HomeMy WebLinkAbout0190 FIRST FEDERAL. SAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE
CONDOMINIUM RIDER ~
THIS CONDOMINIUM R1DER is made this . . . . . 7~. . . . . . . . . . . day of . . . SePteteber . . _ ,
19 .78. 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"1 dated of even date herewith, given by the undersigned
(herein "Borrower") to secure ~Borrower's Note,to FiRST FEDERAL 5AVINGS AND LOAN ASSOCIATION OF
FORT PIERCE (herein "Lender") nd covering the Propert described in the se u ty instrument and
located at . 2~00 S. Ocesr~ . Drive s_ FYt. Pierce; Fla._ 33~i~0
. ~ I~ops~ty AOdressl
The Properry comprises a unit in, together with an undivided interest in ihe common elements ot, a condominium
project known as . . . . . . . . . . . . . . OC@8Ti oi~118ge . . . . . . . . . . . . . . . . . . . . . . . . . . .
tName o~ conaon+~~wm aro~scn '
. . . . . . . . . . (herein "Condominium F'roject") .
CONDOM1NlUM COVENANTS. In addition to the covenants and agreements made in the security instrument.
Borrower and Lender further covenant and agree as follows:
A. Assessments. Borrower shall promptly pay, when due, all assessments imposed by the Owners
Association or other goveming body of the Condominium Project (herein "Owners Association") pursuant to the
provisions of the declaration, by-laws, code of . regulations or other constituent document of the Condominium
Proiect.
B. Nazard lnsurance. So long as the Owners Association maintains a"master" or "blanket" policy on the
Condominium Project whkh provides insurancc 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) Lender 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 obtigation under Uniform Covenant 5 to maintain hazard insurance coverage on the
Propecty is deemed satisfied: and ~
(iii) the provisions in Uniform Covenant S regarding . application of hazard insurance prceeeds
1 shall be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent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 iaw 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 shall give Lender prompt notice of any lapse in such hazard insurance coverage.
l In the event of a distribution of 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 application to the sums secured by the security instrument. •with the
excess, if any, paid to B~rrower.
~ C. Lender`s Prior Consent. Borrower shall not, except after notice to ~ Lender and with Lender's prior
~ written consent, partition or subdivide the Property or consent to: .
~ (i) the abandonment or termination of the Condominium Project, except for abandanment or
~ termination provided by law in the case of substantial destruction by fire or other casualry or in the case of a
~ ' taking by condemnation or eminent domain:
~ (ii) any materia) 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
~9ii) the effectuation 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 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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~ WCIE COUM?Y l? ,
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Ctf'~, :•'t'~~? CGi; ~j
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_ . . : : Walter T• Et~l ~v ~ -Bo~rowe•
~ S~Q I I 3 4~ PM'18
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416696 ~
~h CONDOMIN~UM RIDER-t to 4 Fami!y-6i~5-FNMA/FH~MC UN!FORM tNSTRUMENT
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