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HomeMy WebLinkAbout0496 FIRST FEDERAL. ~AVIN~3S AND LOAN ASSOCIATION ~ OF FORT PIERCE , CONDOMINIUM RIDER o~ -23036708 , THIS CONDOMINIUM RIDER is made this . . . . . . . ?~th. . . . . . . . day of . AugUSt _ . . _ _ . . . . . 19 . and is incorporated into and shall be deemed~to amend and supplement a Mortgage, Deed ot Trust or Deed to Secure Debt (h¢rein "security instrument") dated of even date herewith, given by the undersigned (herein "Borrower') to secure Borrower's Note to FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION O~ FORT PIERCE (herein "Lendei') and covering the Property described in the security instrument and located at . .2400 .S_ . Oc,ean .Ori ~ce., . Fart . Pi erce, . FL . 334a0 . . . . . . . . . . . . . . . . . . . . . . . . ~Rop~rty 1?de~ss) The Property comprises a unit in, together with an undivid¢d interest in the common elements of, a condominium pro)ect known as .O~EAN. YILLAG~ CONDOMIKIl1M . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (Name ol CaWanimum Projectl . . . . . . . . . (herein "Condominium Project") . CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the security instrument. Borrower and Lender furth¢r covenant and agree as follows: ~ A. Assessments. Boaower shall promptly pay, when due, a1t 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. Hazard Insurance. So long as the Owners Association maintains a"master" or "blanket" policy on the . . Condominium Project which provides insurance coverage agatnst 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) [.ender waives the ptovision in Uniform. Covenant 2 for the monthly payment to Lender of one- twethh of the premium installments for ?~azard 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satisfied; and (iii) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds shall be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent document of the Condominium Project or of applicable law to the extent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 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 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 socurity instrument, •with the ~ excess, if any, paid to Borrower. - j 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 termi~ation of the Condominium Project, except for abandonment or termination provided by law in the case of substantial destruction by fire or other casualry or Fn the case of a ~ taking by condemnation or eminent domain; ~ (ii) any mat¢rial amendment to the declaration, by-laws or code of regulations of the Owners g Association, or equivalent constituent document of th¢ Condominium Project. including, but npt limited to, any ~ amendment which would change the percentage inter¢sts af the unit owners in the Condominium Project; or ~ (iii} the eHectuation of any decision by the Owners Association to terminate professiona) management ~ and assume setf-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 I.ender may invoke any remedies provided under the security instrument. includtng. but not limited to. those provided ander Uniform Covenant 7. ~ ~ IN WITNESS WHEREOF, Borrower has executed this Condominium Rider. s FIl.EO ANO flECURGEU ST IUC~E COUNTY fLA - - ` kGCfk ?OITRiS ~ c , ~ ~ CLE=.r ~:I~.C~JIT C(~UFi~ p ~ • , ,.:,.s~:~ - Wi 11 i am W. Ri chardson -B°"°'"°. ~ ~ SeP 13 9 ss AH'78 ?,~-r~:z<<~~~`~ ~~~~~;~:,t-~, } ~ 41~~ Conradina C. Richardson -eo^°~°' J`4 CONDOMINiUM RIDER-1 to 4 family-6/15-FNMA/FHLMC UNIFORM INSTRUMENT ~ ~ ~ ~ ~ ~~294 ~ 4~6 F~ z~ ~ - ~ . . -~.T-- _ - - - - - _ - ~ - . _ - ~ - - ~ f= ~ _ _ ~ ~ ~ ~ ~ , ~ ~ ~ _ _ r.