . day of . . . . dlilg . . . . . - . .
19 _7~ and is incorporated into and shall be deemed to amend and supplement a Mortgage, Deed of Trust
or Deed to Secure Debt (herein "security inshument") dated of even date herewith, given by the undersigned
(herein "Borrower") to secure Borrower's Note to F1RST FEDERAL SAVINGS AND LOAN ASSOCIATION OF
FORT PIERCE (herein "Lender") and covering the Prope~ty described in the security inshument and
located at . . ~ O1 O2 .3.. A1 A, . ADt . .2Q2A., . Jsnasn -Beach., . FLorids ~ ~ ~ - ~ ~ ~ ~ ~ ~ -
~woc.•q ~aa.ess?
The Property comprises a unit in, together with an undivided interest in the common elements ot, a condominium
project known as . . . . . . . . . . . . AT.IaANTIS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
~Name or c«+aom~oiun+ vro~ec~, '
. . . . . . . . . . (herein "Condominium f'roject"?.
CONDOMINIUM COVENAIVTS. In addition to the covenants and agreements made in the security instrument,
Borrower and Lender further covenant and agree as follows:
A. Assessments. Borrower shal) promptly pay, when due, all assessments imposed by the Owners
Association or other governing body of the Condominium Project (herein "Owners Association") pursuant to the
provisions of the declaration, by-laws, code of regulations or other constituent da:ument of the Condominium
Proiect.
B. Hazard lnsurance. So long as the Owners Associa6on maintains a"master" or "blanket" policy on the
Condominium Project which provides insurance coverage against fire, hazards inctuded 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 provision in Uniform Covenant 2 for the monthly payment to Lender of one-
twelhh of the premium installments for hazard insurance on the Property:
(ii) Borrower's obligation under Uniform Covenant 5 to maintain hatard insurance coverage on the
Property is deemed satisfied: and
(iii) th¢ provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds
shal) be superseded by any provisions of the declaration, by-laws.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 hazard
insurance coverage is not maintained, the immediately preceding sentence shall be deemed to have
no force or effect. Borrower shatl give Lender prompt notice of any lapse in such hazard insurance coverage.
j In the event of a distribution oE hazard insurance proceeds in lieu of restoration or repair following a loss to
~ the Property, whether to the unit or to common elements, any such proceeds payable to Borrower are hereby
; assigned and shall be paid to Lender for appiication to the sums secured by the securiry inshument, •with the
~ excess, if any, paid to Borrower.
E "
; C. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with L.ender's prior
; written consent, partition or subdivide the Property or consent to:
6 (i) the abandonment or termination of the Condominium Project, except for aban onment or
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~ termination provided by law in the case of substantiai destruction by fire or other casualty or in the case of a
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f taking by condemnation or eminent domain:
~ (ii) any material amendment to the declaration. by-laws or code of reguiations 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 professionai management
~ and assume self-management of the Condominium Project.
~ D. Remedies. If Borrower breaches Borrower's covenants and agreements hereunder. including the
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~ 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.
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~ IN WITNESS WHEREOF. Borrower has executed this Condominium Rider.
~ FIlEO AND RECORDED
~ BT.IUCIE COUNIY FLA.
ROCER PO~TRAS -
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w~ CONDOMINiUM RIDER-~ to 4 Family-b/75-FNMA/FliLMC UNIFORM INSTRUMENT
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Form 250 ~`~pK 292 FAGE 344
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